In the past number of years there has been massive development in accounting technology. Accounting technology enables accountants to manage accounts and perform accounting operations using computer software applications 

Although there are numerous benefits associated with accounting technology including:

• Time saving
• Higher Productivity 
• Data Accuracy
• Cloud based applications 
• Real time information

The two main benefits which stand out are:

Automation

With automation, a multitude of accounting documents such as invoices, checks and account statements have become simple and easy to create, send out to customers and generate payments. Necessary financial reports can be generated in a click of a mouse button. Financial data are posted to respective financial ledgers or accounts automatically, which avoids manual errors and ensures consistency and integrity. 

Employees can automate routine and repetitive manual tasks using accounting software. Data storage ability of accounting software allows rapid information sharing and better communication among employees. Sophisticated accounting software applications handle complicated issues such as foreign currency transactions, supply chain management and logistics management. 

The integration between multiple systems including CRM, logistics and accounting all integrate seamlessly together and at affordable prices.

Increased Management Efficiency

Accounting software applications keep the workforce more focused and efficient. Faster and more efficient processing of financial reports simplify the process of management decision-making. 

Employees can automate cumbersome and labour-intensive accounting processes and focus on other important and strategic activities. Advanced accounting software, with its inbuilt mechanism, ensures stringent risk and compliance procedures to meet the regulatory standards. Comprehensive business performance and sales reports help management take important decisions on revenue-generating strategy.

More technological changes on the horizon

Looking forward to the future, the introduction of artificial intelligence will create additional efficiencies. Rather than having humans checking transactions, machines will do this.

Another addition will be blockchain technology, a computer-based recording system that uses cryptocurrency within a user-to-user network. While blockchain may have gained popularity due to bitcoin — a digital currency in which a record of transactions is maintained, and new units of currency are generated independent of a bank.

The attractiveness of blockchain for accounting lies in “the possibility of a new type of accounting ledger — one that can be continuously updated and verified without the threat of being altered or corrupted,” Accounting Today explains. Because blockchain enables users to access ledgers in real time, as well as create smart contracts and record transactions.

As a by-product of improved accounting systems and multitudes of data available the ability be able to capture this” big data” and with the right tools this information can be turned into opportunities to interpret, analyse, and advise based on this data.