In many ways, accounting seems like a straightforward job. It’s the default term for keeping financial accounts, which might seem simple enough. But as any accountant will tell you, their job involves everything from tracking receipts to filing taxes. So, there’s quite a lot of nuance to accounting. And in the future of accounting software, tech trends such as blockchain will help users do more in less time.
Sure, we sound a bit bullish about this. It’s a departure from the doom-and-gloom predictions about technology stealing jobs from people. But here’s the most surprising part about the future of accounting software: several of these new tech trends are already here. We just aren’t always aware of them.
For example, did you know that up to 75 percent of some accounting software tools, such as QuickBooks, are already automated? Or that Xero is building a machine learning system to suggest the right account codes when users file invoices?
These advancements pave the way for even more exciting news, like the fact that blockchain technology will prevent financial fraud. And since businesses of all sizes will soon spend more on tools that build new tech into cloud software, the future of accounting software looks bright.
In a few short years, trends such as optical character recognition (OCR) won’t be weird acronyms; they’ll perform tasks such as processing receipts. This means you’ll have more time for what you do best: building your business to help customers succeed.
How will today’s tech trends, including OCR, evolve? Read our infographic to learn which new technologies will change financial management for good.