Accounting is in the midst of digital disruption. With the advent of Internet, mobile devices and all things digital, technology has witnessed a big evolution when it comes to accounting. We have come a long way since the abacus was first used in 16th century for basic, everyday calculations.
Accounting software has changed the way many work, making accountants more productive and efficient. However, while the humble calculator still rules for most when it comes to making (or checking) calculations, there have been many developments and improvements to help both client and accountant. Mobile phones continue to play a vital role in making accountants more accessible than ever, enabling communications with clients over email, phone calls or video conferencing. This has meant that meetings with clients can happen in any location and any time, strengthening relationships while still providing an efficient service. In addition to this, the development of cloud accounting apps and software is helping keep clients connected to accountants. This has changed the way that both accountants and clients work together, often providing a more flexible service tailored to suit both parties.
There is no doubt that technology has transformed the Accounting industry, which has come a long way in recent years. We have produced an infographic to map the journey of how technology has evolved in accounting – from abacus to cloud accounting apps. Take a look at our timeline to see how the various technologies have affected the Accounting industry – some we may no longer use and some that we still cannot live without!