Accounting online and advances in technology have aided in transforming businesses and industries rapidly, over the past few years.
While these transformations are evident, accountants are already using several digital tools to optimize processes.
India is still in the phase where people use papers extensively for day-to-day activities.
Though there is a wave of digital transformation the adoption of the same has been slow among the people.
The result is huge piles of papers that clutter our workplaces, homes, etc.
But the question is – Do we need these many papers on an everyday basis?
The answer is definitely No.
It is just that we are so used to live in space that is so cluttered that the idea of clear space or rather a paperless office has never been on our inspiration list.
That is how the concept of accounting online has begun.
What is accounting online?
Accounting online is often interchangeably used with cloud accounting to denote an online accounting software.
Cloud-based accounting software, web-based accounting, e-Accounting, SaaS are all also interchangeably related
Accounting online simply means using technology, tools, and techniques to make business accounting work better for you online.
And keep yourself away to get rid of the paperwork and files that are unnecessarily occupying your office space.
This simply means there are no files no more booklets or rough papers to manage your accounting.
And you have a paperless work area where all your accounting data rests online and on the cloud.
Therefore you get access to your business data anytime and anywhere and on any device directly on the go.
E-accounting or online accounting is the application of online and Internet technologies to the business accounting function.
How Accounting Online is beneficial for Businesses and Enterprises?
Most of us would here think that Why do I actually need a paperless office?
And how would it help me?
Well, most of the success guru believes that a clear and uncluttered space gives them more clarity in their thoughts and help them stay organized making them more productive.
Therefore going paperless in a bigger way means saving the environment and a small contribution towards preserving our ecosystem.
But how can you achieve it?
Especially when you have been dependent on papers of your life.
Well even if it’s not an easy transformation, small steps towards building a paperless office can always be good to start off with.
Use Digital Devices Smartly for Accounting Online
Each one of us is surrounded by gadgets that when smartly used can reduce our consumption of paper on a daily basis.
With Digital Calendars, Planners, Notes, etc. the need to physically record things is much reduced.
Also, when storing data digitally the chances of your data getting lost is negligible as all the data in your gadgets are synced with your account.
And that can be retrieved easily anytime and anywhere.
Adopting Accounting Online through Apps
A Cloud-Based App gives you the convenience of accessing it anytime, anywhere.
Also, the data is much more secure and easily accessible.
From daily accounting to daily business tasks all can be done through various cloud-based apps available online.
Some of the useful apps are :
- RealBooks – A Cloud-Based Accounting Software
- Google Documents – To collaborate on documents
- DropBox – To share files
Especially for offices that wish to go paperless in the near future, the adoption of Cloud-Based Accounting Software is a must.
RealBooks is a GST-Ready Accounting Software online that allows its users to access it from anywhere through its desktop version as well as a mobile application.
Users can easily scan and upload their important documents, bills, etc. eliminating the need to store each and every document physically with you.
The huge benefit of adopting this software is – the next time you need a particular document or invoice instead of searching your entire office for small documents you can easily find it in the software- safely stored.
Also, since Cloud-Based tools allow teams to collaborate and work on the same documents simultaneously he needs to physically download and share the documents is eliminated.
Lastly, with all the reports automatically generate, the need to physically create and present the documents to the management reduces.
Switch to Paperless Billing
You must be receiving a large number of bills, bank statements, etc. throughout the year.
Today all the companies offer a paperless option where they send e-bills and statements to your mail directly.
Switching to Electronic Documents would not only save paper but also make you more organized making it easier for you to find them even after a long time.
Accounting Online Makes your Files Digital
Most of the offices are cluttered with a stack of files and folders – to which we keep adding more every year.
The result – Cluttered spaces and finding the right documents when in need is very difficult.
The solution is to simply start saving the digital version of the file.
Here you need to cautious as sorting documents that need to be digitally saved would require your time and input.
Use Digital Payments
When payments are done digitally a receipt of the same is send to you electronically.
This saves paper in turn helping your office turn paperless.
An app like BHIM, Tez, Paytm, etc. is used to make Digital Payments in India.
Is Setting up a Paperless Office possible?
If any individual or company adopts the above-mentioned small steps, achieving a paperless office is not at all difficult.
Because all the resources mentioned are easily available.
The only challenge is adopting it into our lifestyle.
And adopting cloud accounting software can truly make it possible.
How Accounting Online Replace Human Accountants?
The robot revolution has indeed taken the world by storm, starting from the inanimate yet multi-functional Alexa to the more sophisticated humanoid Sophia.
Even as technology grows in leaps and bounds, a big question looms in front of the financing industry.
Are robots going to replace accountants?
The best and only answer to this question is NO.
Technologies might change a process, make computing easier, but somehow the human factor cannot be eliminated.
A part of the IT boom also involves blockchain, a technology powered by artificial intelligence and cloud computing.
Looking at the way blockchain and cryptocurrency are evolving.
It seems that accountants will be better endow when manual data entry reduces and data precision and processing speed improves.
So here is what RealBooks is looking at in terms of technological contribution.
Cloud Computing Versus Accounting
An analysis conducted by Accountant today estimated that the global market for accounting software will be valued at a whopping $11.8 billion, by the year 2026.
While digitalization of the accounting industry is already certain
SaaS or software-as-a-service or cloud accounting is fast finding footage as well.
Internet-enabled services and virtualization helps users access financial data from anywhere.
Such integrated accounting platforms are efficient and even aid in streamlining critical back-office processes across industries and businesses.
Accounting Online & Blockchain Revolutions
Blockchain does not limit to cryptocurrencies alone.
In fact, blockchain was a focal point of dialog in many of the recent accounting shows and seminars.
The delivery method of this single-ledger technology is rather unique.
Several users from different origins can access real-time and similar information on a common platform.
For example, the risk profile of a business hash-tied to the blockchain can be accessed by all the potential investors and financers, at the same time.
Any modifications performed can be visualized as soon as it has been validated.
With greater security and transparency, transactions may take days, hours, minutes, or even seconds, as the case may be.
Reconciliations, auditing, and compliance will all be accurate, quick, and error-free.
Accounting Online with Enhanced Automation
One of the great transformations of the accounting system is seen in the automation of manual tasks
It includes tasks such as audits, banking, payroll management, and tax preparation to name a few that will increase beyond 2020.
Here too, AI plays a big role, but yet, will not be able to surpass human intelligence.
Accountants will be able to get access to real-time and verified information extracted from a number of resources.
As transactional machines, computers, and along with it algorithms will become more efficient at accumulating and analyzing big data.
But, in the end, the interpretive capacity lies with humans. A machine, yet, cannot learn common sense.
Accountants will be able to access rational and comparative data and apply this information to provide crucial business insights and intelligence.
Manual and transactional tasks can streamline and automate with cloud AI and blockchain while decision-making, planning, and expertise will still remain with the humans.
By embracing technology, accountants can expect to see themselves as valuable business advisers in the future.
The future is more assured when accountants can turn accurate data into actionable insights.
A fully automated plant developed by Tesla in California is all powered by AI robots.
While this is considered revolutionary, production is significantly slowing down, because the unit could not achieve its targets.
The company had to replace the robots with a specially trained staff that would manage the machines.
Visibly, it just seems that humans were underestimated.
This, conclusively, goes to prove that human accountants who receive specialized tutelage will only add value to a revolution that will help build and even strengthen businesses.