With the uncertainty brought by an election year, many businesses are expected to approach 2020 with caution concerning investment and expansion. While many CPAs may be cautiously budgeting and forecasting the year ahead, major technological advances are anticipated. The evolving environment has the potential to streamline accounting processes, furthering CPAs to focus on bringing value to businesses.
Currently, the advent of integrated, cloud-based software provides accounting professionals with a comprehensive set of tools to set businesses up for success. Alongside cloud-based technology, other high-tech developments are also poised for growth:
- Robotic Process Automation (RPA) is now a reality for many businesses. Automation technology will accomplish tedious tasks.
- 5G technology will become a reality in a few cities across the nation. 5G networks have virtually no lag time, allowing real-time data sharing.
- Wi-Fi 6 is set to hit the market in 2020. Wi-Fi 6 delivers data transfer rates as much as three times faster than the current Wi-Fi 5, reducing latency.
Collectively, this means more high-tech solutions for businesses by providing efficient, real-time data. This integrated approach will enable accounting professionals to reduce repetitive, time-intensive tasks and allow them more time to analyze a company’s revenues and outlays. Ultimately, these emerging technological advancements will facilitate CPAs to focus more on providing a strategic and trusted advisor role in their client’s business.