The future of accounting and accounting practices is predicted to become more and more technology based, rendering the conventional accounting practices obsolete. This infographic intends to outline a few areas, describing the influence of modern technology and what the future will possibly bring to the accounting industry.
Let’s get into the details.
1. Riding on Mobility: Mobility is a major area of future technological development, and the same applies to the accounting industry as well. Smartphones, tablets, and other portable computing devices have enabled CPAs to work from anywhere and deliver their obligated services whenever they want, from wherever they are.
2. CPAs to be more inclined towards Cloud Accounting: Cloud accounting services and solutions are the next big thing in this industry and going further will become a norm in this industry, delivering more business value to both CPAs/accountants and their clients.
3. CPAs becoming “Trusted Advisors”: With the help of modern tech-assisted accounting practices, CPAs and accountants are shedding their traditional profiles and helping their clients make better-informed business decisions.
4. Clients finally will be served properly: Going into the future, accounting practices are predicted to become more interactive and transparent due to Cloud accounting, unified communications, and social media interactions, helping CPAs and accountants to understand client requirements better.
5. Transaction tracking automation: Transaction tracking automation with the help of modern accounting and tax applications is another such area of accounting where the future holds great prospects as electronic currency and digital transactions are gaining tremendous popularity nowadays.