How is technology revolutionizing accounting?

Accounting is one of the most important industries in the world. It ensures businesses comply with laws and regulations set by their governments. That’s why it may not surprise you to hear that it’s worth a whopping £8.2 billion in the UK alone.

Each of the 5.6 million businesses in the UK must keep their accounts updated for several reasons, and for some, hiring accounting professionals makes life a lot easier. They can complete basic tasks to a much higher standard, freeing the time of business owners to focus on other tasks that can drive them forward.

This sector is constantly evolving and new technologies are making it easier than ever for these professionals to complete tasks to a high standard.

Why should businesses harness new technology?

Before delving into the reasons why technology is revolutionizing accounting, we thought it’d be important to share why you should be actively looking to implement it into your business. There are a wealth of benefits, including:

It can boost your productivity levels
It can boost your customer experience
It can save time and costs
It allows you to scale your business up faster
It lets you adapt to the market
It can make your security stronger

What are the main ways technology is revolutionizing accounting?

The automation of routine tasks

Many of the more mundane and mindless tasks can now be completed automatically. This includes data entry, payroll processing and other tractions, which helps to reduce time spent on repetitive jobs, minimise human errors and free your time for more important tasks.

Cloud-based computing

Accountancy can now be done anywhere, thanks to cloud computing. This ensures your team can get real-time data and can collaborate whether they’re on their way to a client meeting or working remotely. The benefits of this include better client services and improved employee satisfaction.

Big data and analytics

With greater access to data and analytics, you can improve your forecasting, risk assessment and decision-making processes, which will benefit you and your clients hugely.

Blockchain technology

Financial transactions are a large part of accountancy, and blockchain technology improves transparency and security when sending or receiving money. Plus, it can be used to automate your clients’ books to save even more time.

Better cybersecurity

With so much of the working world online, cybersecurity threats can be more common. Fortunately, tech developments mean better cybersecurity is available for your accountancy business. Some examples of why cybersecurity is better than ever include:

Advanced threat detection and response
Better encryption techniques
Cloud Security
Regulations and compliance such as GDPR
Better training courses available for employees

As you can see, the accounting sector is reaping the rewards by utilizing technology. Make sure your business is to for better customer service, security and efficiency.