Accounting today isn’t what it used to be, thanks to the changing nature of international business.

The huge influx of new clients automatically calls for the implementation of accounting and bookkeeping technology to provide an improved consumer experience, which in turn, provides bookkeepers with the flexibility to work from pretty much anywhere!

In the following pointers, we will take you through the individual technologies that are reshaping the future of the accounting and bookkeeping profession.

Cloud computing

Cloud-based accounting is known to provide instant access to client resources that allows bookkeepers to update information, analyse client data with precision and make business decisions based on cutting edge technology.

Automated accounting tasks

This refers to the machine learning programmes which can automatically reconcile and keep track of transactions, including software such as OneUp, Xero, Sage and Intuit. These accounting technologies provide high-level services and increased efficiency by reducing the processing time for contracts or audits to a few hours, instead of weeks.

Blockchain technology

The application of blockchain within the accounting sector allows bookkeepers to develop a more distributed ledger that is immutable, auditable, transparent and cryptographically secure.

Data analytics

With the improvement in accounting business technology and its swift progression within the accounting sector, a majority of accounting firms are implementing statistical data modelling and methods to identify trends, patterns and insights to ultimately increase profitability on every transaction and product, as well as generate customer feedback and sales in the process.

Required Skills For Future Bookkeeping Professionals

The role of bookkeepers has consistently evolved and expanded, with their duties remaining a key part of all business organisations.

Here we have listed some of the fundamental bookkeeping skills that are unnecessary regardless of the business industry that you want to kick start your career in.

Know how to maintain “books”

To obtain a direct entry into the bookkeeping division, you must obtain substantial experience in maintaining files up to date, to help your company stay competitive.

Obtain know-how of business software applications

The current bookkeeping software offerings will help you keep up with the advanced accounting trends and navigate effectively through the complex world of accounting firms to recommend the most suitable solutions for the business’s needs.

Develop a specialisation

To establish yourself as a bookkeeping expert, you must study an accounting course that emphasises the administrative, managerial and analytical tasks associated with bookkeeping.

Demand For Accountants In The Future

The outlook for bookkeeping professionals is often tied to the global economic health, and with its expected improvement in the coming years, the demand for recruiting bookkeepers and other accounting professionals on board is projected to grow.