Over the years the accounting industry has undergone many changes. As it adapted to the changing tides at every epoch, it started adding more elements under its bandwidth. The subject grew in-depth as the world grew richer, properties are called assets, and people identified their liabilities. Thanks to mass industrializations in the West, which gave birth to spending habits among people and the population required accounting at daily lives. This has set the trend for accountants who would know the compliance, place a price tag on accounting goods, and take care of taxations.

Gone were the days when ‘Patwari’ at king’s court used to record collections - accounting today has shifted from dusty handwritten letters to digital workbooks (not to offend excel sheets as databases). Now, we not only document transactions, but we also make use of the data, analyze previous transactions to improve opportunities in earning better revenue. Well, accountants, today don't have to smack their fingers or press fingers on the wet sponge to count cash. We have automated currency counters, money dispensers (aka ATM), and even better, as the payments went cashless.

There are a lot of tell tales in accounting and tech-essence in accounting has crept in mostly at the end of the 20th century. Where contemporary accounting is concerned we should start the story when the ledger got digitized. The first note of digitalization in accounting

It first started off by making a digital database of the enterprise transactions - in short, the bookkeeping went digital. The accountant went gaga over the utilities of electronic spreadsheets which gave them a fair experience in computing. And to your surprise, Microsoft Excel is not the first to be on the market. VisiCalc from 1978 was the first spreadsheet software to exist and at the same time, for those owning a personal computer Peachtree Software introduced an accounting software package for their accounting needs.

The software made an accountant’s life much easier. By default, the accounting professionals unofficially became the accounting experts.

The modern era of Accounting started with Electronic Data Interchange or EDI. The EDI is primarily a spreadsheet to keep account of the transactions being carried out between vendors and the customers. In 1981, major multinational companies started making it mandatory to provide customers with such spreadsheets. This became the origin of 'Peachtree,' the first accounting software developed and implemented across companies.

The need for adding machines, calculators, ledgers, and pencils was eliminated. The job became less tedious with less of a margin for error. The core training for accountants which included basic accounting, auditing, and tax preparation was a thing of the past. With the use of the computer, an accountant can now perform statistical accounting or forecasting analysis with greater efficiency. Accounting technology has eliminated the number cruncher sitting behind a desk working on people’s taxes and has allowed the accountant to find new challenges with much more to offer than decades ago when they relied on an abacus for a calculating tool (Kruglinski, 2009; “How Technology,” n.d.).

The accounting elements are Assets, Liabilities, Owners Equity, Capital Introduced, Drawings, Revenue, and Expenses. Each account we have is one of these elements.

What’s Smart About Cities? Inviting Exponential Possibilities – Entrepreneur

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“The 4th Industrial Revolution (4IR) and Future Proofing are current buzz-phrases in business, but what we are really looking at is the emergence of an entirely new economy,” says Dr Sharron McPherson, who, as co-founder and executive director of the Centre for Disruptive Technologies, “has over 1 000 disruptive techies around the globe…

Technology:

We have seen great advances in digital technology in the last five years. Smartphone’s, cloud computing and multitouch tablets are innovations that revolutionized the way we live and work. However, believe it or not, we are just beginning. The technologies will be even better. In the future, we could live in the same way as people in science fiction movies.

The world is changing very rapidly with emerging technology almost every day. Smartphones, cloud computing or multitouch tablets, all these innovations revolutionized our lives. However, this is only the beginning.

Chat Bots and conversational interfaces:

There will be more conversations with computers and emerging technology to further automate our daily processes at work and in life. This begins to be used now but has not yet been widely adopted. It will take more artificial intelligence to drive this trend.

Electro vibration Technology:

The technology of electro vibration will drastically change the experience of the mobile touchscreen. You can feel different types of texture. I know what you're thinking. The online shopping experience will raise more. Imagine buying clothes online without worrying about the texture and quality of the fabric.

This advance can also lead to socially beneficial trends. For example, blind people can use it for Braille and access smartphones like everyone else.

Voice to speech translation: