Five Myths About Accounting Technology that You Need to Debunk!

The billion-dollar global accounting industry has embarked on a technological journey. But like everything that becomes popular, accounting technology is also not immune to myths and propaganda. While many accounting firms continue to accelerate their technology adoption, there are still some that remain wary of the modern-day accounting software.

Here are some of the myths surrounding technology that has kept your accounting firm at bay. Debunk the myths today and leverage technology to augment the growth of your accounting practice.

What is Accounting Technology?

But first, let’s answer the big question. Accounting technology refers to the advanced tools and software that have digitized the accounting industry. In contrast to the old computer-based accounting practice management software, technology now refers to the cloud, automation, and artificial intelligence (AI).

Myths Surrounding Accounting Technology

Like everything good in life, accounting technology, such as cloud-based accounting software, is also surrounded by various myths. Let’s debunk them today!

It Will Replace Accountants

Since the beginning of the last decade, media outlets and the accounting industry has been fearing cloud technology as the end of the accountancy profession. Many assumed that the cloud and AI are capable of replacing accountants. While in truth, cloud technology is about adaptation and not the replacement of accountants.

It’s Expensive

Another popular misconception is that cloud-based accounting software and other technology are expensive. The truth is that some of the most advanced cloud accounting solutions cost as little as $3 dollar per day. In addition, many cloud-based accounting software also offers free trials and a limited period of free subscription.

Person using a MacBook

It’s Unsecure

The cloud is renowned for its robust security and multi-level authentication tools. Accounting firms that seek to enhance their data security should opt for the cloud and benefit from the technology. In fact, agile accounting software on the cloud also offers role-based access to further increase security features.

It’s Meant for Big Firms

That’s entirely untrue. In fact, according to a report, big firms are 41 percent less likely to adopt the technology. In contrast, small firms are looking to reduce operational costs and leverage the technology that’s affordable and offers cutting-edge features.

It’s Difficult to Adapt

While it’s true that technology is constantly evolving, and for some accountants, it may seem scary. Adaption and learning technology are easier than ever. Cloud-based accounting practice management software is evolving to better meet the demands of accountants and thus becoming more user-friendly.

If you want to leverage technology and benefit from a next-gen accounting practice software, reach out to AccountantWS. The practice management software for CPA and tax firms can help improve your workflow management seamlessly.

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