Changing Technology and the Accounting Profession
By Toni-Ann Myrie – Content Development Intern | December 21, 2018
Are you able to think of anything technology has not made better? No? Neither can I. Technology has changed the way just about everything is done. The accounting profession in Jamaica is one thing that is changing due to the rapid advancements in technology. Technology has expedited and made the process of gathering and analyzing business data effortless.
Gathering Data
Just imagine your accountants spending hours to sort through bills and invoices just to prepare your financial statements. For some businesses, this could take weeks, for others, years. Luckily, technological innovations continue to give us software like QuickBooks and Sage 300.
These and other accounting software keep your bills and invoices in one place, keep track of inventory and make accounting information readily available. Technology increases the efficiency and effectiveness of accountants in the workplace.
For clients, this means that accounting services are done much faster than usual and the resulting calculations are far more accurate. Accountants who fail to add software to their accounting equation are far less productive than accountants who do. Furthermore, these accountants will eventually be pushed out of the office as business owners are seeking accountants who are efficient and are more likely to increase the productivity of their business.
Analysis and Decision Making
Accountants, consultants, whichever you choose, with the frequent technological innovations they mean the same thing. We say this because technology has changed the way accountants operate. They are no longer bending over the table working out the ratios they need to analyze your business performance.
Technology provides these ratios in no time and is more likely to be far more accurate than the ratios calculated by hand. With this job out of the way, the accountant’s only job is to analyze these ratios to provide you with an accurate description of your business performance.
Accountants now spend more time interacting and advising clients of the best strategies to use to meet their business targets. They also help you to set these targets and become your accountability partner to ensure you are carrying out the tasks that will help you to achieve your business goals.
Accessibility
Thinking of accessibility, cloud computing comes to mind. No not the clouds in the sky. Cloud computing allows individuals, companies to share data, software applications, and other computing services over the internet. Cloud computing enables accountants to have access to real-time transactions going on in your business.
Cloud computing gives accountants the luxury of working from home or even from the beach. Clients can get financial reports on time in no time. Technology literally puts your accountants on speed dial or more aptly right beside you as you can engage them across geographical borders.
Additional Roles
Technology has broadened the scope of the accounting profession. According to Agness Anne Peppe in her article, The Evolution of Technology for the Accounting Process, “business owners have started to look to accountants for technology advice”. Business owners in their search for the best financial systems, look to accountants for recommendations. This is quite different from the work of accountants in Jamaica many years ago. Now accounting is more than just number crunching.
Technology has also led to an increase in criminal activities and even more work for accountants. Accountants now have the added responsibilities of investigating crimes such as embezzlement, money laundering and financial statement fraud. They work with lawyers and police to detect fraud, misallocation of funds and gather evidence to build cases against individuals or companies suspected of carrying out these crimes. Who knew accounting could be so exciting!
Your accounting experts at Elizabeth Sloane use the latest technology and accounting software to give you accurate and timely financial information. Our accountants are no longer stuck behind their desks, number-crunching all day. They are beside you, helping you to realize your growth targets sooner than projected or out in the field (behind their desks really) bringing criminals to justice.