The accounting industry is changing rapidly with the rise in technology. Technology, a word synonymous with development, has been an effective tool when it comes to industries development. Technology improves systems and processes, automating manual tasks, and easing off the workload. Accounting, tax service, and consulting jobs have been made easier as personnel can be more efficient and operate more effectively. Technology is the root of the next big things in accounting, tax service, and consulting. Improvements in technology are taking the accounting, tax service, and consulting services to new levels. These improvements are: Automated accounting process: It is without a doubt that accounting, tax service, and consulting are time-consuming and laborious. Banking, tax preparation, payroll, audit, and other time-intensive aspects of accounting are rapidly becoming fully automated. As self-learning continues to thrive due to artificial intelligence, a task that would have taken days to complete is now done in hours. Technology is taking on most of these repetitive and onerous tasks. The industry has seen a steady increase in efficiency due to integrating technology with accounting processes better. Major software vendors such as Sage, Xero, OneUp, and Intuit automated data entry and reconciliation options in companies accounting and bookkeeping especially when we search Accounting Services for Small Businesses . This can be directly traced back to the integration of machine learning and AI. Larger firms also use robotic process automation AI integration to increase efficiency by reducing the overall processing time for audits. Cloud computing: Cloud computing is one of the next best things in accounting. Cloud computing is simply the on-demand accessibility of computer system resources without direct active management by the user. It means accounting firms can access their accounting systems remotely at all times. This gives instant access to high data and computing capacity. As with all system that uses cloud computing, the accounting or tax firm using cloud computing will have access to updated information at any point in time. The cloud’s ability to synchronize information allows accountants, tax officers, consultants, and clients to evaluate data and decide based on a piece of up-to-date information. This enables constant monitoring as opposed to recurrent analysis whenever the data is updated. Cloud computing also the creation of workflows which is essential for effective time management. The accounting industry exploits cloud computing; it becomes better with improved integration of intelligent technologies such as artificial intelligence, the Internet of Things, and machine learning. Artificial intelligence and Machine learning: Machine learning is a subset of artificial intelligence specializing in building systems that learn based on the data they interact with. On the other hand, AI is the ability of a computer to perform tasks associated with intelligent beings. AI is producing incredible results in accounting, tax service, and consultation. It is capable of analyzing huge volumes of data at incredible speeds. This has helped accounting and tax firms to increase productivity and generate accurate data at a reduced cost. It also optimizes accounting processes and administrative tasks that result in various organizational changes. Blockchain Technology: Blockchain technology is best described as a decentralized, distributed account book that records the attribution of a digital asset. This computer-based recording system uses cryptocurrency within a user-to-user network. Bitcoin, Ethereum, and other major Blockchain offer digital currencies in which the transaction record is maintained independently of a bank. New units of currencies are also generated autonomously without the influence of the bank. Blockchain technology has progressed significantly and has created a niche of its own in the accounting sector. This is as a result of the presentation of the possibility of a new type of accounting ledger. This constantly updated ledger eliminates the threat of data alteration and corruption. Blockchain allows users to access updated and verified ledgers in real-time. It also creates records transactions and smart contract which is embedded into the ledger. Many of the top firms now accept Blockchain-based payment and top accounting firms implement Blockchain. Another major impact of Blockchain technology is that it lowers the cost is reconciling and maintain ledgers. This is done while keeping the ledger accurate in terms of ownership ad history of assets. Blockchain technology allows accountants to gain a more clear view of their organization’s available resources and obligations. Account software solution upsurge: The implementation of technologically-driven solutions in the accounting and tax service business has deepened in the last few years. The demand for computerized accounting grows, and accounting software firms have been responding with the creation of robust solutions. The software is made to optimize the accounting processes while reducing manual tasks. This trend will continue for a while since the accounting and tax service market is constantly growing. This growth will increase the demand for accounting software to manage accounts, maintain and keep records, and better understand tax management. Data analytics: Data Analytics is simply the science of analyzing raw data to derive meaningful information. Accounting, tax service, and consulting have shifted their attention to data analytics. This shift of attention has made the data analytics job role a valued position in the industry. Analysis helps accounting and tax firms develop prized acumens, which also them to identify process progresses, manage risk and increase efficiency. Data analytics has been around for a while, but it is now on the high rise. It is giving new light to the financial performance and presenting better actionable options. Data analytics has become a “thing” in the accounting industry, with many CPAs utilizing the best data analytics solutions proficiencies. Data analytics has applied to support industry-specific needs in consulting, auditing, tax, and risk management. Outsourcing accounting functions: Outsourcing might not be new, but the rise in tax and accounting functions outsourcing is primarily due to technological development. One of the benefits of outsourcing is the management of a firm’s limited resources without compromising the quality of service received. This also reduces costs such as taxations, salaries, training, benefits, payroll, and other employment costs. Outsourcing now allows CPA firms like CKO CPAs & Advisors to add value to their business by rendering better service to their clients. The numerous benefit of outsourcing has made this a trend in the accounting industry. This has also created a volume of respected careers globally. All these point to one thing: technology permeates the accounting industry and is the primary cause of the rapid progressive change in the industry. The next big thing is accounting, tax service, and consulting is as a result of technology.

