Accounting system of an organization is considered as the backbone of every business, as it plays a very important role in the proper functioning of business activities. The changing dynamics of the business world in recent times makes it necessary for the accounting industry to upgrade itself to meet the requirements of the modern world. After the 2008 financial crisis in the business world, businesses make necessary steps to update and modernize their accounting system. In this article, we will discuss the new trends in the accounting industry and their applications in the businesses that use them. Cloud-Based Accounting Systems: The introduction of cloud-based technologies are warmly welcomed by the accounting industry and now it has become an essential part of most of the business organizations. These applications allow their users to access their required data from anywhere they want. This technology has solved many issues related to data security and communication faced by accounting industry in recent times. Usage of cloud-based accounting applications are increasing day by day and has become a major trend for types of organizations irrespective of their sizes. The main advantages of cloud-based accounting applications are:
- Save a lot of user time by automation of operations
- Allow user to access data in real-time from anywhere through internet
- User-friendly interface and easy to learn
- You do not need to install the software on your system.
- There is no need for an internal server for the storage of financial data.
- There is no worry about data loss due to any loss of the physical asset.
- Excel
- SAS
- QlikView
- KNIME
- Apache Spark