Question

The younger generations are frequently referred to as the "always on" generations since they always seem to be connected with some type of technological device. How will this affect the way accountants do business in the future? Will this improve the effectiveness and efficiency of accountants? In contrast, are there some business interactions that are best done in person? Please explain.

Answer 1

Accounting has moved from the fulltime typical desk job to the at home freelancer type jobs. With platforms like QuickBooks and Xoro, one can easily record the transaction as it occurs through their apps on mobile and tablets, the same gets updated not into some hard drive but in the cloud where company's data is stored. This will lead to accountants being able to handle accounts of many clients at once. It will surely improve effectiveness and efficiency of the accountants as they can record transaciton and generate reports at instant to make decisions.

However, some business transactions like taxation adjustments, year ending adjusting entries, bank reconcilliation entries are best done in person as they require specialed knowledge and are not simple sales or purchase entry to be recorded from the invoices.