2. New ways to manage data
Data management and protection are hot topics in the technology sector. Accountants handle sensitive financial information, which makes accounting firms a significant target for hackers and data breaches. Cybersecurity for accountants has become more important than ever.
Cloud accounting software
Many accounting firms are switching to a cloud or hybrid cloud approach when it comes to data storage, but without the proper security safeguards in place these systems pose their own risks. It’s therefore necessary for financial firms to invest in secure accounting software for accountants with solid data security measures that help keep their clients’ data safe such as QuickBooks Online Accountant. QuickBooks implements encryption technology, password protected logins, firewall protected servers, audit trails and always-on activity logs to ensure accounting data is stored securely in the cloud and safe from cybersecurity threats.
Furthermore, data management systems could make it easier to process and manage data. Automation can reduce the costs of manual labour, reduce error and improve accuracy while allowing human employees to focus their efforts on tasks that require advisory services, creativity and collaboration, boosting overall efficiency.
Artificial intelligence (AI) in accounting
AI and the future of accounting are likely to go hand in hand. While AI can render raw data, analyse it, and make it acceptable, it cannot replace many of the other tasks performed by accountants. By investing in smart AI, accounting firms can create a symbiotic relationship with technology so that AI and accountants support each other for the most efficient process possible.
Many accounting softwares now integrate with third party apps to further streamline and improve workflow and accounting processes. QuickBooks app library allows accountants and their clients to take advantage of technology and seamlessly integrate with over 500 apps to supercharge their current workflow.
Blockchain technology in accounting
Blockchain is a trend that is growing and one that accountants should be aware of. It has powerful accounting potential and is already being used in supply chain optimisation. It’s likely that accountants who are knowledgeable about blockchain will be in high demand soon.
Wave of the future: automation & AI
Accountants recognise the impact technology can have on the growth of their firms and are prioritising tech investments to move their businesses forward. Nearly half expect to invest in and adopt automation tools (48%), artificial intelligence (AI) (48%), and blockchain technology (47%) over the next 12 months.