Technology has drastically changed the accounting industry over the years. Gone are the days when calculators, paper, and pencils had to be used to add up accounts payable. Today, all of the numbers can be input into specialized software to generate accurate data every time.
Although some are concerned about technology making the role of an accountant obsolete, there are indications that it has quite the opposite effect.
In addition to a recent study finding that the employment of accountants and auditors is expected to increase 6% (about as fast as the average for all occupations) over the next 10 years, many believe that technology has expanded and improved the role of accounting professionals. 
The popular technology tools that modern accounting firms have implemented include:
The accounting profession is also moving towards adopting other innovative technologies in the future such as:
Keep reading to learn how these technologies have changed the accounting industry for the better:
Perhaps the most impactful way technology has changed accounting is by drastically improving accuracy and reducing the margin of error in the industry as a whole.
By implementing technologies like the ones listed above, accounting firms can avoid errors for clients that could lead to costly tax penalties or poor business decisions.
For example, specialized accounting software offers simple data entry that guarantees ledgers and financial reports are completely accurate by reducing the risk of human error from manual data computation.
In addition to reducing errors, the implementation of technology in accounting processes has opened up new opportunities for accountants to take on more specialized and strategic roles in their jobs.
With technology automating repetitive and menial tasks, accountants can focus on more analytical and critical tasks such as:
The diversification of an accountant’s role also means that it’s become more important for them to develop soft skills like communication, critical thinking, and problem solving in addition to their technical skills to better serve their clients.
Both of the prior points lead into the fact that the technological advances in the field allows for accountants to better serve their clients.
The ability of technology to allow accountants to work quickly, accurately, and efficiently greatly benefits clients who rely on their accounting team or firm to help guide decisions and properly run their business operations.
Certain technological tools also make it easier for accountants to communicate with their clients anywhere, at any time which is extremely valuable to a field as vital to business success as accounting.
By offering specialized IT services for accounting firms, our team at NeverBlue IT can help your firm implement and optimize all of the best technology tools to streamline your operations and support your accountants.
As the trusted managed IT service provider of businesses in Southeast Michigan and Central Florida, we offer the following to our clients:
Is your firm ready to achieve more with the right IT partner?
Schedule your free consultation today.