The upcoming year will carry a novel crop of technology (tech) trend. The opportunities flourish for CPA (Certified Public Accountants on Site) who are always ready to adjust, hold to change, and become flamboyant data navigators.
Managing the change and being aware of what is ahead can help you to progress successfully in your career. The fresh and evolving tech is not a threat to an accountant in Toronto. It can authorize the piece of work that an accountant needs to do. It can be used to envisage what is probable for the entire industry in terms of speed, accuracy, and service quality.
There is great value in establishing your role as an authentic accountant & tax advisor of Toronto. According to the statement of the CEO (Chief Executive Officer) of PayPie Inc. (Incorporation) – A Blockchain Accounting Platform, Nick Chandi: ‘Technology can give us access to the better data, but accountants will need to apply this piece of information to the real world for providing essential business insights and intelligence.’ With that statement in mind, we have made a list of 5 top technology trends that accountants can expect to see more in the coming year.
5 Top Tech Trends That Accountants in Toronto Need to Keep an Eye on in the Future
1: The Thriving Blockchain:
The next year is going to be an excellent year for blockchain that has been augmenting in popularity over the last few years. Even the social media giant, Facebook has a maneuver to initiate a cryptocurrency, ‘Libra’. In the coming year, we shall see a non-stop investment in blockchain (accounting technology) that is more pragmatic, scalable, and integrated.
The accountant for a small business in Toronto can make the most of blockchain. Accounting technology, blockchain will have augmented accountability and tracking in the supply chain, better encoding for data security, procedural alterations to discover variances in auditing, and all-in-one authentication for digital documents.
2: Going Through the Roof Cloud Solutions:
The cloud-based accounting software has already established its prominence in the world of accounting; however, in the next year, we shall see its adoption in the whole industry; as it has become a necessity for CPAs of Toronto.
Being capable to store and access your data from anywhere in the world is the justification of the reliability of cloud accounting. In the next year, the cloud computing options will reduce the administrative burdens with built-in features for CPAs. Going digital will mean less paperwork with enhanced productivity in the quality of various accounting services.
3: Augmented Reality (AR) Will Become Orthodox:
AR is a natural fit for accountants. An accountant in Toronto can easily track information and make pertinent data obvious with the aid of AR. In the coming year, doing experiments with AR will help firms to stand out from the rest.
The CPAs will be able to do their assigned tasks effectively and swiftly by capitalizing on AR in the coming year. In other words, the augmented reality will become a need for accountants in the future to compete with their competitors efficiently.
4: The Limits of AI (Artificial Intelligence) and Digitized Vision:
In the next year, businesses will start to work on how AI can upgrade business operations. The way of processing data will advance further in accounting. For accountants in Toronto, advanced analytics will become crucial for decision-making to forecast the future.
In the expected year, there will be increased opportunities for accountants to work alongside AI applications. With AI and digital vision, the accountants will be able to take on complex, strategic, and advisory tasks without a hassle.
5: The Higher Risks in Cybersecurity:
The value of cybersecurity is on an upsurge with the growth of the digital world. You cannot be saved from cyber threats with a firewall anymore. So accounting firms will be needing cybersecurity in the coming year to protect their valuable data.
They will need to invest in a vigorous cybersecurity platform. An adaptive accountant of Toronto will be needing the foresight about cybersecurity in the future. CPAs do require mathematical expertise; nevertheless, their profession now demands from them to cope up with the novel technology, such as cybersecurity.
Technology will be leading the accountants of Toronto in the coming year. With the passage, of time, the technological changes will demand from accountants to manage their accounting expertise with the aid of technology.
You may be seeing 5 tech trends in the next year for accountants. Blockchain will further thrive in the year, 2021. Cloud software will become the need of time for accountants in the next year, as such software gives a helping hand to accountants to access confidential data from any part of the world.
The accounting firms will be experimenting with AR in the upcoming year to stay in the competition. The accountants will be able to perform complex tasks with the aid of AI and computer vision in the next year. Last but not least, the accountants will be requiring the knowledge of cybersecurity to deal with the latest technology.