| Jun 24, 2020
The accounting profession is in for a decisive turn with the advent of the next generation of accounting applications. Investors and analysts have the insight and ability to read financial statements and derive the outcome. However, accountants and accounting software such as Adagio Accounting possess more than data at their fingertips. They have critical insights and the ability to integrate information to understand the impact on the organization quickly.
Technology is evolving and changing, and so is the role of accountants in many ways. Developments in cloud-based business software such as Adagio Accounting will dramatically change the contributions of accountants over the coming years. Gone are the days when employees get burdened with evaluating and cross-checking of spreadsheets so that they don't miss something. Moreover, there is no need to hire more people, as AI-driven platforms does away with manual and routine tasks. These platforms become more affordable and sophisticated; organizations will heavily rely on them and act as a critical part of their business strategy.
What does it mean for Accountants?
Instead of updating and capturing data, preparing manual reconciliations and producing reports, the next generation accounting software such as Adagio Accounting step into help accountants streamline and automate many of these tasks. Their role is no longer limited to scrutinizing the records and checking the numbers, but instead helps businesses optimize their financial processes.
Industry experts believe that the next generation of smart companies see intelligent tools such as Adagio Accounting paired with the affordability of cloud-based technology, will change the way accountants work. The new breed of accountants can focus on value-added activities that center around data exploration, trend analysis, and business intelligence with the help of next-generation accounting software.
The Present Scenario:
Having voice calls, live conversations, video calls, and delivering presentations are some of the ways of interacting with clients. These methods are successful when your aim is business development.
The AR Scenario:
Augmented reality is gaining prominence in the accounting industry, as well. Accounting tasks can be enhanced and simplified by integrating AR with the pre-existing accounting software and manual procedures. AR (Augmented Reality) transforms the way you interact with your clients. With the assistance of AR, you can give voice commands to get graphs and project figures on the projector screen. Furthermore, with a swipe of your finger, the content can be changed.
While interacting with the client on a video call, only giving a voice command is enough to project relevant content or access to financial records with offline, online presentation as well.
Preparing Financial Statements:
Dealing with P/L, balance sheets, financial statements, and other reports can be a time-consuming and hectic affair. The possibilities of errors are quite high. Augmented reality can increase the overall efficiency and securely organize the whole process.
While preparing financial statements, accountants take into account journal and ledger entries. The process involves handling an enormous amount of data, scrutinizing data, and entering it in to make statements. There are accounting tools to manage such accounting practices; it can increase efficiency up to a certain level. Chances of inconsistency in data still exist as data visualization is not easily accessible and not well-organized.
AR (Augmented Reality) is capable of addressing data visualization successfully with the help of 2D and 3D format. Instruct the machine by gestures or voice commands to project information on the screen. Easily manage data, no need to type commands, just a finger swipe to extract needed information.
Conducting audits is mandatory in every industry. Technology plays a crucial role, and AR has numerous usages when it comes to auditing.
A team of accounting professionals is formed to do an audit; systemized procedures are in place along with a list of checklists to accomplish the tasks in the most efficient manner possible. In addition to these, government rules, compliance and regulations are also scrutinized.
The auditing scenario is sophisticated and time-consuming, while it's easy to perform internal audits, the external review takes a considerable amount of time.
AR can completely alter the auditing scenario. A predefined set of commands will do all the inspection work, and you can manage the checklist with the help of voice commands.
Accounting software helps to have seamless communication with your employees, whether they are present in a different location or present at the same premise. The integration of AR ensures efficient workflow with a high level of engagement.
The available software solutions allow accountants to share information via chats and video calls, analyze performance, perform calculations, and interact with clients. There is a lot more scope for improvisation.
AR can undoubtedly enhance the decision-making capabilities of employees. With the assistance of AR projections, employees can discuss work in real-time. Communicating with team members in different locations, help organize, project 3D simulations, and analyze data in 3D format.
AR- The Future Solution:
AR is ready to disrupt the future and influence the existing technology. Accounting is an integral part of any organization and expect rapid and transforming developments shortly.
Innovation and agility add value to the organization. Embracing technology such as Adagio Accounting with Visibility, Mobility, and Productivity, streamlines your business processes to nurture your growing business.