Technology Trends in Accounting and Financial Analysis
Current trends in the Accounting and Finance profession are affecting organizations and professionals alike. With the evolution of technology in software, artificial intelligence, storage and cloud computing a skills gap is possible to experience.
Organizations must be progressive in pursuit of technology that helps experience economies of scale there by reducing costs in order to remain competitive. Accounting and Finance professionals must adapt to developing data mining, analysis and reporting techniques. Software tools such as Alteryx, Access, Excel, Report Writers and SQL applications are used extensively in organizations today. Accounting and Finance professionals who can utilize these tools will continue to add the value to organizations that will give them career opportunity and increasing wages. Data storage has enabled organizations to harness data banks with more and more detail. This data must be synthesized and analyzed in order to be utilized effectively. As a result, Accounting and Finance professionals are called upon to work with large data sets. Skills in analyzing large data sets are very valuable, allowing companies to make more informed decisions at a faster pace. Artificial Intelligence applications are allowing organizations to reduce head count. Accounting and Finance professionals can take advantage of this opportunity by understanding artificial intelligence applications and figuring out how to utilize and help implement these applications.
With the advent of software as a service, data storage; cloud computing has become the norm. Accounting and Finance professionals must educate themselves in cloud computing and analytics applications such as accounting ERP systems, Microsoft Office 365, and Google Applications in order to remain competitive and increase earnings potential. Many Accounting and Finance professionals are obtaining certifications in Financial Analysis, in order to take advantage of big data, software, storage and cloud computing technological advances.
By: Jeffrey Waks, Accountant and Financial Analyst
October 16, 2019