Modern accounting has been forever changed by the increase in technology across the accounting industry. From artificial intelligence to financial reporting, accounting firms have access to more sophisticated technology that improves outcomes and saves time. In turn, this enables them to take more clients onto their roster and boosts profits. 

What technology should everyone in the accounting profession start to embrace? Keep reading!

Cloud-Based Accounting Software

Many services have transitioned to cloud-based software and the accounting industry is no different. Now, instead of housing financial data on a single desktop computer, you can access that information from virtually anywhere with the right login details. 

This enables you to see quickly into a client’s data when they need help with bookkeeping or filing taxes. 

It also ensures that clients get the exact level of support and help they need from modern accounting. Cloud computing is always up to date with the latest standards and technology with no requirements of downloading a new and more expensive program to get the same results. 

Automating Routine Tasks

Do you have some of the same financial transactions happening over and over again? Data analytics used to eat up a lot of an accountant’s time with repetitive tasks and data entry. Now, you can utilize accounting technology to get to valuable insights much faster. 

For example, you can code a specific type of transaction to default to an expense category. It lessens the chance for errors and helps accounting professionals make better recommendations for their clients based on real financial data. Artificial intelligence also helps to spot errors in some of these rote tasks. 

Data Analysis

Are you used to punching the numbers for financial management? Many of your clients might have become used to having a personal touch from their financial professionals, but there are newer accounting processes that might be better suited to predict future financial trends. 

Accountants would do well to learn how data-driven decisions are being made with some of these technological advancements. Identify trends early without any manual data entry and help position your clients for success in the fiscal year to come. 

Cybersecurity

Dealing with financial processes comes with an inherent risk if you are sharing sensitive data over the internet. More cybersecurity measures are available than ever before, including biometric authentication on smartphones and two-factor authentication for many programs. Even encrypted emails are standard these days when exchanging sensitive financial data. 

Accounting firms should regularly conduct audits to ensure that they are keeping up with the latest security features to protect clients. 

Harness Accounting Technology With Compass Accounting

Are you looking for robust accounting firms in Winnipeg that make use of all the new technology in modern accounting? From routine accounting tasks to protecting your financial records, Compass Accounting gives you the help you need to make wise decisions for your company. 

Let us walk you through our accounting processes and what sets us apart from the competition today!