We are currently living in a technology driven era where everything is based upon technology. During the past two decades, technological evolution has gained a very fast pace and that has helped us in making our lives better and easier. But along with affecting the life of every individual, technology has played a major in changing the different business operations. Once technology was an option for most of the businesses but now the survival of businesses without technology is almost near to impossible. If a business is not able to use technological solution then it won’t be able to survive for long.
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Although technology has changed many things, in this blog post, we are going to talk about how technology changed one of the most important parts of any business that is accounting. Accounting was completely different than how we witness it today. Accounting was once considered a very dull, repetitive job but now accounting is a technology-driven field and accountants are known for their tech-savvy approach. The present method of accounting is more productive, useful, effective, accurate and efficient.
But this change in accounting didn’t occur suddenly as it took the accounting industry several years to transform and finally come into the form in which we witness it today. Now, no businesses use the old and traditional method of accounting as it keeps the businesses away from utilizing the benefits of a seamless accounting process. So, in this blog post, we are going to see how technology transformed accounting and made it more productive, accurate and quick.
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From pen and paper to software
One of the biggest changes in accounting came with the introduction of software. There was a period when the influx of software was very new and slowly, different types of software started being used in different industry. But these software were not like the mobile based software which we currently use but they were desktop based software solutions which were mostly used by professionals and business.
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Earlier, the whole accounting process is carried on pen and paper and it involved a lot of hassle as managing everything manually and maintaining large piles of files was not an easy task. But with the introduction of accounting software, everything changed in the accounting industry. Now, people didn’t need to record anything in pen and paper as software made everything digital and wiped out the manual workload in accounting processes.
Most of the people moved from traditional accounting system and moved to the advanced software based accounting solution which was fast, accurate, easy and productive as well. But just when people started thinking that this is the best thing which can happen to accounting operation, technological evolution transformed the accounting industry again.
From desktop installed software to cloud accounting
Another big change that came in the accounting industry with the introduction of cloud computing. Cloud computing started becoming a new normal in most of the industries but it was still waiting to become a part of accounting industry.
After the introduction of cloud computing in the accounting industry, people realized the limitations that they were facing with their software based accounting operation. The modern cloud based accounting solution like QuickBooks Premier hosting allowed businesses to access their data from anywhere and at anytime, enhance their security, get high uptime, and boost productivity. Along with this the amazing cloud accounting solution also allowed businesses to get required scalability and enhance collaboration as well.
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The cloud accounting solution is currently the most advanced accounting solution which is being used by businesses of all kind and size. In the future, most of the businesses will shift to cloud accounting solution by choosing a third party cloud hosting provider as it gives them all those features which are necessary to grow in the modern day world.
But this is not the end of technological advancement in accounting as now modern day technologies like artificial intelligence and machine learning are being combined with cloud computing to get amazing results. Technology is something which never stops evolving and therefore, even the modern day accounting solution will keep on evolving along with technology. Automation is now very prominent in accounting and it has been made possible by accounting only.