How Financial Technology Is Helping Accountants Evolve

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How Financial Technology Is Helping Accountants
Evolve
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• Also known as FinTech, financial technology is
  an umbrella term for the designing and delivering
  of financial services using the latest
  technologies, such as AI, big data and machine
  learning. And, as all does technology does, it
  continues to evolve.
• Helpful as this technology is to the financial
  sector, it can also be used to great effect in
  accounting, meaning that professional accountants
  no longer have to rely on paper-based ledgers,
  manual data entry and rudimentary spreadsheets to
  manage the financial records of their clients.
  Coming with a number of challenges, from the
  frequency of errors and delay of financial
  reporting, to time-intensive tasks and a
  heightened risk of fraud, among others, the
  advent of technology in this sector, has been a
  godsend to most.

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• Lets take a closer look at the impact financial
  technology has had on the accounting sector
• How FinTech innovations are changing the way
  accountants work
• Among the many changes financial tech innovations
  have brought to the accounting sector, perhaps
  the one of most note is how routine and highly
  repetitive tasks have become automated, saving
  professionals time and money, and increasing
  accuracy, too.
• Continually evolving and helping to transform the
  collection, processing and analyzing of financial
  data, here are just some of the ways in which
  fintech is changing and redefining the way in
  which accounting records are both maintained and
  used

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• Accounting software with automation, AI and RPA
• Helping to change the very face of accounting,
  modern accounting software is fully kitted out
  with artificial intelligence and robotic process
  automation capable of handling a wide range of
  highly repetitive tasks, such as invoice
  processing, data entry and reconciliation.
  Reducing the risk of human error, they have also
  enabled accountants to focus their professional
  attention on other activities of higher value,
  like analysis and strategic financial planning.

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• Accounting software based in the cloud
• Revolutionizing the storing and assessing of
  financial data, cloud-based accounting software
  has enabled data to be stored securely in the
  cloud, rather than in localized machines. Making
  the sharing and accessing of data possible from
  quite literally anywhere, accountants can
  collaborate with their clients with ease and
  convenience. Businesses are also able to make
  decisions that are better informed for the
  purposes of financial reporting, thanks to their
  access to continually updated information.

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• Blockchain technology
• This type of tech has also reshaped a variety of
  accounting practices, providing accountants with
  a ledger of financial transactions that are both
  secure and unchanging. Helping to minimize the
  risk of errors and fraud, blockchain technology
  also streamlines the auditing process making
  them much more transparent and highly efficient.

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• Big-data analytics
• Unlocking a whole world of possibilities,
  accountants using big-data analytics are now able
  to analyze huge swathes of datasets, and easily
  identify trends, insights and anomalies that they
  simply werent able to see before. In terms of
  fraud detection, risk assessment and the
  identifying of opportunities to optimize revenue
  and reduce cost, these analytics are especially
  powerful for accountants.

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• Innovations in tax software
• With the introduction of user-friendly
  interfaces, mobile accessibility, Adriven
  optimization and stronger security measures,
  innovations in tax software have revolutionized
  how accountants prepare taxes for their clients.
  Simplifying tax compliance, such advances also
  help to improve efficiency and accuracy.
• With the role of accountants constantly changing
  thanks to fintech, no longer are they seen as
  mere number crunchers they have become a
  powerful weapon for businesses with their
  newfound capabilities to advise on strategic
  financing.

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• Now able to wear more than one professional hat,
  accountants can help your business become more
  efficient and meet client demand with ease. If
  youre an accountant with a busy practice, why
  not outsource some of your requirements, after
  all, no one knows better than you how helpful a
  good accountant can be!
• Super Accountants offers expert tax preparation
  and bookkeeping outsourcing services for
  accounting firms. Our services are designed to
  deliver meticulous attention to detail,
  consistent accuracy and peace of mind on
  security. Quite simply, when it has gone through
  the hands of SuperAccountants, you can be sure
  its been done right. If you are looking for
  outsourced bookkeeping for CPAs in the US, get
  started with SuperAccountants today and get the
  benefits straight away!