4 New technology trends that are transforming the accounting profession

The whole world is transforming before our eyes and behind our screens, and new technology is playing a huge role in creating and supporting many of those changes. In the accounting world, the pace of changing technology has been breakneck for a few years, and nearly half of firms feel like it’s too fast for them to keep up with client needs.

Your firm can get — and keep — up to speed by tapping the brakes and tapping into the right technology trends. Buckle up! Here are four to follow.

TREND 1: Cloud Access

Technological change isn’t a linear process. If you get behind on making updates, it can be hard to catch up. One way to get ahead: Get into the cloud. If your firm isn’t already in a cloud environment, future technologies that help you leverage large amounts of firm and client data could be out of reach. The cloud makes the flow of information seamless and secure, which improves communication, efficiency, and client satisfaction. Plus, it makes it possible for staff to work from anywhere, anytime.

TREND 2: Integrated platforms

Integrated cloud-based platforms save your firm time and save you from mistakes. At their core is a common database that’s shared across all software in the firm. If you update data, like a client address, in one place, that change is automatically updated everywhere else. When data flows seamlessly, you can worry less about the details and think more about the higher-value advisory services your firm could be offering.

TREND 3: Automation of tasks

The right tech solutions will take mundane tasks off your to do list — especially if you choose one with automation features that pull data from source documents or other software to populate and update from end to end in your system. Less data entry means more time for everyone in your firm to focus on providing more value for your clients.

TREND 4: Advanced technologies

Artificial intelligence (AI) and predictive analytics may sound futuristic, but they are very much a part of the technology helping firms get ahead today. They simplify and automate tasks, but no, they’re not taking jobs. In fact, AI and other advanced technologies are actually helping create jobs and evolving the role of accountants. For example, CCH Axcess™ iQ can quickly and accurately sort through client data and compare it to tax legislation changes, making you look like a tax savings superhero.

Don’t get left behind in the technology transformation. Learn more about “Successfully Managing the Pace of Change” by downloading our ebook.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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