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Where Is Accounting Heading: Advancements in Utah Accounting

Once upon a yesteryear, the role of an accountant was a very different one. Receipts, invoices, and shoeboxes full of miscellaneous papers all needed to be sifted through, organized, and logged. With the advent and exponential integration of mobile internet access, the role of the accountant is changing. Now, records and receipts are logged electronically and can be accessed from anywhere at any time.

This access to information is important, because every business lives and dies on numbers. Numbers are the language of any successful business, and accountants are the translators. Where previously an accountant was limited only to the information immediately available, they can now post questions on the internet, interact with their client instantaneously through a Facebook chat or Twitter, or even hold an impromptu meeting through Skype.

Freedom From Paper

Up until the turn of the 21st century, accountants were shackled to physical paper. Reams of it listed columns of numbers and data. Everything had to be manually calculated and organized by the accountant and presented as clearly as possible to the clients. With the advent of software such as Microsoft Excel, this entire process shifted into a sleek machine. Where before the accountant had to manage the numbers, now the computer handled the information. As time has advanced even further, more and more companies have been able to create entire suites of software designed to help the accountant:

  • Manage statements for accuracy
  • Track and compute taxes owed and ensure they’re paid on time
  • Keep the accounting books organized and up to date
  • Test financials and provide advice in how the business can save money both in reduced costs, as well as make money with increased revenue

Sky’s the Limit

The entire nature of business itself is growing with every new discovery and technological advancement. As the world becomes increasingly more comfortable integrating their lives with the internet, allowing their information to be readily accessed, simple evolution has dictated that businesses enhance their methods in order to survive. This has caused more companies to allow the interchange of information through private, secure intranets, portals, and encrypted emails. This information was once carried out in face-to-face meetings accompanied by those boxes of receipts. Now a swift, secure, and immediate exchange with the click of a mouse button ultimately saves money in both reduced scheduled meeting times as well as travel costs.

The latest iteration of this technology already utilized by dozens of businesses across as many industries is the cloud. A 2014 survey posed questions to firms about which software choices they were using. With vendors already releasing software-as-a-service (SaaS) versions of their products, it’s becoming a viable option for accounting firms looking to stay ahead of the game.

New software and technology is developed every year. With it, the face of accounting is not only becoming more efficient, but changing for the better, helping businesses run more efficiently and stay on track.

Sources: CPA Practice Advisor, Nola.com

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