Jullie-Ann Ybanez BSA2-A

1. Cloud computing

Cloud is one of the ways to make accountants'

work easier by allowing quick access to
resources such as data and computer
capabilities, which may help them better
comprehend and analyze financial data. When
data on the system is updated, cloud-based
technology may also provide "continuous
monitoring, instead of sporadic analysis,"
according to the Journal of Accountancy.
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2. Artificial intelligence

Artificial intelligence (AI) can automate tedious

and repetitive administrative duties, allowing
accountants to concentrate on other aspects of
their work. Also, accountants can focus on
tactical activities like budget planning, capital
optimization, program management, and
forecasting with the help of AI.

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 3. Automated accounting tasks

Audits, tax preparation, banks, and payroll are

among the labor-intensive areas of accounting
that are rapidly becoming entirely automated.
According to the CPA Journal, robotic process
automation (RPA) is one of the examples of
automation that may cut audit and contract
processing times to weeks rather than months.
In comparison to smaller entities, non-AI rivals,
bigger businesses utilizing RPA AI integration have "improved productivity and
higher-level services," according to Forbes.
Image from: http://dokka.com/wp-content/uploads/2019/11/What-is-an-Automated-Accounting-System.png

4. Blockchain Technology

Blockchain technology, a computer-based

recording system that employs bitcoin inside a
user-to-user network, is another innovation that
will influence the demand for accountants in the
future. According to Accounting Today, the
appeal of blockchain for accounting is "the
prospect of a new form of accounting record -
one that can be continually updated and
validated without the risk of being manipulated or
damaged."

Image from: https://blockgeeks.com/wp-content/uploads/2016/09/blockchain-use-cases.png

 5. Machine Learning
Machine learning may be used to examine
data and enhance predicting models.
Because AI may assist financial managers
in keeping better track of time-consuming
and tiresome activities, accounting staff can
focus on more complicated duties. Growing
firms sometimes have hundreds of
transactions to handle, and simple activities
like documenting and reconciling all of these
transactions can consume hours of your
accountant's work each week. Machine learning is really useful for accountants.
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References:

https://online.maryville.edu/blog/future-accounting/
https://www.accountingtoday.com/news/accountants-to-rely-more-on-big-data-in-2020
https://www.forbes.com/sites/bernardmarr/2018/06/01/the-digital-transformation-of-acco
unting-and-finance-artificial-intelligence-robots-and-chatbots/#32657a624ad8
https://www.forbes.com/sites/bernardmarr/2018/06/01/the-digital-transformation-of-acco
unting-and-finance-artificial-intelligence-robots-and-chatbots/#32657a624ad8