5 Technology Trends in Accounting for 2022

We live in an increasingly data-driven world. The very nature of business has been transformed by the ability to capture and exploit data and the technology that enables that process. The challenge facing accountants is how to leverage technology trends to help companies achieve their business goals. That said, let's look at 5 of the most important technology trends in accounting for 2022.

Trend #1: Big Data

Big data is more than just a buzz phrase to describe companies like Google. It is an all-encompassing phenomenon that is revolutionising the accountant's job by allowing for real-time monitoring of a company's financial matters.

But perhaps the biggest impact of big data is that it introduces unstructured data into the financial analysis picture. Computers can now be programmed to process and analyse huge amounts of natural language data and mine it for information relevant to a company's financial standing.

Trend #2: AI

Whether Artificial Intelligence is a positive or a negative depends on who you talk to. More than a few accountants see AI as threatening their future job prospects. And you could make a compelling argument that their fears are at least partly justified.

On the other hand, AI enables companies - especially those with complex market footprints that span the real and virtual worlds - to make sense of the blizzard of financial data they are generating. This allows them to streamline their accounting process by turning repetitive, time-consuming tasks over to the computer. In theory, this should leave those flesh and blood accountants with more time to do what they do best: formulate and deliver actionable insights to those tasked with steering the company.

No matter how you look at it, AI is one of the most important technology trends in accounting for 2022.

Trend #3: More Powerful Computers

Mining natural language data and setting AI loose to handle a multitude of repetitive and mundane accounting tasks can't happen unless the computing power behind those trends increases significantly. And that's exactly what it is doing and what it will continue to do going forward.

Edge computing (where data analysis happens at the point of data collection) is one of the most visible technology trends in accounting for 2022 and a good example of increased computing power put to practical use. While quantum computing will make it possible to tame the big data monster by providing analytical possibilities that dwarf those of traditional binary computers in both scope and speed.

Trend #4: The Blockchain

You would have to have been hiding out on a remote island for the past decade not to have heard of Bitcoin and other so-called cryptocurrencies. After several years of being little more than speculative curiosities, these virtual currencies have finally begun to make inroads into retail, which of course bring them into direct contact with the world of accounting. Crypto is made possible by blockchain technology.

A blockchain is a distributed ledger whose purpose is to record and store data securely and accurately, and it is more than the driving force behind the ever-growing number of cryptocurrencies. Among other things, blockchain technology can be used to create smart contracts and to ensure the integrity of asset transfers. Many believe the real progress will start when quantum computing is applied to cryptocurrency mining and other blockchain-related functions.

Trend #5: Robotic Process Automation (RPA)

The last, but certainly not least of our important technology trends in accounting for 2022 is robotic process automation or RPA. RPA takes the concept of the robot and applies it to accounting and finance. RPA is a kind of software technology designed to handle the multitude of repetitive tasks that typically consume the attention of accounting departments. Freed from these mundane responsibilities, accountants will be free to focus on formulating and delivering those all-important actionable insights we mentioned earlier.

Common Robotic Process Automation functions include:

• Interfacing legacy systems with frontline systems
• Conducting competitor research
• Merging and modifying multiple reports
• Searching through data with targeted intent
• Fraud detection
• Credit card and mortgage processing
• and much more...

The benefits of Robotic Process Automation include increased productivity, increased efficiency, rock-solid regulatory compliance, ease of application, and consistency. The robotic "workforce" is also completely scalable, enabling your company to more easily respond to spikes or lulls in demand. RPA also promises a rapid ROI.

Contact JMF Associates Today

If you're looking for management or finance accountants, either permanent or interim, you can rely on us to provide the right people for the right roles in your organisation.

Call JMF Associates today at +44 (0)20 8663 6699 or email team@jmfassociates.co.uk to gain access to a large pool of top talent.

 

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