5 Best Technology for Accounting Students in 2020

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Source: Medium

Technology came and changed the way student conduct their studies, and it has reshaped the education industry and mostly accounting. It has improved education, and there has been a rise in the demand for accountants. To be relevant in your career, you need to be abreast of the technology and your professional path, hence be a better accountant in the future. When you are comfortable with technology and you are focused, it will help in being adaptable in your profession, and be competitive. When managing your studies, it is helpful to check this site for more information, which is practical and resourceful.

You always need to have accounting knowledge and stay updated. Accounting technology is something to be keen about and embrace, and it does not matter if you are a student or a qualified accountant. If you have accounting software and it is current with the changing times, it is high time to get another one.

Modern clients expect accountants to offer automated services, and that is the reason accountants are working hard to handle all the demands. As a student pursuing an accounting course, it vital to embrace technology and know all the emerging trends.
Find below accounting technologies for students:

1. Cloud Computing:

Source: The Balance Small Business

Cloud computing has grown to be essential for any accounting students; it offers the ability to store and access all the data online. All data obtained from the cloud in comparison to a hard drive. The accessibility will be via the cloud and offers free flow of information, regardless of your location and the device you are using.

Students can get any data and information they need, and hence easy exchange of information. Cloud computing has become a massive deal in the field of accounting; that is the reason any accounting student will need to update with this software. There are others, such as Xero, Fresh Books, Kashoo, and QuickBooks Online.

Cloud-based accounting technology requires a subscription to access the data and have storage. You will have access to use other tools and software such as expense claims, payroll, purchase orders, and asset management. There is a variety of cloud-based accounting options, hence the opportunity to make the correct subscription and improve your accounting experience.

2. Blockchain Technology:

Source: Hacker Noon

This technology has changed the game in accounting; it will help in making you competitive when you know how to use it. Blockchain means the decentralization and distribution of the database in technology. The protection is done by encryption and expanding all the transactions of the parties involved. In the financial industry, technology helps in transforming the entire industry. As an accounting student, you should know that accounting is a double-entry principle, which helps in the verification of financial information. Blockchain technology helps in reducing redundancy because another party does not verify the data. It is a complete and automated audit for each transaction. When several parties use accounting, each party tends to keep its records. The process ends up being inefficient and consumes a lot of time, and then the issues of reconciling the records.

Blockchain uses the science of encrypting entities to share the same database. The advantage that the accounting students will have is that technology helps in recording all the transactions at the same time on a shared ledger. It helps in having a privately managed database.

3. Automated Accounting Technology:

Source: tevron-blog.com

Modern advanced technology will make an accounting to have no data entry requirement. Automated technology presents a double-edged approach, which is convenient for having a human replacement. Most accounting students are worried that their career can be threatened, but the truth is in the future, the accounting will have a lucrative potential.

The industry is moving from time-based billing, so as a student, there is a need for better experience and knowledge as a productive asset. The use of virtual controllers in automated accounting technology will be high in demand. Even when you are still in college, remember to redefine your role to sustain your career path. Automated technology is supposed to make the accountant’s life efficient, reduce time spent on manual entry, and reduction in human error. Shortly, accounting tasks such as audits, payroll, and tax preparation will be fully automated. QuickBooks is cloud-based accounting software, which is also automated accounting. It helps in using the latest technologies to know all the patterns and anomalies without having to do any manual data entry.

4. Optical Character Recognition:

Source: Lankaitschool

This accounting technology acts as tax software, hence the life of an accounting student or an accountant easier. The application helps in scanning and printing, all the handwritten documents. Then converts them into the readable text; the ability to scan notes and create an electronic record, it makes it simple in sharing information. When the integration of OCR is done with accounting software, it helps in performing searches that are more straightforward to get all the information they need.

There is also the option to copy and edit all the required information. It will help by cutting down hours on tasks such as invoice organization, itemizing receipts, paper cutter elimination, and tracking expenses. OCR is becoming a trendy technology, hence making a student become a valuable employee when joining the corporate world. Some of the applications used include Neat and Yooz, and they are transforming the accounting practices.

5. Machine Learning:

Source: mc.ai

It uses algorithms, massive data, and statistics to know about patterns. It also helps in determining the work done, and that conforms to the requirements. It helps in validating and categorizing all the work by reviewing the expenses; the algorithm is programmed to have a prediction and the degree of accuracy.

Machine learning helps students when it comes to detecting abnormal transactions, such as fraudulent activities. To be relevant in the accounting field, you need to be consistent and adapt to the new technology. The future of accounting students is on how fast and easy they embrace accounting technologies. Accounting is not a complex subject, as most students perceive, you need passion, dedication, and the right technology.

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