Accounting systems and the role of technology in modern-day accounting


The accounting profession is rapidly changing, thanks in part to the efficiency enhancements made possible by newer technologies. Task-oriented projects are no longer a burden for today's accountant. Accounting software programmes are becoming more automated as a result of the shift in dynamic accounting technology, and the accountant's job is shifting to that of a business counsellor. The modern accountant's transformation into a business counsellor necessitates new skill sets, such as professional scepticism, judgement, and critical thinking abilities. When it comes to new hiring, accounting companies will continue to prioritise these talents. 
While the profession is rapidly evolving as a result of new technologies, the demand for soft skills remains constant. 
Artificial Intelligence and Robotics (AI&R) - AI&R automates complex and repetitive operations and processes with exceptional precision, lowering operational costs and enhancing efficiency. These are some of the emerging tools that are assisting today's accountants in transitioning to a more critical thinking profession. However, according to the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA). Accountants are becoming increasingly reliant on their mobile devices for data access. Accountants and their clients can also communicate via mobile devices. Companies like Xero are assisting in the introduction of the mobile accounting era. Accounting businesses can use their mobile apps to manage their business while on the go. Firms can use their smartphones or tablets to reconcile, send invoices, add receipts, and generate expense claims. "Mobile accounting could mean different things to different people and businesses," says Bill Price in Accounting Today, "therefore the first step in a successful rollout is defining what it means to you and your company." Consider who the users will be and what they will use it for, for example. Consider the many functions your mobile accounting and finance solution should provide" (UWorld Roger CPA Review, 2020).

Some Examples 

  • Stock control - keeping track of inventory
  • Data input - efficient and in one place to access
  • Payroll - increasing staff for a business
  • Taxes - Ease to report income and VAT payments 
  • Quotations - Invoices - Keeping track of quotes and unpaid invoices
  • Traceability - In a hire business keeping data on hire equipment location
  • Expenses - Ease of use to input and to access when required for bookkeeping.
The limitations are that you are still required to input the data for all the information manually in the first instance and human error can still occur. There is also a cost to the business and this can range from £12-30 per month for one user of a simple package at Quickbooks to £200 per month for a small team. This can grow to £1000's per month for a multinational organization, this is why the decision must be based on, how it will be used, and why will this benefit the business, for which type of tech is required, however, if correctly deployed will give a competitive advantage to the organization and is usually not the cost but can you afford to not adopt the technology. 

Other examples, Xero, SAGE, Oracle NetSuite etc, 


(Anon, n.d.)






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