There’s no ship without an anchor and a seamlessly operated business without proper cash flow management techniques. This is where the context of technological advancement in the finance and accounting industry gains prominence. According to a recent corporate accounting case study report, 82% of all businesses fail due to poor or negative cash flow management. With the use of our Cloud Accounting Services, pertinent data, and wise counsel, we want to assist our clients in growing their businesses to the fullest potential.

It calls for nothing but technically upgraded accounting software to streamline all Infinit accounting and financial stringencies across different businesses around the world.  There are some free accounting software also available that are good and worth consideration.

Thus, in order to acknowledge the rising concerns in terms of negative cash flow and mismanaged business accounts, 2020 has buckled up with five noteworthy technology trends. Now that you are too eager to figure out the latest buzz in the industry, invest your time in reading this blog. 

Here you go! 

1.Big data does all the talking 

Big data is considered to be the quintessential element and a major driving factor behind most financial and accounting firms. Here’s why this technology trend is apparently in the news in recent times. 

• Big data works with both structured and unstructured data that can be further evaluated and analysed with the use of various tools and procedural approaches. 
• Real-time status monitoring is one of the striking features of big data. It helps financial and accounting firms to keep track of all critical data entries and transactional records via real-time tracking. 
• Also, big data can be used in the finance and accounting industry to provide customer insights for product transparency and predicting consumer behaviour via the derived set of data. 

2. Artificial Intelligence is an undisputed trend 

Artificial Intelligence is a phenomenon that has entered the realm of most corporate domains, which of course, include the accounting and finance industry. Take a look at how AI has been contributing to this particular sector. 

• In the finance and accounting industry, the potential of AI can be harnessed to evaluate cash accounts, investment accounts and credit accounts. 
• AI-powered applications such as MintZip, Olivia.ai, and Eva Money are being utilised by finance and accounting executives to promote personalised money-saving experience. 
• As a result, things are now more transparent with faster operations and flawless financial transactions, powered by rich data and analytically evaluated results. 

3. Robotic Processing Automation is a major breakthrough 

Robotic Processing Automation or RPA refers to the procedural automation technique that can follow up with repetitive and time-consuming tasks such as: 

• Financial document analysis 
• Account processing 
• Critical business transaction 

With the emergence of RPA technology, things have certainly changed for the better by replacing the burden of manual labour and going about each of the aforementioned tasks automatically. Moreover, this latest technology trend in finance and accounting is capable of analysing and understanding the inferred meaning of complex data. As a result, it would further simplify the information based on the historical records of each set of data. 

4. Blockchain technology has revamped its operations 

Blockchain technology thrives on making its presence felt in the domain of the accounting and finance industry. Here’s everything for you to know about the technology and its operational benefits in 2020. 

• Blockchain or distributed ledger in financial transactions fosters high security and traceability from every single aspect. 
• In addition to it, blockchain has the potential to enhance financial efficiency by compromising manual manipulation. 
• In other financial sectors such as banking, blockchain as a technology is being leveraged to record transactions between two parties with any potential hassle. 

5. The power of cloud computing technology is equally appreciable 

Quite similar to that of other industries, computing technology has brought some welcoming changes to the domain of finance and accounting. Here’s how cloud services are making all the differences in the form of automated advancements in financial and accounting sectors. 

• Cloud service platforms such as Google, Amazon and Microsoft are being leveraged for their exceptional capabilities of providing real-time metrics. 
• Key decision makers at the financial and accounting firms can determine and keep a tab on the company performance aspect with the help of cloud-backed real-time metrics. 
• Every financial transaction and accounting data is meant to be protected from any form of third party intrusion. Cloud computing technology ensures the same. 
• Cloud software such as the Oracle NetSuite, Freshbooks and Zoho Books are widely used by numerous accounting and finance firms to meet the aspect of well-protected data. 

Key Takeaways 

Thus, it seems that the future of revamped accounting and financial transaction is here. Now, let us glance for a moment at the key pointers of this blog, before signing off. 

• Big data has brought forth a sea of change in the finance and accounting industry. 
• AI continues to be the undisputed technology trend in 2020. 
• The Robotic Process Automation is a groundbreaking trend in this context. 
• Blockchain technology has simply upgraded its features. 
• The potential of cloud computing technology is undeniably appreciable. 

Cheers! 

Author Bio: Robert Smith is a professional blogger and academic consultant. He has helped numerous clients over the past few years in academic projects. Currently, he is associated with MyAssignmenthelp.com hwere he offers corporate accounding case study to student.