Trends in cloud technology
So, we’ve reached the final instalment of The Forecast Series 1, and you’re pretty much a cloud accounting expert yourself by now! The cloud technology sphere is constantly evolving, as new trends and innovations emerge. But where to next? For cloud accounting, the sky is quite literally the limit, as new technologies are unlocked.
It’s no secret that artificial intelligence (AI) is a constant trend across all industries – and accounting is no different. Machine learning facilitates the automation of typically manual tasks, simplifying bank reconciliations and offering predictive analytics based on your business data.
As the capabilities of AI and generative technologies continue to grow, we’re learning that technology is a collaborative tool to support us, rather than a replacement of human talent. In turn, this allows your accountant to offer more advisory services than when their time was consumed by manual processes. As AI products continue to be developed, we can expect that cloud accounting processes will continue to benefit from the trend.
Cloud processes are becoming faster and therefore more efficient, thanks to advances in edge computing. This is a model where data processing occurs on a local server, closer to the source and therefore reducing latency (the delay between action being performed, and the information reaching its destination). As a result, this vastly improves the performance of real-time applications.
In a previous article about security in the cloud, we unpacked the myriad of technologies that have been developed to keep your information secure. Zero-trust architecture is set to take over from traditional cloud security models, working on the assumption that no user or device should be automatically trusted. This can already be seen through verification processes and setting strict permissions within applications and software.
From firewalls to data encryption, cloud specialists are constantly exploring new ways to protect your data, identifying gaps in current technologies and developing new strategies to keep up with the changing industry.
As the potential of cloud technologies grows across multiple sectors, we have seen the development of industry-focused cloud platforms. Within the accounting and business sphere, we have mentioned Xero and Dext (amongst other apps), which streamline operations. We can expect to see this continue, as the unique needs of more niche businesses are met through cloud technologies.
We’re committed to helping businesses like yours stay at the forefront of innovation, unlocking new trends in cloud technology to maximise your investment. Hopefully, we’ve opened your eyes to a whole new world of accounting throughout this series of The Forecast. We’ll be back soon with more insights and exciting updates from the world of cloud technology – for now, why not book a free discovery call to speak with our cloud specialists at cloud@mgr.co.uk.
