Future of Financial Accounting

What is the Future of Financial Accounting.

The future of accounting will be determined by technology. Over the last decade, rarely will you see any business function not impacted by technology. Even though financial accounting is a latecomer to the party, it is playing catch up with a huge leap. Over the last few years, we have witnessed the automation of repetitive and monotonous accounting tasks. We are in the era of modern finance where the definition of accountant is taking on a new role closer to that of a financial analyst. These changes are basically the result of the growth in artificial intelligence which is making may industry watcher as a simple but confusing question; what is the future of financial accounting?

Of course, with the current leap in technology, the accounting profession will experience major changes in the next two decades. There’s a trend already and it will shape the future in the following way;

1. Bots Will Take Over Many Accounting Job Descriptions

Saying the robots are coming is an understatement, they are here already and will take over many of what used to be the core roles of accountants. This will even go as far as preparing bank reconciliation accounts. For accountants to remain relevant in the scheme of business, they will need to become more sophisticated and advanced in the use of technologies. Accounting functions will heavily rely on the use of smart technologies.

The whole idea behind the use of bots is for automation of accounting tasks. It will go a long way to save businesses a lot of time and resources that is often invested. It will reduce a lot of burden related to manual accounting.

2. Advanced Financial Insights Through Business Assistant Bots

Today, more businesses are leveraging on artificial intelligence and machine learning. This is helping them reduce costs and serving customers more efficiently. The idea is to be able to provide a quicker and effective transactional services. Now, with assistants bots, basic tasks such as bank accountant details, loan enquiries, and balance enquiries can be handled by bots. This will allow for humans to focus on complex issues.

This business assistant bots will allow businesses save billions of dollars. AI and Machine Learning will cease to be just buzzword but an integral part of business.

3. Voice and Chat Based Interaction Over Screen Based UI

Unlike before, accounting tools will assume an interactional dimension. The future of technology will be more interactional, and financial accounting will not be left behind. User experience will change towards voice and chat based interface. It’s all about making technology more human rather than imposing technology on humans. Technology will go a long way to shape how accountants work and how accounting functions are performed.

There’s a transition from screen based UI to Voice and Chat Based UI. No, you can access financial data more faster and decisions can be made in an instant.

4. Mobile First App Rather Than Web or Desktop.

We are in the era of mobile computing rather than web or desktop applications. Today, 70% of tech savvy individuals rely on mobile device rather than their desktop. This is an era of information overload, and businesses are learning to grasp the attention of users by focusing on mobile first apps. With a mobile first app, it is narrowed down to it most essential features. Additional features are now thrown into the desktop app.

With this approach, users are inclined to use both the mobile and the desktop app. They are complementing one another rather than competing against each other.

5. Easy Integration With Other Apps

The future of accounting is all about being able to do all that is needed without logging out of a single app. Today, an accounting app for small business is able to perform other roles such as payroll, CRM and more. There’s an ease that comes with having all your data in one single spot, that’s what the future is like for accounting and finance.

This will definitely boost productivity as you can do more with less. That’s what the future is like for accounting and it’s already in motion. The fusion of more than a single function in an app.