The financial industry is in the midst of a digital revolution, and many banking, financial services and insurance companies are actively in the process of acquiring and incorporating intelligent technology into their internal systems and processes. Although they are not the only ones upgrading. Commercial and retail banking customers are also embracing innovations that will enable them to keep track of their finances and meet regulatory requirements more quickly and conveniently.
The accounting sector is no exception. Over the past few years, many accountants and accounting firms have seen significant improvements in the tools and systems they use to get their work done and to keep up with the Bureau of Internal Revenue (BIR). Here are some of the biggest ways that technology is changing the accounting sector.
Specialized accounting software
Gone are the days when accountants had to rely on their faithful pens, papers and calculators to get their work done. Nowadays, most accountants rely on their computerized accounting systems (CAS) for their work and use specialized software solutions designed specifically for accountants. Many of these programs are designed to facilitate recording transactions Some scan the relevant documents and then fill in other details and then record the transaction speeding up the accounting cycle in the process.
Featuring multiple functionality that makes an accountant’s work much less responsible for human error, there are also accounting solutions that feature a BIR CAS accredited system that will make it easier for them to comply with BIR’s required reports and documents. . By using the solutions recognized by this regulatory body, accounting firms and businesses have a better chance of avoiding errors that could result in penalties, bans and even loss of reputation. This technology offers a win-win solution for businesses, financial institutions, accounting firms and regulators.
Highly efficient client transactions
Clients and service providers have been hard to catch, but in the digital age it is no more. Thanks to the rise of smartphone and instant messaging applications, there are multiple channels of communication that anyone can use to reach their clients and service providers if they need to clear some details or ask for additional documentation. The ability to communicate with a wide range of people has accelerated the accounting process and enabled accounting firms to solve most of the problems they face while working on their clients’ accounts. This has enabled accounting firms and professionals to complete more work in less time without compromising on the quality of their work.
Growing presence of mobile accounting
Mobile Accounting Solutions refers to mobile apps that are designed to help entrepreneurs and freelance professionals stay on top of their money. While many business owners have yet to discover the benefits of using such solutions in their day-to-day operations, mobile accounting apps can make it easier for them to send and receive invoices, capture receipts, and create expense claims among other accounting. And bookkeeping-related work that many single entrepreneurs have to deal with over and over again. These apps will prove to be a game-changer for SME business owners and the accounting firms they work with.
Since their accounting solutions are at their fingertips, entrepreneurs can take care of their finances whenever and wherever they please. What’s more, these accounting apps can instantly back up their users’ data in the cloud, which means their users can review their finances and share their transactions and relevant documents with their accountants in a convenient way.
Use of social media for client engagement
Even social media has had a significant impact on the accounting industry. In particular, it has influenced how people connect with each other on a personal and professional level. For example, many businesses also use social media platforms to find service providers, such as accounting firms they may partner with. This allows accounting firms to attract more clients by using their official social media channels.
It is now an option for firms and professionals to establish themselves as thought leaders in their respective fields by advertising their services and sharing their knowledge, interacting with their visitors and following their social media. This makes them a great option for companies looking for a service provider who can better meet their specific needs.
The digital revolution is here, and it’s in full swing in the financial industry and in the businesses and professions that revolve around it. This is a good time for entrepreneurs, accounting firms and accounting professionals to explore the benefits of upgrading their systems and tools over time. Otherwise, they run the risk of falling behind their competitors.