Manufacturing. Consumer products. Transportation. These are just a few of the industry sectors that have defined our marketplace for centuries. Fast forward to today and technology has become a core pillar of many of these traditional industries to enable faster, more bespoke services and products for all of us – and added new industries such as eCommerce. From AI helping to predict inventory needs to the presence of remote work to the evolving possibilities in the metaverse, it is safe to say we are increasingly trending towards a more efficient, tech-enabled economy.
As the world becomes more complex, businesses will increasingly rely on services that provide clarity and a solid foundation. The accounting profession’s core skills are designed to help businesses ground their decisions in the best processes and data. Here are some of the ways the profession is helping businesses harness the future of technology.
Knowledge is Power
The accounting profession understands the importance of technology to businesses; that’s why tech is built into accounting professionals’ training and services. For example, the Certified Information Technology Professional (CITP) certification was created to enable accounting professionals to continuously improve their technology skills, and the CPA Evolution initiative was designed to continuously improve the way we integrate new technology with CPA services.
There’s an App for That
Gone are the days of cash and check. Consumer digital payments reached 58% of all payments in 2020 and that upward trend will continue. Today, the tech-enabled payment revolution has led to a reimagining of what the Point of Sale looks like. Customers can swipe a credit card using a card-reader plugged in to a phone, tap a chip-enabled card on a screen in front of the register, or wave a phone in front of an infrared reader. Amazon is even experimenting with a system where customers just walk out of the store, and everything gets charged to something resembling a virtual tab.
All of these systems rely on accuracy and efficiency and produce tons of data. Accounting professionals are experts at helping businesses keep accurate records and providing valuable advice on how organizations can use data, like sales information or inventory draw-down, to make informed decisions.
Remote All Day
Remote work is the tip of the iceberg when it comes to using technology to perform tasks that were once performed in person. Audits used to be done in person. Today, remote audits provide the same level of quality and make auditing available to more clients. Bookkeeping records used to live in blocky file cabinets. Today, they exist in the cloud. You hardly need physical receipts these days to manage expenses, just one of the many affordable expense management apps. This gives accounting professionals unprecedented access to core business materials, making it easier for them to help their clients wherever they are.
Cybersecurity is Everything
Cybercrime will cost $10.5 trillion globally by 2025. Organizations are diverting IT resources to manage cybersecurity risks as pressure from boards and shareholders increases. Cybersecurity is no longer optional. It is essential. To help accounting firms meet the cybersecurity needs of their clients, we created Systems and Organization Controls (SOC) for Cybersecurity. Whether it's shoring up IT security, managing a cybersecurity crisis, or recovering from a cybersecurity breach, accounting professionals have the skills, training and experience using the latest tools to help.