Technology’s Huge Impact on Accounting

 Technology has had a huge impact on the accounting field; this last year with so many people working remotely, and people not being able to have face-to-face meetings has made it very clear that not only can we do most of our accounting digitally/online, but we *should* be doing it that way. The days of the shoebox full of receipts are fading away.

Here's an article from Accounting Today addressing these ideas.  

And here's a video on accounting, automation, and change. 

The Cloud

One of the biggest technological changes to accounting is the cloud. Keeping all your documents online and accessible to everyone in your organization as well as any contractors hired by your company (like your accountant and your lawyer) has been invaluable. Everyone can have access to the programs in the cloud that your business is using (or you can customize who has access to what).

Change Management

Before a business goes digital, you need to look at change management. The good side/the bad side—going digital will probably force you to look at things you have taken for granted for a while now. This can be a scary, daunting idea—it means digging into things and shaking the dust off them, and when you’re finished, your business will not be the same. You don’t have to do it all at once, though—you can start with a small project and see how it goes. Chances are, you’re going to wonder why you didn’t make changes long ago.

Examine/Analyze The Data

Once you go digital/go online, there will be so much data available to analyze and use to improve your business. Running regular reports will be so easy (a matter of a few clicks of a mouse), and you can see exactly how your business is doing in any number of measurements. Working with your accountant on these reports will be invaluable; you’ll be able to easily see any trends that are developing, and even make changes to your business *before* things happen, once you are able to anticipate the trends.

Blockchain Technology

Not to scare anybody, but new blockchain technology is custom made for accounting purposes. Blockchain transactions are extremely secure, resistant to fraud, and can be automated for efficiency.

Here's a Forbes article on blockchain and accounting.  

We would love to sit down with you and discuss how technology can help you run your business more efficiently and effectively. 

Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.