Digital Future of the Accounting Industry
A Perspective for the Finance and Accounting Industry:
Soon, the accounting industry will be working with brand-new technologies that haven’t even been imagined yet. Today’s digital environment can be a strange dichotomy. On one hand, we hear constant buzz about dramatic advances and the opportunities presented by them. We are inundated with the promises of growth and the impact of artificial intelligence (AI). On the other hand, for some people, new technologies can be confusing, and the real benefits seem like a pipe-dream.
Despite the dichotomy between the industry buzz and the frustrations that some people experience, technological developments in the accounting industry will be dramatic and ultimately beneficial.
Trends in Accounting Technology
Advances in processing power, memory capacity, connectivity, AI, robotics, and blockchain technologies are changing the accounting industry. Below are important trends that will have a material impact on the way data is collected and processed.
- Big data sets, drastically improved performance and memory capacity
- AI augmentation of compliance and consulting capabilities
- Robotic process automation and integration
- Talent sourcing, crowd problem-solving, and shared ecosystems systems
- Publicly available and easily accessible knowledge
Tomorrow’s Accounting Industry
By engaging in new technology processes, accounting and finance professionals will be able to enhance compliance practices, improve analysis, and provide greater value.
- Big data will lead to better detail and accuracy. Allowing enhanced analysis at the transaction level.
- Algorithms will be used to apply expertise, knowledge and experience. Meaning accounting professionals will need to apply that expertise early in the processes as real-time reporting accelerates the times at which data is submitted.
- Robotic process automation technologies are evolving and becoming easier to use. Additionally, they will likely become smarter and therefore will have a greater impact.
- Information will be delivered in a more personalized way through mixed-reality media and video. In the future, we might expect more use of natural language processing for emails and engaging virtual agents.
The finance and accounting industry will continues to transform with a significant change of pace and associated risk as we advance into the digital future. Which means finance and accounting professionals should monitor technology developments and remain agile.
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