Tech trends that are impacting the accounting industry

Posted on Wednesday, October 23, 2019 by Nicole Fracasso

In a recent article from CPA Practice Advisor, Paul McDonald discusses the results of Robert Half’s Job and AI Anxiety report. Based on the results, McDonald focuses on four trends that have the ability to transform public accounting.

The first trend McDonald suggests is cloud computing. According to him, the use of cloud computing is becoming more common. This tool allows you to interact with clients who also utilize cloud-based systems to share data. The cloud also offers many benefits, “from the ability to view updated figures in real time to potential cost savings.”

Second, McDonald believes artificial intelligence, more commonly known as AI, will improve financial forecasts. For instance, AI “can be used to identify financial irregularities, including fraud, and forecast future trends.” He predicts AI will soon begin to eliminate errors, decrease costs, and increase employee output.

The third trend that McDonald discusses is known as robotic process automation (RPA). Based on the results, McDonald predicts that automation will have more responsibilities to handle.

“RPA is a next-generation version of this technology that uses AI and cloud computing to automate even the most complex processes,” McDonald said.

According to McDonald, RPA is beneficial because it can handle multiple jobs and processes. In addition, RPA is ideal for tasks that require as much accuracy as possible.

Lastly, McDonald emphasizes that “for most firms, the biggest challenge isn’t technology- it’s people.” According to his research, accountants with technology skills can be difficult to find. In order to improve these skills, McDonald recommends attending professional development activities as well as bringing in consultants to provide support.

All in all, the use of these technology trends is creating an impact on the profession. It’s important to build your skills around these practices in order to best serve your clients.

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