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How the technological advancement is helping the rise of accounting software

Accounting Software

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Traditionally if you were to assign an object to associate with an accountant it would likely be a handheld calculator or depending on your age an abacus. An accountant would be seen as someone who was methodical and took their time reviewing hard copies of financial books and balance sheets. Whereas today with the current advancements in technology, software, and cloud access you may well associate your accountant with an app or their smartphone. Someone who is dynamic and agile. The reason being is that these advancements in technology have allowed accountants to be able to work and service their clients from anywhere. To gather real-time data instantaneously and action this data just as quickly.

These developments have certainly been beneficial to businesses and accountancy firms. Accounting software has advanced dramatically in recent years and this has changed how accountants consult and work with individuals and companies. In most businesses accountants and bookkeepers have experienced change for the better due to this growth and developments in technology. For instance, the benefits of technology have given both roles more transparency and the benefit from real-time reporting. The software developments have enabled accountants and bookkeepers to adapt the way they deliver their services and it is all thanks to technology.

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Prior to these technological advancements accountants or bookkeepers would have had to have numerous on-site meetings in order to gain access to each company’s server or reporting package. These onsite visits would be crucial in gaining visibility of their clients’ financial data, whereas now financial reporting software allows bookkeeping and accountancy to be carried out in real time and remotely. Data can be viewed by both the accountant and the company simultaneously. Meaning that a client can call their accountant to discuss a particular invoice and both view, edit or make comments in real time.

Furthermore, new accountant software allows financial statements to be integrated instantly, which makes bookkeeping much more accurate and less time-consuming. These advancements in accounting software have also enabled real-time snapshots for business owners. Its easy user interface has given businesses a greater understanding of their financial forecasting, reporting, and accounting which has led to better business decisions. This increased collaboration between business owners and accountants, in turn, has led to a less siloed approach to business bookkeeping and better problem solving and reporting.

Additionally, this new accounting software has been shown to save small and medium-sized businesses both time and money. The reason being that these advancements in accounting software have enabled businesses to integrate bank accounts and geo-location data. By leveraging the behavior we all now succumb to, of carrying our handheld device everywhere we go. Allowing invoices to be sent from your mobile with ease and professionalism, as well as integrating GPS enabled tracking of accountant software which automatically tracks and calculates vehicle mileage. This software also enables time to be easily tracked and applied to projects. Meaning that the end of the financial year there is no longer a mad rush to collate all your businesses information and financial data.

The reason being is due to financial information being integrated from the initial set up, meaning half the work is already done by the time it’s the tax period. Therefore instead of there being a rush to the finish line, it is an ongoing progress throughout the year meaning a reduction in many accounting queries or concerns and fewer holes in your business information. Particularly if the software being utilized also tags as information is integrated, enabling it to be pulled up for reference when needed.

How the technological advancement is helping the rise of accounting software