What can you say when a profession has been relatively the same for over 1,000 years? Double entry bookkeeping was invented around 1,000 years ago, and not much has changed in the world of accounting until today. Now, with the emergence of powerful cloud-based software, accounting is changing faster than you can say credit.
Disruption in the World of Accounting
Several trends are driving disruption in the world of accounting today. Some of these trends are larger, market forces that are affecting many industries, including accounting. Others are specific to the accounting industry itself.
- Demand for connectivity: Customers today demand real-time updates. They expect an interconnected world in which information flows freely and in real-time. Internet, cloud, and other technologies have raised expectations about how quickly and easily data can be accessed. The accounting profession is recognizing the benefit of interconnectivity and the ease with which they can keep clients informed. Connecting with clients using technology is at the vanguard of technological innovations affecting accounting.
- Declining manual data entry: Manual data entry is the bane of many companies. It’s time consuming and open to mistakes. Technology that integrates accounting and ordering systems eliminates many tedious manual data entry tasks. It also eliminates the errors that go with them, improving the accuracy of information.
- Requests for DIY: DIY is all the rage with consumers and it is growing in popularity among business owners, too. Why spend a lot to outsource tasks when software makes it possible to do them yourself? Accounting software packages have been on the market for many years and, of course, some companies still use the ubiquitous spreadsheet. Newer software packages make even complex accounting tasks easier and help you do much of your accounting on your own, perhaps having your accountant or CPA review files at the end of each month, quarter, or year.
- Rise of machine learning: It sounds scary—machines learning tasks. But machine learning is now part of the business world and it is affecting accounting, too. Machine learning means that machines learn from mistakes and tasks to better predict future responses. When it comes to accounting, both machine learning and artificial intelligence are helping accountants view data in real-time and make better predictions based on data.
- Increased specialization: Specialization is impacting nearly everything from products to people. Accounting software now comes in specialized packages or bundles, so that no matter what industry you are in, you can purchase software specially designed with your industry needs in mind. You no longer must settle for generic alternatives when customized ones are so readily available.
You Don’t Have to Settle
With so many trends disrupting and influencing the accounting profession and accounting software, the field is changing rapidly. You no longer should settle for run of the mill software or spreadsheets to manage your business data. Accounting and financial data can be managed easily using Sage 100 ERP, Acumatica, and other specialized accounting software. It combines the best features outlined above with excellent support for a truly revolutionary approach to accounting and financial software.
Even though accounting hasn’t changed much in the past several centuries, the way we record debits and credits has changed. We’ve moved from papyrus to paper and now form paper to PC (or Mac). It’s time to update, upgrade, and embrace the changes in accounting and accounting software for better business insights.
Accounting Systems Incorporated (ASI)
Accounting Systems Incorporated (ASI) provides ERP, accounting, and other software and systems to help your company grow. Cloud-based software such as Sage 100 and Acumatica ERP can be used with mobile devices such as smartphones and tablets. These products can provide the business intelligence you need to grow your company. For more information, visit our website, or call us at 803-252-6154.