The technology sector is constantly evolving and innovating to bring new products to different industries. This has made it one of the fastest-growing industries in the world and that appears to be the way it’ll continue to go for the years to come. Technology was estimated to be worth $1 trillion at the end of 2022 and with the new innovations on the way, that could increase a sizeable amount in 2024.
One of the main sectors that advancements in technology support is accounting, which is another huge one in the UK in terms of value as it earned £7.6 billion in 2023 alone. Accountancy is an essential component of just about every business’ daily tasks and without it, there could be errors in their financial reports.
With that in mind, technology has continued to find new ways to support the accountancy industry by bringing fresh products that make operations a little easier for employees. 2024 could prove to be a big year for this with some new tech being used for accountancy. Our guide below will take a look at the main ones, so you can see how your business can adapt its services and become even more efficient. Read on to find out more.
Generative AI
Artificial intelligence – or AI as it’s usually referred to– has taken the world by storm over the past year and it’s also a technology that can help the accountancy industry too. New AI commercial AI systems could come into play in 2024, which can be used to assist professionals with mundane admin tasks and provide answers to queries.
Having this tech in your accountancy firm should free up your staff to work on more important tasks like VAT compliance, ensuring clients remain happy and you continue making money.
Cloud-based tax preparation
Get all your data in one place by adopting cloud-based technology to support your tax preparation. This is a game-changer for accountancy firms as it gives them access to tax-solving solutions and allows them to access real-time data that can be shared with clients. Adopting this software into your business can also help reduce your costs as the need for huge, expensive servers disappears and you’ll simply pay a subscription service to power your systems.
Data analytics and Big Data
Get help making big decisions with the help of clever tech that can interpret huge amounts of data for you. This should help you identify any issues in your work that the human eye may have missed, ensuring you appear competent, professional and trustworthy to your clients.
Data analysis can also help predict future trends you may have to consider when completing accountancy tasks, helping you get ahead of your competition.
