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The Impact of Technology

February 3, 2014

 

How has technology changed the accounting profession?
 

Information technology has changed the nature of accounting, shifting it into a fast-paced and dynamic profession. With programs such as Microsoft Excel, accountants now have electronic spreadsheets, easing the computational part of financial analysis. Furthermore, the dependence on adding machines, calculators and manual ledger books has greatly diminished over the years. As a result of the increased speed and accuracy provided by technology, accountants nowadays have more time to interpret data, give good financial advice and suggest smart business decisions to their clients.

 

What have we done as a firm and how does it affect our client?
 

We at ECS Financial Services, Inc., take pride in our ability to adapt to the diverse needs and business practices of our clients. We strive to stay up-to-date with current accounting software, while simultaneously accommodating businesses that prefer traditional means of accounting services and communication. It is evident that rapidly evolving technology and an emerging generation of users who embrace innovation are combining to create powerful change.

 

Accordingly, we would like to inform you of some of the options ECS is able to provide. Businesses that are trending towards an increasingly tech-savvy future should consider connecting with us via the Cloud. What is the Cloud? The Cloud is a fancy term for the internet – in other words, a network of servers. Essentially, end users access Cloud-based applications through a web browser or mobile application while the business software and user’s data are stored on servers at a remote location. If you have ever checked your email online, you have already used the Cloud. It allows us to check our email, collaborate online and store files that are easily accessible by multiple parties. Through various “Cloud-based” sources such as Intuit QuickBooks Online and a CCH-based portal system, we are able to link electronically, increasing efficiency and cutting down on travel costs. These options eliminate the need for installation, maintenance or upkeep, and your data is accessible anytime from your internet-connected device, including a computer, smartphone, or tablet. Furthermore, both QuickBooks Online and the CCH-based portal system are hosted on the servers of their respective companies using advanced, industry-recognized security safeguards to keep all of your financial data private and protected.

 

Our firm will increasingly be using the Cloud to create an anywhere, anytime environment for ourselves and our clients. It will bring speed, convenience, ease of access and collaborative qualities to the business experience. It is widely believed that over the next decade, the Cloud will be the primary tool used by successful companies. It is expected that Cloud computing will replace in-office servers and paper-based filing systems and provide the necessary tools and security to allow companies to move to a more paperless way of doing business. It will also be a repository for accounting and tax software used in our office, at a client’s place of business, or on the road by client staff and accountants alike. The sentiment is that if companies and accounting firms do not use the Cloud, they are going to be left behind.