Role of Technology in Accounting and Finance
Accounting and finance degrees provide you with expert knowledge in commerce, finance, accounting practices etc. You will also learn about the business environment and the role of technology in accounting and finance today. A career in accounting and finance means you can work as an accountant, financial analyst, tax advisor, chartered accountant etc.
Technology has a significant role to play in the way modern accounting practices are carried out. The arrival of technological solutions brought changes in the process of collecting, processing and analyzing financial data. With the advancement in technology, accounting practices have become more efficient, secure and accurate.
Technology has freed up the time of accounting professionals that was otherwise spent on doing routine tasks. Now, you get the freedom to concentrate on more complex tasks. This has resulted in improved financial reporting and better decision-making.
How has Software Impacted the Career in Accounting and Finance?
New technology has changed the way we do accounting a lot. Back in the old days, people used to write everything down on paper and use calculators to do the math. But then, in the second half of the 1900s, companies created special computer programs called spreadsheets.
With spreadsheets, accountants didn't have to do as much math because the computer could do it for them. This meant they had more time to think about harder problems and find solutions.
Since then, more new technologies have come along that make accounting easier. There's a type of software that can automatically fill in important info from financial documents. This means we don't have to type in all the details by hand anymore.
Another great technology is software that makes it easier to do payroll and taxes. It can automatically figure out how much to pay people and what taxes they owe. It also keeps their tax info safe and secure.
Other Technological Changes in Accounting
Accounting in Cloud
Big data used to be stored securely in an on-premise database. With the invention of cloud computing, you can now rent server space in off-premises locations. That is to say, you can now access stored information over the internet.
This system will free up space in your internal hard drives. It also allows for the collaboration of multiple users to perform financial tasks. That is possible even if they are in different locations.
Data Analytics
Data analytics is the process of cleaning, analyzing and modelling data to draw insights. When you are handling big data, you need these insights to make sound decisions. Today, there are a number of analytical tools available that provide useful and accurate financial reports.
Artificial Intelligence (AI)
Artificial Intelligence is mostly used for automating routine tasks now. This will allow you to focus more on complex financial tasks. As of now, AI can perform basic tasks and answer client enquiries outside of work hours. However, AI has the potential for automating more complex tasks in future.
Blockchain Technology
This is currently used in cryptocurrency and has not entered the accounting world yet. It generates an accurate virtual ledger of accounting information using a network of computers. This can change the way you analyze and store financial data.
What is the future of a career in accounting and finance?
The varied roles of technology in accounting and finance suggest that the roles and responsibilities of accounting professionals are evolving. Thus, the required skill set for a career in accounting and finance is undergoing changes too. The following are some of the skills that can help you while working in the accounting industry:
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Soft skills- Automation helps fulfil most of the technical needs. Thus, accountants can work on managing communications with the internal and external environment of the organization. For this, you have to work on your soft skills.
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Operations management- Analytics tools give clearer insights into an organization's financial standing. You can make use of this information to design processes that will increase the organization's profits.
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Change management- The role of technology in accounting and finance will continue to grow. The ability to adapt to technological changes quickly will open a lot of job opportunities for you in the accounting field.
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Business acumen- These days the number of accountants becoming strategic advisors is increasing. Having a deep understanding of the business environment can be beneficial for you while building a career in accounting and finance.
Why invest in Imarticus Learning for a Career in Accounting and Finance?
Imarticus Learning can help you in developing the above-mentioned skills, keeping in mind the ever-changing role of technology in the accounting and finance field. Our experts will help you learn complex topics in simplified ways.
We understand the role of technology in accounting and finance and our courses are designed based on the latest technological advancements in the field. Imarticus Learning has collaborated with top companies like Gleim and Kaplan to provide you with the best learning material.
At Imarticus, we teach students how to work with and make the best use of financial tools. We will help you develop technical knowledge and soft skills for passing exams and interviews.
Placements are guaranteed by joining Imarticus Learning. Our students work at Tiger Analytics, Capgemini, HCL, IBM etc. We provide a variety of courses like ACCA, CA, CMA etc. Invest in a career in accounting and finance now. Visit Imarticus Learning to explore the variety of courses available in accounting and finance.
