Ask the Accounting Community

Before the internet, accountants only had one way to advertise their services, and that was by attending networking events with bankers, lawyers and financial planners just to make themselves known. Thanks to the rise of online marketing, accountancy firms can now focus more on building their businesses than promoting them, resulting in faster expansion and higher profits.

However, the benefits of technology on accounting don’t end there. Here are five ways modern tech has revolutionized the world of accountancy, and how you can incorporate them into your business.

Cloud computing allows workers to run applications online rather than in a business location, and it’s one of the most revolutionary developments of this decade. While many accountants still use non-cloud based software, the last few years have seen a move away from this way of working. Now, more software makers like Sage are moving online.

One of the many advantages of cloud computing is how cost-effective it is for your business. Instead, the software covers your hardware, software and energy costs and negates the need for business premises.

What’s more, because information isn't stored in any single location, you can access it from any device that’s connected to the internet, making your data more succinct and your working life more organized.

Networking is essential for any business, but thanks to the internet, it’s not what it used to be. The rise of social media means you no longer need to attend fundraisers and business events to meet clients and make contacts. Those things certainly help, but nowadays it’s more about creating a presence through platforms like LinkedIn and connecting with clients using the web. 

One of the benefits of living in our digitalized age is that there are numerous opportunities for remote working. This flexibility can be transformative to an accountancy firm, particularly one with substantial overhead costs.

Remote workers have become such an attractive option for employers that many companies across the world are hiring people from their own homes. So, instead of paying rent on an office, consider going self-employed or applying to work for a remote firm. You’ll be able to contact clients and share data from anywhere in the world, and you can work wherever there’s an internet connection.

If you’re going to swap your desktop computer for a portable laptop, you need to consider how you will store all your data. There are several ways to store data safely, including cloud storage, external hard drives, archival BluRay disks, flash drives and more. However, as well as finding ways to save your sensitive information, you also need to ensure you have ample room on your laptop for new data; otherwise, its performance will suffer.

You need your employee’s computers to work speedily, so they can work efficiently and effectively. By gaining additional RAM, it will allow your computer to perform more tasks at once, improving the speed of your company. Therefore, look after your machine’s RAM and server memory by using a professional memory distribution service like offtek.co.uk.

One of the many ways that technology has impacted accountancy is through the real-time filing of tax and payroll information. According to the latest studies, once this software becomes more mainstream, digital tax accounts could replace annual tax return forms entirely