Fast-paced changing technologies have disrupted many industries. Accounting is another that needs to keep pace with these changes.
"Today, the technological revolution continues," said Norman Moore, CPA to the Mississippi Business Journal. "Businesses and their advisers are working more closely than ever using cloud-based systems to prepare and share accounting data needed to support informed decision-making. And we hear increasing discussions about applying artificial intelligence, or 'AI,' to the accounting function."
Cloud computing - giving accountants the ability to work remotely - is becoming more popular. The Journal suggested that over 90 percent of businesses that are small- to medium-sized will transition to using cloud-based software. In addition, the use of artificial intelligence can help process large amounts of information quickly - an essential function especially around peak seasons for accountants, such as tax season.
The key to smoothly transitioning with artificial intelligence is to invest slowly and smartly to ensure that functionality and productivity stays high, the Journal of Accountancy recommended. Companies will continue to work in a hybrid-model as they make the slow transition.