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5 accounting trends to keep in mind

Constant technological advances are causing the accounting industry to undergo several changes. What impact will these trends have?


Areas such as accounting and bookkeeping are no strangers to the scope of technological changes. In this sense, while all companies can and should find the best way to take advantage of these new trends, the accounting world must evaluate how these new technologies can be applied in a timely manner to strengthen the business strategy of any company.
We highlight important trends to keep in mind, which, if taken advantage of by companies, will help them to be prepared for the present and for the future in the short term:

Artificial intelligence

Among the new technologies applied to accounting, artificial intelligence (AI) is among the most widespread, and there is broad consensus on the value it can bring to the industry and the significant impact it will have in the coming decades.

Today, several companies are using artificial intelligence and robotic process automation (RPA) to perform highly repetitive, everyday tasks, allowing accountants to focus their time and attention on activities that result in higher-impact, higher-value actions.

Blockchain

Technologies such as blockchain offer a unique opportunity for the finance and accounting industry. This technology is revolutionizing accounting because it brings greater security, allowing data to be stored and recorded securely, accurately and efficiently. The blockchain brings decentralized accounting technology and, therefore, allows money transactions without any intermediary. At the same time, it saves time by tracking transactions in real time and tracing the ownership of assets to avoid fraud.

Big data

Data is crucial for making more effective and innovative financial and business decisions. Today, big data is much more than the simple numbers and spreadsheets that accountants have been working with for decades.

Currently, the information that big data brings to accounting includes unstructured data that can and should be analyzed through procedures such as interpretation and natural language processing. This makes it possible, for example, to monitor financial matters in real time.

Cloud-based accounting

The cloud offers many advantages for companies in the accounting aspect, one of them is the peace of mind that their data is secure and encrypted from end to end, in addition to being able to access them through any device. Similarly, another advantage is the ease of being able to keep business data online and reduce labor costs by up to 50%. At the same time, the cloud allows multi-user access, with which remote teams can work online. If you want to be prepared for the future, the use of the cloud is crucial for your company.

Smart contracts

These are based on blockchain technology and contain certain benefits that help all individuals involved in the deal, such as protecting information and ownership of assets, corroborating identities and verifying credentials of individuals and entities, among other things. Contracts have defined rules and sanctions, so there is no need for external intermediaries. In addition, contracts are automatically executed, which allows both parties to exchange money or valuables.

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