Technological evolution has affected almost every field and so is the effect on accountants. Job of accountants has become easier due to introduction of new accounting software. Days are gone when accountants used to use paper, pens and calculators for balancing books of accounts and for verifying accuracy of ledgers. With the introduction of accounting software, this profession has experienced remarkable change and now convenience is being added in the form of assistance tools for accountants.

ACCOUNTING TOOLS REDUCE MARGIN OF ERRORS

There are word processing tools & software for specialized accounting. Due to these tools accuracy of recording transactions and others details have improved effectively with reduced margin for errors. Some accountants still use MS Office i.e. excel for transaction recording & running ledgers, big companies preferably buy software that provide simple means for data entry. Such software also guarantee accuracy of ledgers & financial reports. It has special benefit because in this way businesses can avoid uninformed decisions and possible tax penalties. When there is low margin for error, companies become more stable financially and can stay afloat.

NO NEED FOR EXTRA TRAINING

As new software for accounting has introduced, there is now less need for basic accounts training. Accountant having access to computer with right system can easily perform tasks like

  • Statistical analysis
  • Forecast modeling
  • Tax preparation

These tasks can be performed easily and efficiently without wasting years for core training. Accountants` role of number crunchers has now changed. Accountants are professionals who perform diversified roles by being part of the strategic planning groups. Accountants now give advice, develop new processes as well as perform future forecasts.

NECESSITY OF IT SKILLS ALONG WITH BUSINESS SKILLS

Professional accountants need many skills before they can start career with a reputable organization. Accountants need to be knowledgeable with good skills in accounting. They must be able to apply learned processes and integrate such processes with the applied IT programs. Use of IT reduces the time required for tasks and also increase the chances of accuracy.

Technologies are advancing and modern organizations need to keep up their systems with the emerging technologies. Accountants thus need to learn modern software of accounting to ensure they are fully equipped with latest tools.