How Technology is Transforming Accounting in the Modern Age!!

With the changing trends and rise of technology in India, a higher use of digital technologies can be seen in people’s day to day life,different gadgets ,software are used now to save time. Technology is used on a wide platform for business processes ranging from those of corporates and to small setups.

Let us take this simple example-It was the fifth customer in the month to raise concern over the credit book of Mr Singh, who operates a retail store in Sapphire Enclave, pune. Of late, Mr Singh had been facing many challenges  ranging from personal problems to financial complications. Perhaps, making him worried ,stressed and worn out. But then one of his friend introduced him to a digital accounting application.Mr Singh was very excited to see how would this work but then It has now been over a month and not a single customer has confronted him since then.This shows how technology transformed Mr singh and made him more accurate and productive, he discarded the old methods of accounting and adopted technology.

If you’re thinking of starting a career in accounting, many of these changes are positive for you, says Dr Christine Contessotto, Director of Teaching in the Department of Accounting in Deakin Business School. When we talk about Technological change its means that accountants are increasingly participating themselves in higher-level work, taking on important decision-making and management responsibilities within organisations. Accounting is no exception so let us see how digital technologies is changing accounting.

Artificial Intelligence & Robotics - Artificial intelligence and roboticsprocesses, any task with extreme accuracy, which helps in reducing operating costs and hence gives increasing efficiency . However these are some of the new technologies supporting which are emerging and changing the transitional role of today's accountant into a more complex role. However, the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) states in their report,

Digital Darwinism : thriving in the face of technology change: it says that technology is not enough intelligent that it can replicate human brain and to support this there are many examples that can demonstrate limited ‘intelligence’, depending on how this is defined. Intelligent behaviour can include: determining what is important, handling difficult situations,learning from experience,understanding visual images, being creative or imaginative, and other characteristics.

Security : Keeping records secure is key to any business to be efficient. Keeping Physical bills or copies are always tend to get lost by both the seller or/as well as the customer. Digital bills are hence very safe and secure and getting bills which are lost and other physical transactions is as good as losing money. Technology enables all data to be shared on cloud, google drive etc. so it can be easily recovered on any mobile device and from any desktop.

Trust is importance: Earlier, customers and sellers were dependent on standalone accounting and there were chances of relationship getting strained due to miscommunication. But today, with technology accounting is created by a layer of communication which increases transparency and builds a long lasting relationship, hence giving opportunity for more growth in the business.

Financial inclusivity –Now  individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance –all this us available on tip of their fingers due to technology ,it also opens new doors in The marketplace. Therefore things that were limited to the few elite are now available to the wider market, for Indian market this is great news as majority of our population continues to stay in rural areas. The technology for e.g. ATM machines can make banking very easy and accessible.

Our nation is rapidly changing today. Everything is become quick and fast, people don’t want to waste their time and are open to adopt fancy and smart ways of technology which in return makes their life easy and saves time, hence increasing productivity and chances to grow more increases.India is changing, so are the outmoded conventions and hence it is driving us towards a tech-enabled and ultramodern future. The world is getting ready for the technological revolution and so should you.