Accounting & Bookkeeping

Changing Dynamics of Accounting Industry

Changing Dynamics of Accounting Industry

Meru Accounting: Changing Dynamics of the Accounting Industry

With changes in technology, there have been many changes in the accounting industry as well. From the traditional method of accounting, we now use advanced methods. For example, clouding software has changed this industry for better. Here we have differentiated these changes in a few parts.

1) Cloud Accounting software:

All the information is on the cloud: After cloud technology, all the accounting information like ledgers, books of accounts can be saved in the cloud. This saves up space and advances accounting.

Easy Access: Cloud accounting makes it easier for users to access their data from anywhere, as it does not save the data on the PC but in the cloud.

Faster and Customizable reporting: Cloud accounting is faster than traditional ways, as it uses the principle of automation. You can auto-save important data and setting to complete the accounting task in the future. Besides that customization option is also available as per user requirements

Generic solutions against tailor-made solutions: Cloud Accounting gives an accurate and thorough solution of the user’s problem, so the user doesn’t require asking accountants for giving solutions like in traditional method.

2) Tax filing has become online:

Do fillings for direct and indirect tax online: In recent years, there has seen a drastic change in filing tax returns. It’s now online which makes the process easy and hustle-free for the users.

Tax Payments and tax refund process are increasingly becoming online: Before few years it used to be done through going to respective government bodies and standing in long queues waiting for the turn to pay the taxes, but now there are online portals available for the taxpayers which save their time and energy.

3) Accountants are focusing more on getting reports that can help in decision making rather than verifying accuracy:

The ideal reason for keeping and managing accounts is to know the accuracy and have a track on the business nitty-gritty. But with time, the vision of accounting has been shifted from accuracy to becoming a wiser hand in the decision-making process. It stands as a mirror of business and tells its position, which helps management to make decisions to improve the business.

4) Debt collection is becoming more automatic:

There are many accounting software available in the market which has the feature of reminders and auto debt collection, it sends the reminder to the borrower before the due date with a copy of the invoice so you can get paid on time. It makes the debt collection process rapid and you can use the same time in some other task.

5) Payables process is more streamlined with payables processing software:

There are many accounting payable software in the market like Zoho Books, Quickbooks, etc. which enhances the transparency and efficiency of accounts. The process of data entry has become easier, as all the information is already in the device you want.

So, that’s how we have adopted the advanced methods and tools of accounts from the old traditional ways. This has resulted in the evolution of the whole accounting industry, eventually.