The Impact of Technology on Accounting

Technology has been influencing almost all the industries around us and accounting is no exception. The latest innovative technologies such as artificial intelligence, blockchain and cloud computing are re-defining the whole concept of accounting and without any doubt, it’s for the better.

Blockchain

Blockchain is not a new concept anymore. It has become more of a common term that we come across almost every day. Blockchain is seen as the ‘future of financial services information’, which has game-changing capabilities in the accounting industry. Here we list out some of the many advantages of adopting blockchain in accounting;

No need to keep separate records as companies can write their transactions directly into a joint register

No falsification or destruction of entries

Fully automated audits

Reduces cost and time

Artificial Intelligence

Artificial intelligence is an advanced concept that delivers immense opportunities to accountants.  It has endless potential that simples the work of accountants and processes data at lightning speed. Artificial intelligence;

Automates data entry and data categorization

Leads to faster analysis of broad financial trends

Can reduce or eliminate errors

Has the power to completely revolutionize accounting

Leads to improved operations

Enables decision making

Cloud Accounting

Cloud accounting lets you access data from anywhere, anytime and you don’t need anything more than an internet connection. Using cloud computing in accounting streamlines accounting practices and leads to;

Automatic updating of financial information via the cloud accounting software

Accurate account balances with nil error

Greater visibility throughout an entity

Effectual management of multi-currency and multi-company transaction

Faster decision-making

Companies that fail to embrace technology at the right time, will eventually succumb to failure. Even though there might be few hiccups in the initial stages of implementation and the never-ending debates on ‘humans vs machines’, the final product will be something beneficial and innovative.

Most of the firms which provides accounting services Dubai, UAE have realized the importance of technology in their operations and have already implemented or is in a move to implement these technologies.