Our prediction is that in the future technology will have even bigger impact on accounting than today. One area of technology that is already impacting the development of accounting systems is Artificial Intelligence and Robotics.

How Does Technology Impact Accounting?

The benefits of this development can be seen in the following ways:

• Reducing operating costs and increasing efficiency,
• Automating routine, repetitive and labour intensive tasks,
• Providing a 24/7 service via automated devices,
• Developing and innovating new products and services,
• Ensuring that products and services meet customer needs,
• Scaling up operations with fewer resources needed.

Software Is Getting Smarter And Smarter

Accountants and financial services professionals are increasing using expert knowledge built into software to speed up the efficiency of their work, and improve the end product. In rule based work such as compliance services, this may be particularly advantageous. Artificial Intelligence software is being used today to assist in work such as iXBRL tagging and decision making calculations to assist in the running of a business.

Final Thoughts

The growth of such technology will continue at an even faster rate as time goes on. And who knows… it may take over the accounting function completely. What do you think? Let us know in the comments.

What questions do you have?

We are happy to help. Please post your comment below or contact our friendly and knowledgeable team on 01 677 9000 or email: info@cooneycarey.ie To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses.