Face of Accounting in 2021
While technology has disrupted most of the industries with its easy and effortless processing, accounting and financing industry is still reluctant to adopt futuristic innovations. Though with the advent of advanced technology happening around, we can foresee some real paradigm shifts that will revolutionize the face of accounting in the near future.
As Cloud accounting is already in effect in the past few years, a significant amount of users have been conveniently adopting it. It has proved its efficiency and easy accessibility with time. Though most of the accounting platforms offer traditional on-premise services that possess confidential data storage systems, the flexilibity and real-time work flows of cloud systems is a godsend to accountants. With this they are able to save a great amount of time and effort.
According to a study of Flexi, ‘Companies using cloud accounting has 5 times more clients than companies without it’. The great efficiency of cloud computing translates into higher business performance.
Blockchain Technology enabled Accounting
Blockchain has evolved into a disruptive technology leaving other record-keeping technologies in the dust. Initially designed for the mining of digital currency, blockchain technology was later applied to several other potential domains like banking, investment, voting, and more. And now, it’s bringing a paradigm shift in the face of accounting with its reliable features.
According to Blythe Masters, “The blockchain is the financial challenge of our time. It is going to change the way that our financial world operates”.
Simply put, blockchain and accounting is a perfect mix to bring effective financial operations. Now being in the incubation period, unleashing the full potential of blockchain can revamp the accounting management in the upcoming years.