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How Accounting and Bookkeeping Changed Because of Technology

#WOCinTech Chat

Sponsored Content: Keeping your finances in check is very important if you want to succeed in this world. This is why accounting has existed as a field ever since the first businesses started to flourish in the world. Accounting is closely interconnected with bookkeeping, and the name of the latter literally stands for what it meant to do your finances back in the day.

Business owners had to keep an actual book detailing all their spending, profit and whatnot in order to aptly evaluate their business’ capital and revenue at the end of each month, quarter, trimester or whatever floated their boat. However, this is now how things have been done for a while now, and the fields of accounting and bookkeeping have found themselves in a state of perpetual evolution.

The Day Technology Changed Everything

Things used to be done in more organic, hands-on ways before, but one-day technology changed everything. Well, that’s a manner of saying it, a metaphor if you will. The truth is, this massive change didn’t happen in just one day. You know how the old saying goes, Rome wasn’t built in a day. Well, technological advanced wasn’t either, so it took a bit of time to get where we are today.

Still, the truth remains that the fields of accounting and bookkeeping aren’t the same they were before, and I will begin to explain why.

About Accounting and Bookkeeping Programs

The main catalyst for this shift in paradigm as far as the financial field is concerned is the development of programs that can manage and organize accounting and bookkeeping matters. These programs serve various purposes and can be used by people with varying degrees of preparedness in the economic field. Multivariate analysis software is often used when processing finances as well, because as explained on the CAMO website, it’s an advanced statistical approach which identifies all of the critical variables and underlying patterns in a data set. This means that not only can you organise your finances but you can analyse what factors impact your finances most.”

Naturally, there are a lot of professional accounting programs out there today that accounting firms and accountants can use in order to manage their clients’ finances better and more effectively. These programs are very useful because they speed up the entire process. Thus, an accountant can deliver palpable results to a client way sooner than before, because he or she now disposes of an entire arsenal of electronic programs that handle a lot of things at once.

There are also some do-it-yourself type programs out there that regular people can use in order to better manage their finances. These are also extremely helpful, but only to the regular citizen that has to manage taxes and a few other aspects. Full blown businesses cannot benefit from such programs, this is why accounting is still a job market and accountants still exist. And they probably will for a while from here on, because no program can replace the hard work put in by a trained professional who knows the field inside out.



    UrbanGeekz Staff
    UrbanGeekz Staff
    UrbanGeekz is the first to market tech blog focused on covering content from a diverse and multicultural perspective. The groundbreaking videocentric multimedia platform covers technology, business, science, and startups.