We are living in a time of incredible technological advances. An evolving tech landscape has meant an abundance of newly automated services which have helped businesses immeasurably, across a wide range of industries. What kinds of trends are we seeing in accounting, and what are the best ways to utilize these new technologies?
The impact on business is undeniable. Automating services such as payroll has meant simple shifts from pen and paper to digital spreadsheets and invoices which retain customer information, and more advanced features like analytics and reports which are generated safely, automatically, and no longer carry the risk of human error. Embedded payment links and online banking options mean easier methods for customers to settle their bills, meaning you can be paid more quickly. Cloud technologies allow for all of your sensitive data to be stored and saved securely and are easy to retrieve at a moment’s notice.
Accounting software, the cloud, and online communications are some of the technologies that are making some of the biggest differences in how an Accountant experiences their workload. And the use and range of these automated helpers is only going to increase and improve. What are some of the biggest technological advancements in accounting, and how are they changing the landscape of bookkeeping?
Information can now be shared online, so that whole teams can work together, simultaneously. Applications are able to track and assess, calculate and generate automatically, any time of day. Backups and security features allow for a constant set of safeguards to protect the data being saved. These applications can also draw conclusions based on the data inputted, and anticipated trends. Visibility and accountability are now highlighted in important ways–when your software tracks every detail, your team is more liable to stay on track and on budget. The impacts of new accounting technologies have been far-reaching. Knowing how to take what they offer and apply it to your own business is vital for keeping up in the 21st century, as well as understanding how these new technological features can complement your workflow.
Cloud-based technology has forever changed the accounting industry. Real-time tracking, payment information, invoice reminders, and administrative access mean that remote work is not only more possible, but better tracked for efficiency and precision. Payroll and taxes can easily be managed with these applications, and financial information is automatically updated. File folders have been left in the dust with data now uploaded into always-available digital files, which are safeguarded and organized. Access to sensitive information is strictly monitored.
Data analytics–inspecting, cleansing, and analyzing data to find patterns and identify any areas for improvement for future goals–is immensely beneficial in reducing margins of error and saving time and money in project management. The replacement of manual entries with quick data input means that errors are less likely and even expense receipts can simply be scanned and uploaded for ease and immediate transfer of information. These tools and features are a real boon to your business, if utilized responsibly.
Remote access is a huge asset to the accounting industry. Updating tax information, inputting new data into your system, and running reports are tasks you can now do from anywhere. Apps allow for users to do these jobs from their desktop or mobile device, instead of needing to sit in an office to get anything done. The immediate accessibility from the cloud from your team means that everyone can be on the move, and still connected. This kind of flexibility is completely changing the industry for the better. Mobile accounting not only allows for working on-the-go, but it also includes the tremendous boon of bridging accountants and their clients.
Integrations are another real benefit to your accounting firm, in that it means freeing up more time for your team to work on other parts of your business. Simplifying your workflow is easy when complementary accounting software can work together to manage different tasks. Many apps have the ability to transfer and share your data automatically with others. One software might specialize in time-tracking, another invoicing. Perhaps you’ve added others to your digital team, so that your payroll and payment processing can also sync with the automated team, so that seamless assimilation makes a whole, unified piece. With each separate app tailor-made for its part in your accounting process, you can save endless frustration and time, and ensure accuracy and transparency in your bookkeeping. It has never been easier to use this information technology to outsource your accounting off-site, allowing your business financial goals to remain right on track.
The advent of this evolving technology is not just beneficial in terms of economically outsourcing more work, but can also be used effectively for content marketing. It’s never been easier to source and drive potential clients toward your services, and outputting across a variety of platforms. Consistent communication about your products and industry trends mean that you can keep the focus on you, and hold the interest of your customers so that they will keep your firm fresh in their mind when they need accounting service again, or want to refer their friends and family. Personalizing content based on trends, customer needs, and leads is possible with the wide range of platforms like LinkedIn or Twitter, and maintains those important customer relationships.
These rapid tech changes are allowing for a level of efficiency, accessibility, adaptability, and convenience once only imagined. Admittedly, it can be difficult to keep up with the ever-changing trends and advancements in accounting technology. But as you can see, the benefits are absolutely worth the time invested in sourcing the best new software to add to your arsenal. Today’s accounting professionals have certainly recognized the immense value of new technologies. Knowing how best to implement them means improved growth and better cash flow, fewer inaccuracies, greater capacity for accurate projections, and a more stable financial position overall.
Embracing these changes will revolutionize your own firm, and keep it relevant in today’s competitive market. Staying up-to-date with trends and ensuring that your software is also current and optimized will keep your firm well-placed to receive more clients and better (and safer) data options. It doesn’t stop there, either. Continuing to adapt, optimize, and improve your software, as well as a consistent commitment to learning technologies as they advance will put you at the forefront of the industry. Embrace the changes!