What Does The Future Of Accounting Look Like? Let’s Dive Into It!
As artificial intelligence (AI) has already started to transform various industries across the board, likewise accounting is on the precipice of technology changes. In the coming years, leading accounting companies have pledged to invest millions of dollars into the development of data analytics and AI technology, signalling us a drastic shift in the accounting arena.
It’s not just the “BIG FOUR”, who’ll showcase these technological advancements, but also the forward-thinking accounting companies at every level who have already begun to harness the potential of AI to cater superior accounting and analytics.
Below in this article, we’ll uncover the accounting industry issues being faces, and how emerging technologies are going to shape the future of accounting, and the key skills needed to succeed as it evolves.
ISSUES IMPACTING THE ACCOUNTING IN CURRENT TREND
Accounting is extremely fragmented due to the reason that, it deals with a large set of finance functions. For instance, in an IT Staffing that are countless accounting aspects which are required to operate the business – consultant management, timesheet processing, invoicing, billing, reports generation, commission calculation and bookkeeping.
And it’s a known fact that different financial experts perform them independently and use a various set of tools in getting the job done. As the tools don’t take to each other, the finance professionals, accountants and CPAs perform the re-entry and manual data entries.
It’s become consequently error-prone as accounting is extremely manual in this scenario and we people do make mistakes despite of being exceptionally good at our expertise. Like entering financial information, performing calculations manually on the excel sheets which fly back and forth, plunge to witness human errors. And, at the end of the end there would be a rush!
It’s an undeniable fact that accountants tend to finalize and send the financial statements weeks later than its required. Post that, it even consumes more amount of time for managers and owners to dig into those reports. Poring over the statements only cause intricacies in making vital business decisions and that’s a huge problem especially in this fast-paced world.
Emerging Technologies Address These Current Accounting Challenges
Amongst the countless technologies shaping the future of the accounting and bookkeeping industries, there’re two that stand out for the major impact on the industry: artificial intelligence (AI) and cloud.
Perhaps, the most important one moving the accounting industry ahead is the artificial intelligence. Simply said, the AI focuses on creating a workflow to carryout the tasks and makes decisions in a way of imitating human intelligence.
And when it comes to Accounting in IT Staffing Industry, Nimble Staffing is one of the forward-thinking company that leverages automation and intelligence to automate repetitive and manual tasks, recording data, reconciling and categorizing financial transactions and operations in the correct format, drastically enhancing the accuracy and increasing the speed.
And Cloud is yet another technological advancement that has already shaping the industries in contrast to other accounting developments. Be it storage, accessibility or management of data on a remote server it becomes hassle-free. With the great combination of AI and Cloud, the insights are more vibrant and fragmentation is minimized, allowing real-time hand on financials.
While the tech-savviness ushers maximum advantage, it become crucial to understand and embrace it for accounting professionals and owners so the spend more time on productive side.
Nimble Staffing: It’s the future of accounting for IT Staffing Industries
Like its aforementioned new technologies evolve, but Nimble Staffing like platforms are less found that are first to be built with AI, ML and Automation Technology tailored for the IT Staffing Industry.
Treating the advanced technologies as foundational rather than afterthought, Nimble Staffing offers seamless user experiences by empowering consumers to leverage automation.
Insights are accurate when the cutting-edge technologies fell in place and with Nimble that has been made possible. Experienced bookkeepers are a bonus here, who take care of books clean-up, reporting, reconciliation, configuring, and sharing expertise knowledge on financial health.
Accounting automation in Nimble that minimize your efforts start with modules like timesheet management, auto invoicing, commission calculations, billing and vendor management, bank reconciliation, payroll import, AR follow-up, and end-to-end reporting structure.
Besides the alerts are always on the intuitive dashboard that displays pending timesheets of consultants, invoices to be raised, recurring payments, consultant project end dates, I94 and COI expiries regards to work authorization.
Intercompany accounting is even seamless here, one can generate combined P & L and Balance Sheets statements in a consolidated manner, without switching between systems.
Consultant Centre is a major highlight, where all the consultant information is available on a single screen, tracking placements, previous rate history, vendor & customer info, personal, payroll & tax details are accessible at one place.
Nimble Staffing has been a choice of 300+ IT Staffing Companies across the U.S.