As the accounting profession embraces the digital age, Lamar University’s online Master of Science (M.S.) in Professional Accounting program provides a pathway for professionals aiming to master accounting technologies.
Through courses in data analytics, database management systems, cybersecurity, and enterprise resource planning (ERP) systems, students learn to leverage the digital tools reshaping the profession and provide the leadership capabilities today’s employers seek.
What Is Accounting Technology and How Has It Helped Accounting?
Accounting technology is modernizing financial data management and operations, driving significant advancements in efficiency, accuracy and security.
With the integration of cutting-edge tools such as predictive analytics, artificial intelligence (AI), machine learning (ML), cloud computing, automation, blockchain technology and robotics process automation (RPA), the profession is undergoing a paradigm shift. These technologies now enable accountants to automate routine tasks, expedite processes, slash overhead costs, enhance data reliability, strengthen security protocols and scale operations to meet the fluctuating demands of their clientele.
The move towards automation not only streamlines transaction processing and data entry but also propels accountants toward more strategic roles, emphasizing analysis and decision-making. As tasks traditionally done by hand become automated, the accountant’s role evolves, necessitating a blend of technological prowess and soft skills such as critical thinking and emotional intelligence.
Enterprise Resource Planning (ERP) Software Platforms
ERP software is a vital tool for accountants, especially in advisory roles, integrating various business functions like finance, procurement and supply chain management into a single system. This consolidation streamlines operations, reduces data duplication and provides a single data source, allowing accountants to offer more strategic insights. By assisting clients in selecting essential ERP modules, accountants ensure a tailored approach that balances functionality with cost, addressing efficiency and budget considerations.
Cloud Computing
Cloud computing has significantly transformed accounting, introducing highly intuitive and efficient ERP systems and software programs that simplify tasks. This technological advancement enables accountants to spend less time on manual processes and more on analyzing data and forecasting trends.
Cloud-based platforms offer enhanced security and the convenience of accessing financial data from any internet-connected device. These platforms frequently update and add new features, including seamless integration with other data platforms, further streamlining the accounting process. The online infrastructure breaks down geographical barriers and supports continuous, global collaboration.
Power BI
Microsoft Power BI is a business intelligence platform that enhances decision-making for business leaders, accountants and advisors through its robust data visualization capabilities. Power BI offers developers sample code and application programming interfaces (APIs) for integrating the dashboard into various software products.
This capability empowers accountants to convert their clients’ raw data into dynamic, interactive visuals, revealing trends, outliers and correlations. By leveraging Power BI, accountants can provide deeper insights to help clients make more informed decisions.
Big Data and Analytics
Data has become essential in business, serving as a key asset, with companies leveraging big data technologies for smarter decision-making. This shift towards data analysis allows accountants to sift through large volumes of unstructured information, offering insights into transactions, anomalies and behaviors. Thanks to real-time analytics, they can observe financial trends as they occur, making decisions based on the latest data.
Blockchain Technology
Blockchain, best known for underpinning cryptocurrencies, is making significant inroads into accounting. This distributed ledger technology ensures secure, transparent transactions across a network, offering accountants improved security, quicker transactions and lower costs. It streamlines auditing by facilitating easier verification of transactions, leading to greater accountability and fewer discrepancies. Blockchain also modernizes record-keeping with a secure, accessible ledger, making every transaction easy to track and verify.
Artificial Intelligence (AI)
Artificial intelligence is revolutionizing the accounting industry by enabling the automation of complex tasks previously believed to be exclusive to human capability. Using machine learning (ML) and sophisticated algorithms, AI empowers accounting professionals to analyze data with unprecedented depth and speed.
These technologies serve as personal digital assistants, enhancing productivity by offering guidance, delivering insights and autonomously managing certain tasks. This transformation allows accountants to leverage AI and improve accuracy, efficiency and decision-making processes.
Automation and Bots
Automation technology is redefining efficiency in accounting. It transforms tasks traditionally performed manually into operations managed by machines, enhancing accuracy through reduced human error. The primary benefit of automation lies in its ability to liberate human resources from monotonous tasks, allowing accountants to concentrate on more critical aspects of their work, such as strategic decision-making and theoretical analysis.
While there might be concerns about automation displacing accountants, it serves more as an augmentation tool rather than a replacement, aiming to bolster the accountant’s role by improving job performance. RPA exemplifies this shift, taking over routine data entry and processing tasks. This reduces operational costs and enables professionals to focus on high-value activities.
Technology Is Essential for Successful Accountants
Keeping up with these advancements is essential in accounting, highlighting the value of a technology-focused curriculum. Lamar University’s online M.S. in Professional Accounting program equips students with critical skills to master and lead in the technology-driven accounting field.
The curriculum emphasizes the importance of embracing technological advancements, showcasing how these tools streamline professional tasks and amplify the impact of accounting work. Students gain hands-on experience working with data and relevant analytics tools in the Emerging Technologies in Accounting course.
For those in the profession, staying updated and proficient in these technologies is key to remaining competitive and influential, making Lamar University’s forward-thinking approach a cornerstone for future accounting leaders.
Learn more about Lamar University’s online Master of Science in Professional Accounting program.
