Future of accounting: Passage of time through digital innovation

Future of accounting: Passage of time through digital innovation

21st Century is an era where businesses need to transform by cyber-physical systems and enable many technological trends to develop and thrive. Chief Financial Officers (CFOs) need to carefully evaluate how can these emerging technologies be used strategically, to achieve organisation's business strategy.

In a recent survey by Robert Half Management Resources, 41% of CFOs believed that innovations in accounting are rapidly progressing so it is all the more critical to keep up the pace. Becoming familiar with the most prominent trends minimises the struggle with increased efficiency and a more streamlined approach to managing corporate finances.

Technology has made it possible to process any amount of data faster. Undoubtedly, the adoption of 5G mobile network technology will be the backbone of a brighter world. In my opinion, corporates must seriously consider adopting technological innovations, based on suitability to their line of business, if they have not yet started working in this direction. Some of the significant ones are:

1. Cloud-based Accounting: Within last ten years or so, I have closely watched how cloud computing has completely transformed the way we were doing our work. As a result, more and more corporates are leveraging cloud computing and switching to cloud-based