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Changing Dynamics of Accounting Industry

Meru Accounting: Changing Dynamics of Accounting Industry

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

1) Cloud Accounting softwares:

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

Easy Access: Cloud accounting makes it easier for the users to access their data from anywhere as the data is not saved 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 future. In addition to that customization option is also available as per user’s requirements

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

2)Tax filing has become online:

All the filings are done online for direct and indirect tax: 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 is 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 saves their time and energy.

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

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

4) Debt collection is becoming more automatic:

There are many accounting softwares available in the market which have 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 that you can get paid on time. It makes the debt collection process rapid and you can utilize the same time in some other task.

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

There are many accounting payable softwares 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 at any time you want.

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

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