In the present day working environment, it is tough to rule out the significant impact of technology in various professions. Even if it has its pros and cons, it is justified to deduce that it has led to the improvement of the working processes and made things easier. As far as accounting is concerned, gone are the days that accountants used to rely entirely on paper and pen to do their work. In fact, everybody intending to become a future accountant must be very conversant with the innovations that are taking place alongside the numerous types of software available and essential for accountants.
One of the applications that improved the systems of accounting by a large margin involves the use of QuickBooks. Indeed, one of the most critical roles that define the work of any accountant requires day-to-day book-keeping. However, with the dominance of the technology in the accounting industry, more than 80% of records that involve bookkeeping use QuickBooks (Cooke, 2015). Besides, there is also the vital role of SaaS (software as a service) accounting that is web-based in nature. In its functioning, the innovation is essential for accountants and has automated many functions in accounting. For instance, it allows the collaboration of both the clients and the accountants on the same platform and secures hosting locations. Above all, when companies move to it as a Cloud, they significantly reduce their IT expenses to about 30 and 70 percent (Huber, 2015).
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On the same case, accounting software is no way something new in the profession. As the situation stands, many use it for making work easier and to do things quicker. It is also accurate; therefore, reducing errors (Cooke, 2015). However, it is imperative for everyone to keep in mind that no one can ignore the landscape under which the use of technology in accounting as a profession is changing. As such, it is becoming an essential need for both large scale and small businesses even for the ones that are starting up. Consequently, they become a reliable tool in the workplace as opposed to paying an expensive accountant.
As I work in my company, several kinds of software have become part and parcel of the accountant’s life. Apart from the QuickBooks which may fade due to automation of processes, and the unavoidable impact of the accounting software, SaaS is also essential in everyday work. However, no software cuts across all types of work which one can entirely use for all works. The greatest advantage is that as each gets through the system, everything becomes easier, faster, and accurate.
There are also others that will possibly render the work of the accountant obsolete soon. Even if the role of technology is to enhance and improve the existing processes, it appears unfortunate that it is possible to do away with the majority of the accountant in person roles soon. For instance, there is the development and integration of do-it-yourself software such as Freshbooks and TurboTax. The world is transforming in all areas, and many organizations are striving to automate their functions as much as they can. As a result, the demand for accountants will continue to decrease as systems become high tech (Merrill, 2015).
In conclusion, it is evident that people and organizations seek the vital role of technology in accounting due to several benefits that come along with automated systems. For instance, even if the work of the accountant is increasingly reducing, the many applications in place lead to accurate data hence minimal errors. As such, there is cross checking of loopholes that can lead to a potential financial loss or misleading statements. On the other hand, interpretation of data is easier, and a person can give reliable financial advice, and most importantly, it enables making sound business decisions.
References
Cooke, C. J. (2015). How Modern Technology Has Changed Accounting . CJA.
Huber, N. (2015). Three ways tech is transforming accounting . ICAS.
Merrill, B. (2015). 8 Skilled Jobs That May Soon Be Replaced By Robots. Future Tech.
