Accounting technology and the expectations it creates for employees and customers
December 22, 2014

Technology has grown so much that there are many different tools available to fit a company's specific industry and size. Small and mid-market enterprises have seen the benefits some technologies can offer in the past year.

Mid-market accounting associations especially have been moving toward using the cloud much more than they ever have before, with a Deloitte survey pointing out that 48 percent of 500 corporate executive respondents said their online technology integration is significantly higher than last year. With the benefits technology has granted to mid-market businesses, it's no surprise that companies are expanding their budgets. 

Popular and modern technology 
Of all the technologies that are making waves, cloud technology has been on top of the list. Sys-Con Media reported that cloud accounting grew to $1.7 billion in 2014, and by 2016, it's expected to increase to $2.16 billion. Products have been integrating cloud technology for its various benefits, such as remote access to documents, easy implementation and the security that comes with these advantages. 

Forbes mentioned e-signatures and invoice automation as a big influence on accounting software and the expectations of consumers. Mid-market firms can see that the way consumers pay has been changing, moving from paper invoices to applications such as ApplePay, Google Wallet and PayPal. Soon enough, it will be a common expectation to receive electronic documents in place of paper bills. 

Changing customer and employee expectations
New technology has encouraged an efficiency level that has never been seen before. AZCentral highlighted how accounting has changed with computer technology, and now, multi-tasking is a low standard for most accounting firms. Using technology to track multiple things at once - such as profits, ledgers, client accounts and payroll - is nearly required to run an accounting firm. 

With new technology also comes the expectation that there will be fewer mistakes. Computer technology doesn't leave much room for error, which means that employers and clients alike expect almost no slip-ups when using technology to push out information. However, AZCentral added that this isn't a bad thing - the pressure that comes with a client's expectation of no mistakes makes for better accounting. 

Even though 2014 seemed to be an amazing year in terms of all the technologies available for accounting firms to use, one can only imagine what the new year might bring. Better technology makes accounting easier and more manageable, and given how many types of accounting software are already available, it's hard to imagine how many new possibilities are out there waiting to be realized. 

Nexus: G-WEBCD1