How Augmented Reality Can Enhance Accounting Functions in Thailand

BANGKOK - Nov. 19, 2021 - PRLog -- Reliance Consulting, a top-notch accounting firm in Thailand, explores the possibility of integrating augmented reality in accounting and what this can mean for the future of the industry.

Much like other industries shaping the economy, accounting is constantly changing. This is a consequence brought about by the emergence of new technologies. One notable example is the rise of augmented reality.

Augmented reality (AR) made its way into Thai markets in 2011, but it was still in its infancy stage. From then on, a few sectors, including marketing and gaming, have tried to integrate this innovation to enhance customer experience. Fast forward to 2020 and 2021, augmented reality has penetrated virtually every industry in the country, from education, entertainment, e-commerce, and now, finance.

The increased popularity of augmented reality in the accounting sector can be attributed to the incredible potential it offers.

One of the ways it can improve accounting functions is by helping accountants visualise data better to enhance efficiency. "Accounting involves analysing enormous amounts of data, preparing timey reports, and creating strategic plans. With so much information on hand, accountants have an increased risk of making human errors and inconsistencies. But with AR technology, they can visualise data through 2D and 3D formats to help them see the bigger picture as well as the details," explained Mr Hans Teo Han Siang, Director of Reliance Consulting.

He added saying, "More than visualisation, AR technology allows users to oversee data through voice commands and hand gestures. Having this added convenience can reduce the time spent on time-consuming accounting functions and increase overall efficiency."

Among the different functions, conducting audits plays an integral role. In Thailand, the auditing process requires both internal and external reviews to ensure data accuracy. Although the process naturally takes time, it can be streamlined with the help of augmented reality.

"Part of the auditing process is scrutinising data to understand the company's current financial position and its potential trajectory in the future. With AR technology, data can be presented in numerous ways, which gives accountants diverse perspectives on the company's corporate accounts and operations. Having multiple angles to evaluate their performance allows accounting Bangkok firms to obtain complete and substantial information about the company. As a result, they can better propose solutions to address their financial concerns," explained Mr Hans.

Due to the versatility and flexibility of AR, financial leaders can easily collaborate and share important data safely despite remote working conditions.

By pioneering new processes and optimising strategic planning, augmented reality can analyse and share data in innovative ways. That said, it's evident how AR technology offers incredible possibilities for the future of the accounting industry.

Reliance Consulting (https://www.relianceconsulting.co.th/) is one of the leading accounting Thailand-based companies offering innovative accounting solutions for every business needs.