THE CONCEPTS OF TECHY ACCOUNTING

 

In this article, we discuss or elaborate more on the concepts of Techy Accountant. There are so many questions that comes to mind when talking about Techy Accountant. Many people are curious to know the factors that brought about the word "Techy Accountant". First  of all, what is Accounting? Accounting in simple words, can be defined as keeping records of all financial transactions related to an individual or entity. In other words, it is the process of recording, summarizing, analyzing and reporting the financial transactions related to a business. So, the word "Techy", refers to as Technology, or better still Information and Communications Techonolgy (ICT). The impact of Technology in accounting is the ability of companies to develop and use computerized systems to track, analyze, and record financial transactions. So, these two terms are intermingled to form a whole. So, the person in this field is regarded to as a Techy Accountant.

Techy  Accounting has now been instituted in the day-to-day activities of accounting. So many small and big companies or firms now adopt the use of technology in accounting. In our daily lives, we all consult the use Technology as an implement in recording and analyzing our financial statements.

 How has Technology Transform the Accounting Industry?

The evolution of Techology has transform the accounting profession and some say that access to a new software or E-Accounting has made the accountant's job easier and convenient. Gone are those days where accountants use pens, paper and calculators to balance the books and verify if the legders are accurate. The following are some of the ways Technology has transform  the Accounting Industry:

1. Cloud Computing: Cloud computing makes it easy to input and track accounting data and generate reports. It also has error-checking functionality and makes accounting data accessible from anywhere.

2. Optical Character Recognition Software: This allows accountants to use scanners or even their mobile phone to import dcuments and convert them to a digital form that the accounting system can use.

3. Mobile Accounting Apps: These work along with cloud accounting software so accountants can enter transactions and access data on the go.

4. Digital Currencies: Businesses can now conduct transactions with more tham cash,checks and cards through the use of electronic wallets that store cryptocurrencies like Bitcoin, Litecoin,etc.

Accountants need to keep to date with technological advances in order to respond to market conditions and clients' needs. Technological approach has led the way in how accounting is done nowadays.

some cheap softwares does not offer good online technical support so i would caution about using them` didi eistee

 

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