The Future of Accounting

The future of accounting heavily relies on technologies, such as artificial intelligence, cloud accounting, and robotic automation. This blog will consider some of these technologies and how the role of accounting will change in the future.

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Cloud Computing

As technology is transforming, methods of accounting are switching from traditional paperwork to the cloud-based system; this involved gathering all the important financial information into one system, enabling accountants to analyse the information and help the organisation. TaxCare has cloud-based services, such as system Xero and Quickbooks, which enables clients to share and access information without visiting the office, enabling an ease of the accounting aspect which can be dealt by a personal accountant instead. For example, bank reconciliation can be done quickly through Quickbooks, and TaxCare is able to assist the client remotely during this process.

Accounting Tasks That Can Be Automated:

• Tax Planning
• Payroll
• Cashflow
• Bank Reconciliation

As the demand for cloud-based technologies are increasing, there is a chance that accounting will be heavily dependent on cloud services in the future.

With this being said, the cloud-based future of accounting will benefit businesses as it will increase efficiency and smooth business processes.

Accountants in the Future

As technology is advancing, it is incredibly important for accountants in the future to possess skills such being comfortable with using different technologies and having creativity.

As accounting work will be automated, accounting jobs will therefore revolve around admin, management work, and advisory roles. As a result, accounting in the future will mainly be based on forecasting and analysing client’s business to help create successful business strategies.

Tax and Accounting

Tax has already become cloud based due to the Making Tax Digital scheme which removes accountants from the equation. Consequently, TaxCare builds strong connections with our clients in order to help them with anything they need and provide training for the cloud-based accounting systems.

Furthermore, TaxCare is able to explain the new regulatory requirements and how clients should comply with and keep updated on new laws which can all be done remotely.

Cloud Accounting Benefits

  • Remotely available data
  • Data compiled securely and professionally
  • Mobile accounting
  • Big data
  • Payment systems

How Technology is Controlling the Future of Accounting

Blockchain

A blockchain can ease the process of bookkeeping because, instead of the accountant manually entering invoices, a blockchain is able to track transactions in an electronic journal. This is a more secure and faster process because once a journal entry is made, the transaction cannot be edited, hence reducing the chances of fraud. This also reduces an accountant’s time in entering the data and reduces the chance of making errors.

A blockchain can help businesses to decide and set suitable rules which can help them decide the amount of money to be spent on each transaction. TaxCare Accountants is able to analyse blockchain reports and help the business in its cashflows.

Overall, the future of accounting will be mainly driven by technology and move from paperwork to cloud based system with all the financial data within one source.

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