The accounting business is being quickly and totally upended by the advent of the digital age, perhaps to a greater degree than literally any other industry. Accountants who have for years thrived at their trade are increasingly finding themselves in unfamiliar territory as new technologies make their debut, and the industry as a whole seems entirely different from but a few years ago. Isn’t there any easy way to keep track of all the changes that accountants are being forced to endure?
As a matter of fact, there is; these are the five most pivotal technologies transforming the accounting business that you need to keep your eye on, and how they might continue to shake up the industry in the near future.
1. Mobile accounting is becoming the norm
Increasingly, modern accountants are finding themselves in the same shoes as many other working professionals, needing to find savvy ways to work on the go without having to sacrifice their efficiency. In order to be more flexible in their trade, accountants are turning to mobile accounting en masse, turning to their smartphones when it comes to their daily business needs. To older accountants in particular, this trend can seem peculiar and ineffective, but the next generation of financial professionals are increasingly finding mobile phones to be easy-to-use efficiency boosting tools that are essential for success in the modern marketplace.
2. Cryptocurrencies are challenging long-held assumptions
Cryptocurrencies like Bitcoin and Ethereum have become household names throughout the world, moving from a fad to a full-fledged economic institution virtually overnight. While many accountants and financial gurus of all stripes continue to bet against established cryptocurrencies like Bitcoin, they’re coming to realize that these highly-unregulated digital currencies aren’t as peculiar as they once thought. As a matter of fact, cryptocurrencies are seriously challenging long-held assumptions in the field of accounting, and could come to upend the world of financial regulation as we know it.
More and more time is being devoted to publishing cryptocurrency guides focused on helping accountants and financial professionals deal with these fledgling currencies. In the future, young accountants should expect to see more of this type of work, and should embrace these newfound, tech-based financial innovations with gusto if they want to succeed in the long-term.
3. Virtual technology is attracting young accountants
Getting young students interested in your profession is a vital responsibility of any professional worker, and is needed if you want your industry to remain healthy in the long-term. The accounting business is no exception to this rule, and needs to attract bright talent if it wants to remain afloat in the rapidly changing 21st century market. Luckily for accountants, young workers and students alike are becoming infatuated with the business because of the way some savvy firms are leveraging newfound technologies like virtual reality.
Virtual reality is being used to bring accounting to life, and is becoming a particular popular way of introducing new accounting students to the job market. As this tech and the closely-related augmented reality that stems from it continues to get better, expect accountants to embrace it with more zeal.
4. It’s easier than ever to market accounting services
The rise of social media may have paved the way for the widespread adoption of internet-based pop culture, but it’s also having some serious side effects in the business world, too; today’s leading companies in all industries have established brands for themselves on social media platforms, and accounting firms are no exception to this trend, either. Accountants are leveraging the power of contemporary social media platforms like Facebook and Twitter to great effect for everything from peer-to-peer networking and communication to portfolio recovery and advertising their financial services.
Try as they might to avoid it, future accountants simply must make names for themselves on the web, and will find the allure of today’s social media platforms irresistible when it comes to making their mark in the accounting business. These social media platforms are impacting the industry from the top-down; they can be leveraged for recruitment purposes to advertise, or merely to stay in touch with one’s distant colleagues. What’s in store for the accounting business in the 21st century is unclear, but one thing’s for sure – social media will become a mainstay of the accounting industry.
5. Data privacy is getting an overhaul
Privacy has long been one of the most important parts of the industry; keeping your client’s data private is essential to any accountant’s success. Standards have been flouted before, however. With data security finally becoming a top priority for accountants everywhere, it’s safe to say privacy is finally getting the overhaul it deserves.
As tech continues to take over the world, expect more changes to rock the foundations of the accounting business. The 21st century innovations that are reshaping the field of accounting are only just getting started.