Stuart Gentle Publisher at Onrec

What New Technologies are Used in Accounting and Finance?

One of the most important roles in any business stems from accounting and finance.

That’s because they don’t just control the numbers, but are in charge of keeping track of the money that goes in and out. That way it becomes possible to measure success and understand how the business is actually doing. With technology, running a business is so much easier. 

Here are several new technologies used in accounting and finance that your business can benefit from. 


Having someone in charge of payroll makes running the business a lot smoother. However, using integrated systems by Zenefits no longer requires a specific person to handle payroll anymore. Instead of hiring different people to keep track of payroll by dealing with HR, overtime, benefits, and many other aspects, using technology allows a system to communicate with all the necessary departments, gather the needed information and release an accurate updated version of payroll. This allows a business to reduce the number of people and departments needed within a business as well as make it possible to handle certain aspects remotely as it is an automated system. 

Mobile Accounting

Instead of having everything on your computer at work, there are many technological solutions that allow accountants to access important data from absolutely anywhere. With mobile apps emerging that focus on accessing as well as adding accounting information on the go, it has helped accountants keep track of a business’ finances a lot easier. Another advantage of mobile accounting is that it has made it possible for an accountant to always be able to reach their files, making it easier to communicate with their clients at any time. This kind of access makes deals go through faster and allow a nomadic life or remote working conditions to be easier for employees. Invoices, receipts or tasks such as creating expense claims can be done from your mobile or tablet and offer many finance solutions to your company depending on the requirements you need.

Cloud Computing

While it was necessary to keep documents, papers, and receipts stored in order to keep track of finances and expenses of a business, cloud computing allows a business to go completely paperless. With this option, you can easily upload and store your documents or important receipts allowing you to access them at any time from anywhere. This gives the business the chance to save a lot of money in terms of paper, ink, printing machines, and storage space as there is no need to keep these documents saved or print them every time you need to get them approved. Instead, all you need to do is access the document on your cloud and send it over to the person in question. 

Having a cloud computing system also allows a business to be a lot more organized and easily track documents by saving time as it is easier to search for a document through the cloud than having to rummage through hundreds or thousands of documents stored in boxes. It is also a great way to promote sustainability and show that your business is eco-friendly and taking the environment into consideration by going paperless.

Optical Character Recognition

One of the most difficult tasks for an accountant to do is being able to keep track of documents and taking the time and effort into making them readable online. However, with Optical Character Recognition technology, an accountant can easily convert handwritten documents into machine readable text by scanning them. This makes it a lot easier to keep track of any data needed and use them as an electronic document. Once they’re converted, it makes it possible for an accountant to find any document when needed or even share documents with those who need information quickly instead of going through the trouble of converting it manually. Because of the speed of the tasks with OCR, it gives an accountant so much more time to focus on other important tasks, instead of having to insert each document manually and wasting so much time and effort on tasks that can easily be automated.  

A technological update, such as this isn’t just beneficial for an accountant, as it makes their job a whole lot easier and less time consuming, but it is also very beneficial for the company to track important data and retrieve it easily.

Finance and accounting are an integral part of a company. However, with the use of technological advancements, it is possible for tasks to be done a whole lot quicker, with more efficiency and even reducing the amount of manpower a company needs to do simple tasks.