Looking at the current progress technology has attained, it is safe to concede to popular estimations that the future is here; or at least it will be, with the advent of Artificial Intelligence (AI) so upon us that it’s about to knock on our doors, ready to wreak havoc on our very existence as well as our jobs and careers. The big games – “biggies” – are all starting to impact how tasks are processed or performed; Big Data, the Internet of Things, and Automation are just a few of these “biggies”. When other sectors have already adapted to these work trends of changing work requirements and patterns to conform to technology advancements, it’s essential for accountants and accounting to follow suit.
Defining the role of the accounting profession is perhaps the biggest challenge for accountants in accomplishing their jobs. The need to adapt has been repeatedly reiterated by the ACCA (Association of Chartered Certified Accountants). The ACCA was founded in 1904, and it is an authority on the accounting profession. But even this exalted organization continues to be unsure about the exact nature of the future of accounting up to this day. The need to future-proof the accountants’ livelihoods has been repeatedly stressed by the ACCA while never losing sight of the horizon when doing it. The responsibilities of accountants have widened, covering other areas besides crunching numbers and counting beans. Earn an accounting degree online from Maryville to learn the intricacies of these high-technology accounting structures.
Changing trends that could impact the profession are already acknowledged reality. The Big 4 accounting firm Deloitte conducted research on cognitive technologies and found that new technologies can enhance and grow accounting practices. Other technologies that are successful in making accounting processes more convenient today are also making accessible alternatives to traditional payment and banking systems possible. These are called financial technologies; tools and software. All these emerged as part of a search for more convenient growth models to replace the established model and remain relevant in this time and day – enforcing improvements on financial services, offering efficiency enhancements, speeding up processes, and making accountability transparent.
The Modern Accounting Technologies Changing the World of Finance
- Peer-to-peer, Paypal, and Apple Pay – Peer-to-peer lending has big potential to become an alternative to traditional banks both for credit and savings. Even though the the beginnings of this platform were a bit shaky, the concept is highly feasible, destined to take a bigger share of the pie. Paypal and Apple Pay are also taking payment convenience by storm. These platforms have enabled the entire payment experience to become expeditious on a global scale.
Blockchain – Another key game-changer and a technology mostly overlooked by financial professionals. An essentially public ledger of transactions which cannot be altered, potentially convenient real-time, fully trustworthy, fully transparent financials.
Accounting Software – The advent and popularity of cloud technology channeled a new era of group effort, resulting in a burgeoning new ecosystem of software players, lessening the need for stacks of papers and excel sheets, and using more of the technology we are fond of. One such software is Quickbooks, which is extensively covered by the Accounting concentrations of UAB. It’s a fine example of a technology software making headway with the structuring of an ecosystem for customers.
Artificial Intelligence – Artificial intelligence is structured to create centralized and intelligent pools of data to enable superior decision making with context-sensitive data as the basis. One such example is Fenergo, which deploys A.I. to analyze unstructured data, covering linguistics, intracompany communication, and social media to more effectively satisfy Anti-Money-Laundering and Know-Your-Customer requirements.