They believe that these can further empower their accounting processes by making data much easier and faster to gather, manipulate, and analyze. In particular, they are investing in the following emerging technologies:Īs the chart shows, accounting professionals are investing in new technologies like Big Data, 5G, AI, and IoT. Furthermore, in a 2020 report, 83% of accounting professionals believe that they need to keep up with tech adoption in order to be competitive. About 67% of accountants claimed tech in accounting enables them to be more efficient and to finish their work faster. However, even before the outbreak, accounting professionals already had a positive stance towards the use of accounting software tools. So expect cloud-based accounting software adoption rates to shoot up in the next five years. With the way industries are shaping up, remote work is here to stay. Hence, by using cloud-based tools, more businesses and professionals got to know the benefits of using them better. The pandemic fueled a higher rate of cloud-based software adoption in many fields, including accounting. Thanks to the COVID-19 situation, remote work has become the norm.
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