Accounting and taxation are two separate systems that are intrinsically connected. Although, accounting may not always involve taxation, taxation usually involves accounting because you cannot do taxes without accounting. Nevertheless, they are both associated with economics and finance. To set things in perspective, let’s check the definitions: Accounting: This is the process of recording business-related financial transactions, which includes summarizing, analyzing, and reporting these transactions to supervisory authorities, regulators, and tax collection bodies. Taxation: The simplest definition of this term can be seen in the Merriam-Webster online dictionary. taxation is defined as an amount of money that a government requires people to pay according to their income, the value of their property, etc., and that is used to pay for the things done by the government. Consulting: There is a general belief that consulting is about giving expert advice about a specific filed. As true as this seem, there is more to consulting than just giving advice. According to Harvard Business; the tentacles of consulting also spread to involve helping a client solve their problem, assisting clients or organizations with the implementation of the recommended solution, making a diagnosis, which may necessitate redefinition of the problem, making recommendations based on the diagnosis, etc. Interestingly, there are several cases whereby the expectations about these systems or fields differ from reality. Again, let’s start with accounting . Accounting: Expectation versus Reality Below are some of the general expectations and realities about accounting: 1. Expectation: You have to be a math guru to delve into accounting. Reality: Accounting is not pure mathematics. You are not expected to punch the calculator and solve complex mathematics all day. Many accountants usually do the math heavy-lifting with Microsoft Excel. The fact is that accounting does more of documenting, guiding finances and operations for individuals and companies. 2. Expectation: Accounting is all about tax preparation. Reality: That’s not true. There are many other responsibilities attached to accounting asides from tax preparation, and this includes: maintaining a record of assets, liabilities, profit, and loss, preparing financial reports, collecting receivables and making payments, and processing a company’s payroll. 3. Expectation: People often expect that the accounting field should be a male-dominated field. Reality: Accounting is not gender-specific. Suppose you have a flair for numbers and economics. Nothing should stop you from exploring the field. 4. Expectation: There is no much fun about Accounting. It is for the nerds. Reality: Accountants are not boring people that solve math all day. They interact with people (clients) and help organizations with structure and processes. Taxation: Expectation versus Reality Below are some of the general expectations and realities about Taxation : 1. Expectation: A young person, especially a student, should not pay taxes. Reality: This is quite relative. If the young person or student is a dependent and has an annual income of less than $12400 (for 2020), then filing a tax return is not compulsory. Regardless, they should file; they may get a refund, especially if their employer holds back some of their income for tax purposes. 2. Expectation: Home business should be tax-deductible Reality: This is not always the case. The structure put in place by the IRS does not permit some entrepreneurs to claim the deduction, mainly if the home business space is not defined. 3. Expectation: It is not necessary to report cash earnings. Reality: Since cash earnings is an income, you must report it else; you should be ready to welcome the IRS’ invite. 4. Expectation: Couples should always file their returns together. Reality: It is a choice. You can decide to file a joint return with your spouse or file separately, but some benefits come with filing jointly, and you might want to take advantage of that. Consulting: Expectation versus Reality Below are some of the general expectations and realities about consulting : 1. Expectation: To be relevant in the consulting field, you have to be in it for donkey years. Reality: This is not necessarily true. Regardless of your years of experience, you can perform excellently well as a consultant, inasmuch you have all it takes to help a client. 2. Expectation: You shouldn’t be expensive as a newbie. Reality: So far, you know your sauce; there shouldn’t be anything stopping you from billing your worth. 3. Expectation: As a consultant, you are required to work for long hours. Reality: It is not usually so. You can dictate your time, especially if you work for yourself. 4. Expectation: Anyone that is into consulting should have all the answers. Reality: No human is an encyclopedia of knowledge. Inasmuch as consultants are expected to give their best to their clients, they do not have all the answers, and that’s fine. To sum up, expectations are not facts. It is best to get accurate information about a situation, especially if it involves finances and taxes.