Whether you are running a construction firm or acting as a sales representative, you can never stay away from technology. Our current era is driven by technology and it doesn’t which type of industry you are dealing with, you will always have to include technological solutions in it. Without the use of these technological solutions, the growth of the industry along with its survival becomes questionable and the field of finance is no exception to this trend.
The financial industry has gone through a vast phase of evolution and every step towards technological advancement has happened for good. Most of the financial professionals have now abandoned papers and spiral binds and moved to a very beneficial and effective technological solution. But digitization is just a part of how technology has transformed the financial filed. There are many technological changes brought by the advanced technological solution in the financial world. With the help of these technological solutions, people have been able to be more accurate, productive, efficient and effective.
So, let’s go through the top 3 new technological changes in the field of finance so that you can understand how technology has changed the financial world.
One of the biggest changes that came in the field of finance is the way people used to store their data. Whether you are a local small business or a full-fledged firm, your data will always stay as your most valuable asset. This is why people related to finance and accountancy have always been very much concerned about the platform that they choose for storing their data. Gone are those days when everyone from the finance industry used the traditional method of storing data on the local desktop. There was a time when the local desktop with password protection was considered the best form of the storage platform.
But with the advancement of time, people realized that the local desktop is vulnerable and that’s why they started moving to the cloud storage solutions. Now, all financial professionals use cloud storage for storing their data. Since cloud storage is economical and comes with multiple security layers, it becomes very difficult for criminals to get unauthorized access.
Another big change that came in the financial field is the way people used to collaborate. If you are related to the financial industry or the accountancy industry then you must be aware of the fact that collaboration is the key to success in the financial industry. Earlier, the platform for collaboration was not only limited but it was very effective as well. Even after having a full team of expert financial professionals under one-roof, people were not able to collaborate in an effective way. Sending data back and forth, waiting for someone to finish his work, all these made collaboration very ineffective.
But since the introduction of real-time based platforms like cloud, the effectiveness of collaboration increased by many folds. Now, people were able to work on a collaborative platform that allowed them to work together on a file even after sitting at a distant location. In addition to this, the modern collaborative platforms also offered real-time updates and that acted as a big technological change in the field of finance.
Client management was one of the biggest issues, especially for big CPA firms. Small CPA firms started with 3 to 4 clients and visiting each client’s office and accessing their software for working on their books was very easy. But with the growth of the firm, the management of clients became very difficult. If a CPA firm used to have 50+ clients then it needed a hell lot of manpower for managing the clients effectively. Visiting each client’s office and managing their books was becoming cumbersome. This is where the global accessibility in the form of advanced cloud solutions like cloud hosting came into the market and it changed everything.
With the introduction of global accessibility, CPA firms started accessing the software of their clients, right from their own office. No need to visit every client’s office and no need to increase the manpower for handling a long list of employees. Still, experts from the financial and accounts industry think that global accessibility acted as one of the most revolutionary changes for them.