Technological change in the accounting field
Technology has contributed to the drastic change in the accounting field. Computer, phones, tablets etc. have changed the nature of accounting. They turned it into a fast- paced and dynamic profession. A lot of it is trying to automate the basic accounting activity, forcing accountants to revaluate how to provide value to clients.
Today’s accountant has become a business consultant rather than a mathematical tool. The stereotypical “task-oriented” accountant is as outdated as the “shoebox full of receipts”. Cloud Computing allows customers running applications online rather than on the customer’s own premises. They can use smart phones to do literally everything, e.g. taking photos of their receipts and process them online, they are able to access tax and accounting data remotely.
Now accountants are expected to recommend best practises to manage and suggest ways to reduce costs while improving profit. Because of these automate programs, accountants have more time to interpret data, give good financial advice, suggest smart business decisions and be more involved in their client’s business. They are trying to expand the way in which they generate profit and also create value in their practice.