May 28, 2019

How is Technology Changing Accounting?

Is technology changing accounting? With the recent introduction of Making Tax Digital and cloud-based accounting; the industry is becoming increasingly digitalised.

As we mentioned in our last post, we are passionate about ensuring every business is moving comfortably with the times. A Glasgow accountant will ensure that your business is functioning effectively in the changing and unsure business climate of today!

Accounting Technology Advice from The Kelvin Partnership

accounting technology

In 2019

The recent years have provided some of the most drastic changes in accounting and it is essential that business owners and accountants are adapting to these changes alike. From the development of the aforementioned cloud-based accounting software, the introduction of cryptocurrencies and the implementation of Making Tax Digital; there have been so many new innovations within the accounting field of the last year. So it is for a definite that technology has changed accounting rapidly!

What about the future?

Future technological advancements in accounting are a given. It is predicted that the handling of client data will become even more automated and streamlined. Spreadsheets and VAT returns will all become processed through HMRC’s unique cloud-based software.  It is pretty much guaranteed that AI will become even more incorporated into accounting practice with the ever evolving machine learning, automation and chat bot technology.

What about business owners?

For business owners, developments in accounting technology mean that practices and operations within separate business life will become even more efficient and effective. Also, there is less likely of a chance of human error with technological improvements. The real time access to accounting and financial information also means that business owners are given the opportunity to make better decisions. And so, with help from The Kelvin Partnership, we can inform you of any updates to accounting practice and therefore help you maintain finances in a more modern manner.

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