Are You Ready for the Tech Trends Taking Shape in the Accounting Industry?

The accounting industry has a number of emerging tech trends of note.  Tech is making a major impact on this aspect of business.  The question is what the accounting industry will look like five or ten years down the road.  Some wonder the extent to which automation can impact this industry.  Let’s take a quick look at some of the industry’s upcoming trends and how to prepare your team accordingly.

Cloud Hosting

Using the cloud to host accounting systems is an important initial step in transitioning to a successful future.  The benefits of the cloud are wide-ranging: additional security for client information, improved accessibility with remote access to important information and applications at any point in time, the ability to work day and night, etc.

The Growing Push to Embrace Remote Work

Businesses of every type must be more accepting of remote work.  Today’s workers are looking for highly flexible employment.  If your businesses does not have the tech, systems and guidelines in place for a mobile workforce, employees will look for work elsewhere.  The ability to work at home, on the road or elsewhere is essential for modern day accounting.  Virtual offices away from traditional cubicles will soon become the norm for accountants and other professionals.  There will be more of a unison between sales information, financial reports and contract data as the cloud becomes that much more ubiquitous.

Make way for AI

Artificial intelligence, commonly referred to as AI, is becoming that much more important for accountants and other business professionals with each passing day.  It will not be long until AI is essential to software platforms and applications used by accountants across the globe.  It will be interesting to see how the role of computers continues to develop in the accounting industry in the years to come.  It is possible records will one day be self-auditing and transactions might be primarily secured with the seemingly impenetrable blockchain technology.

The Proper Infrastructure and Budget Ameliorate the Tech Transition

Regardless of which technologies have staying power, those who work at CPA firms can prepare for the inevitable tech transition.  As an example, finishing up a partner buy-in will help.  Get everyone on the same page with accepting the latest tech breakthroughs to set the stage for a successful future.  Continue to reinvest revenue in IT for optimal results across posterity and your firm will enjoy a meaningful competitive advantage.

Soft Skills Matter

Tech will only take an accounting firm as far as the team is capable of using it in a prudent manner.  Skills that support these high-tech systems must be supported and refined.  Improve your soft skills, continue to implement tech as it evolves and your accounting firm will remain competitive in this dynamic industry.