Norshimah Abdul Rahman, Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Perlis.
INTRODUCTION
The role of the accountant has changed considerably over time. In today’s highly competitive marketplace, where businesses are fighting for the attention of customers, accountants are essential to the overall economic well-being of a business. The responsibilities of accountants today range from business analysis to reporting and regulatory compliance (Richardson, 2019). They play a greater role in the business and financial success of their clients than just the usual tasks of preparing financial statements, tax planning, and auditing.
The most well-known role of the accountant is to control the finances of a company. Depending on the size of the company, this can range from data collection and entry in smaller companies to recording, organizing, and reporting financial transactions in larger companies.
WHAT’S NEW?
It is obvious to everyone how technological advancement has affected almost every sector and aspects of life. Those who refuse to embrace change are already suffering the consequences (Epp, 2020). True insight does not come from simply keeping up to date with new technologies, but from grasping the big picture and understanding how to harness technological advancement. The finance and accounting sector is no exception. Many leaders see automation and software as a tool to be the position, while some see it as an existential threat to the profession.
What is this technology and how has it changed the role of the accountant? Access to faster software that can perform more complex functions to, and networked technology has made accounting both easier and more efficient. Organizing financial information, analyzing data, and measuring economic activity has never been easier.
Cloud-based technologies
Cloud-based technologies are becoming widely used by accounting firms to organize all their data. All you need to do to access your data right now, wherever you are and whenever it is during the day, is log on.
Diverse roles of accountant
Thanks to the development of accounting software and applications, accountants today have more time for a variety of tasks. They can move away from time-consuming number crunching and take on increasingly specialized and strategic tasks. More specific and value-added tasks can now be assigned, and qualified accountants can offer more specialized services at a higher level, including analysis of data and its interpretation, financial planning advice and business consultancy, and greater involvement in the day-to-day running of the business.
Advances in computer technology and the Internet have enabled accountants to perform their duties in preparing budgets and taxes more efficiently, to calculate forecasts with less margin for error, and to expand their means of communication (Rivera, 2020). However, innovations in the way people interact with data and how it fits into the business world have produced new technologies that have made some of the more mundane and routine tasks that were common in their day-to-day work obsolete.
Better way to handle client transactions
The digitalization of data and processes is not only for beneficial the company's employees, but also for its customers. With developments in accounting technology, on site consultations are no longer essential. Both clients and accountants can review, amend, and comment on their statements simultaneously as both parties can access real-time data remotely. They can then sit down and discuss in the way that suits them best, e.g. via video conferencing over the internet.
Mobile accounting
There are now also mobile applications for accounting. With a smartphone or tablet and mobile device management, accountants can take their office with them wherever they go. This means they do not have to wait until they get back to the office. This is important because the clients are just as busy as they are. They will appreciate it more if we can give them important answers at the moment, they need them. And this appreciation leads to stronger customer loyalty.
Moreover, today there are more effective processing tools and specialized accounting software that allow faster data entry and calculation. Even manual data entry into software is becoming less common as scanning technology allows users to simply take a photo of a page and let the program fill in the necessary blanks.
In accounting, the accuracy of calculations is crucial, and when all information is calculated by a computer, accuracy has significantly increased and the margin for error has decreased.
CONCLUSION
Digital
innovation is transforming the accounting profession, and this transformation is
likely to increase. Artificial intelligence (AI) applications, blockchain, and
decision support technologies have moved beyond the ‘hype’ stage and are
already being used (Igou et al., 2022). As an accountant in today’s world, it
is necessary to keep up with the most recent advances in technologies to
be competitive and increase your productivity. Take up the challenge and engage
with all the fascinating ways technology has changed the accounting industry.
Embracing these changes will prove to be greatly beneficial for us and our
business.
References
Epp, K. (2020, October 16). The evolution of the accountant. Retrieved from https://www.goldbeck.com/expertise/accounting-finance/the-evolution-of-the-accountant/
Igou, A. J., Power, D. J., Brosnan, S., & Heavin, C. (2022). Digital futures for accountants.
Journal of Emerging Technologies in Accounting, doi: https://doi.org/10.2308/JETA-2020-088
Jen Ledger (2020, October 16). 5 ways technology has changed the accounting industry in
the last 5 years. Retrieved from https://www.jmark.com/5-ways-technology-has-changed-the-accounting-industry/
Matheson, L. (2022, October 16). The future of accounting: How are digital technologies
reshaping the industry? Retrieved from https://www.firstintuition.co.uk/fihub/the-future-of-accounting-how-are-digital-technologies-reshaping-the-industry/
Richardson, M. (2019, October 16). The modern-day role of the accountant. Retrieved from https://www.swindellsaccounting.co.uk/business/modern-day-role-accountant/
Rivera, A. (2020, October 17). What are the changes in the roles of accountants? Retrieved from https://www.cpapracticeadvisor.com/2020/06/24/the-shifting-roles-of-accountants/38959/
