Sept 20 2019

Digitization And Virtualization Of Accounting Procedure:

Gone are those days when organizations books were hand written and massive to handle. Technological development has revolutionized accounting profession.

Development of accounting software and cloud computing have digitalized accounting procedure and automated essential business functions. Modern day accountants spend more time as business consultants rather than only focusing on accounting entries and related duties. This not only diversified the span of duties of an accountant but also demands more minute knowledge of related job that is being done. Today accounting profession cannot be singled out by describing it as only knowing how to pass correct accounting entries. The job now demands equal knowledge of business management and economics.

Digitization and virtualization of accounting procedure has resulted in increased work efficiency, accuracy of financial report, quality, working hour's flexibility in accounting profession. Also environmentally, technological advancement has reduced the requirement for paper based working procedures; this has helped to make the world a better place to live in.

Professional expectations are increasing and so does accounting profession. Globalization, government regulations and digitization have made the world a more complex for accounting professionals. This resulted in changed career outlook but the vital skill has remained unchanged. Today more flexibility in career is opted for where individuals are aspiring to control their own development by acquiring new skills rather than waiting for the employer's promotions.

The key lies in continuous and comprehensive learning. Today contents are readily available and accessible. It's only how we understand, learn and apply it practically and achieve the performance level that we are aspiring for and which is a market demand. Individually, we can't wait for others to teach us. We should rather create a mindset that embraces learning along with the profession.

Individually,

  1. You need to have in-depth knowledge of accounting both theoretical and practical
  2. You need to keep yourself updated and be aware of the professional changes that are being evolved.
  3. You need to know how to be responsible for own growth and take full responsibility for it.
  4. You need to be conscious of our activities for achievement of the performance level you are aiming at.
  5. Last but not the least; you need to know that learning to learn is the only key to unlock your potential that is already within you.