By Kathleen Brunner  

The rapid evolution of technology is pushing traditional methods of conducting business in all industries out the window – even those methods that have been around for centuries. Technology offers the accounting world a wealth of benefits, from saving time on tedious processes to incorporating innovative ways of handling compliance, insight, and advisory services.

Cloud technology, in particular, has brought a host of undeniable benefits: data can be accessed from anywhere in the world, collaboration is much easier, and information is always up to date. The flexibility allowed via cloud technology is unmatched in more traditional accounting settings.

Companies in most industries face a wide array of challenges: heightened financial risk, changing regulations, supply chain disruption, and uncertain return on investment, to mention a few. A digital transformation can make refocusing a company swifter and easier so it can seize new opportunities for growth while ensuring stability. Technologies such as advanced analytics and machine learning help capitalize on data, optimize performance, manage risk, and drive innovation.

Blockchain is a secure, distributed ledger technology often associated with cryptocurrencies such as Bitcoin. The technology, however, can be applied to supply chains, finance, insurance, and other areas. It can do a great deal to simplify compliance processes by eliminating reams of paperwork and providing a one-stop for recording and storing assets, cash flow, and reconciling accounts.

Audit optimization technologies are coming too, helping to reduce the length and complexity of audits. Robotic process automation, for example, can standardize and speed workflows. AI and analytics can help auditors visualize and understand large volumes of data and point to correlations, anomalies, and outliers, improving risk identification and helping to focus on what matters most. In the next few years we will likely see audits augmented by cognitive technologies, such as natural language processing, and doing things like efficiently extracting and identify differences in key terms relevant to the audit.

Keeping up with the latest developments in technology is more crucial than ever … and more complicated. The biggest secret to success is not “a” specific technology; rather, it is how we continue to balance people and technology, harness that combination with collaboration, and create something bigger and better.

Kathleen Brunner is founder, CEO, and president of Acumen Analytics. Acumen Analytics, based outside Philadelphia, helps organizations combine innovation with technology to improve and accelerate outcomes. She can be reached at getinsights@acumen-analytics.com.

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