PUBLISHED: January 21, 2022
From manual, written journals to digital books of accounts, we have come a long way in the field of accounting. It is no secret that computers and software played a big part in easing the burden of manual accounting. But would you believe that there are still ways to make accounting works a lot easier? Thank that to the accounting technologies that developers bring to life.
What are the accounting technologies to look out for this year?
There are two sections where Cloud Computing works, one on the Front End and the other on the Back End.
The front end is the client or the user and the back end is the cloud section of the system. The front end consists of the client’s computer or computer network and the application essential to access the cloud computing system. It is not necessary that all cloud computing systems have the same user interface.
On the back end of the cloud technology system, there are various computers, servers and data storage systems that make up the cloud. A cloud computing system could potentially include any computer program in which each application will have its own dedicated server.
- Machine Learning / AI
One of accounting technologies to look for AI. Is designing computer systems to mimic or copy human intelligence by having a computer program take actions and make decisions based on the information provided.
Machine learning in accounting enables on-premise Accounting Software and Cloud accounting Software with machine learning ability, to do invoicing, accounts payables, automate bank reconciliations, taxation, and reports.
- Optical Character Recognition / OCR Accounting
The first step in processing OCR is by using a hardware which usually is a scanner to process the physical document. Then, after all documents are copied, the OCR software converts the document into a black and white version. The then document turned to scanned-in image will be analyzed for light and dark areas, wherein the dark areas are identified as characters that need to be recognized and light areas are identified as background of the text. This can be use to skip the manual typing of invoices and save time. An awesome accounting technologies to utilize.
- Blockchain
Is the distribution and reorganization of database technology. It can be used to protect encrypted data and maintain an expanding list of transactions among all parties involved. It’s a complete, automated digital audit of each individual transaction.
- Metaverse
Metaverse is an immersive next-gen version of the internet, rendered by virtual or augmented reality. To put it in simple terms, it is like a mirror world of the reality.
Those are some of the accounting technologies to look for this year and we’re sure that there will be more in the years to come.
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