Latest Technology Trends in Accounting

Accountant in earlier days meant a Mehtaji / Munimji sitting with a red bulky book on his desk, wearing spectacles and giving a frowning look at bills. And then we saw revolution of computer that has changed the way we do accounting. Then came accounting softwares and then ERPs like SAP, Oracle etc. Accountants tried to follow these trends by undergoing various accounting training. We saw many tally training institutes. Any new trend is followed by various courses.

Technology is ever evolving and accounting field is no exception. I still remember how demand was exploded for tally courses in Ahmedabad. And how people used to line up to do accounting courses in Ahmedabad. I still remember that first preference for courses after B.Com. would be accounting or business accounting and taxation courses.

Now what are latest technology trends in accounting in Indian cities like Mumbai / Ahmedabad?

1. Evolution of cloud based softwares
All software vendors are on this now. India’s highest selling software Tally or world’s highest selling software Quick-books all are seeing increasing adoption of their cloud versions. So no doubt we are seeing a secure, accessible and cost effective way of doing accounting. So bye bye desktop based versions. All hail for cloud based softwares.

2. Evolution of customized softwares and applications
People today also buy ready-made softwares like Tally for accounting. And then they get their staff take tally courses and training or prefer to hire staff from tally training institutes. However, many organisations have focused on providing their staff with adequate accounting training by providing them various accounting courses and training. And later on tried to have a customised accounting softwares for their organisations. This has really helped them. We think that it is very cumbersome and costly process. It is like inventing a wheel. I think there is no need for having customised accounting software when you have all kinds of softwares available.

3. Quickbooks is fast evolving in India
Quickbooks – a global leader with their low price strategy is registering healthy growth and traction in India. Small organizations are fast adopting Quick-books. I have now some students asking for Quick-books course in Ahmedabad instead of Tally Course in Ahmedabad.

4. Tally seems to have a tough time in India
Yes. It is right. The leader in Indian Accounting market seems to have tough time. It is apparent. They are being challenged by local players like Busy, Marg etc. On the other side they have regional players to compete with like Miracle, Kuber etc. Newer players like Zoho have also become very aggressive. SAP and Oracle have also small business suites. And global leaders like Quickbooks are becoming increasingly aggressive.

5. Accounting Training Institutes are growing
Yes. There are lots of accounting jobs, accountant vacancies and it seems our B.Com. syllabi are outdated. They are totally out of sync with industry. And we see lot of demand for accounting training institutes in Ahmedabad and other cities of India. People line up and ask for various tally courses, accounting courses, GST courses etc.

6. Usage of ERP is increasing and expanding
Due to SAP and Oracle lowering their price tag and increasing their customizability many small and medium enterprises are now willing to adopt these packages. Also there are many small and home grown ERP players offering ERP packages at a fraction of the cost of SAP and Oracle. They are also reasonably good. So your inventory, finances, CRM and operations all are integrated.

7. Artificial Intelligence and Machine Learning
Though right now in my limited knowledge, I have not known artificial intelligence or machine learning being used by any organisation in accounting field. Recent activities of the likes of Netsuite are worth following. It is clear that in future AI would be part of any decision making process. So I am sure decision making activities in Accounting, various reporting systems and analytical processes in Accounting to increasingly use artificial intelligence and machine learning.

So, you may have questions, what kind of courses people need to after B.Com.? Welcome to Super 20 Training Institute. Our Executive of Commerce (Accounting, GST & Tally) Course is one of its kind in India. No match for it. I take a challenge. All the best.