Technological tools have changed the manner in which experts direct business, and they will keep on molding the fate of each industry including accounting.
Businesses measure accomplishment in figures and if you want to be successful, it is crucial to keep up with the latest accounting technology. Not possessing the knowledge related to technology means that your company will automatically fall behind.
In this day and age, clients demand automated services from their accountants which is difficult to achieve without the proper knowledge. This article reveals how your business can adopt technology to run accounting finances. Following are the important technologies which can be utilized for accounting.
Best Technologies for Accounting
- – Cloud Computing
Almost everyone has heard the buzzword “cloud”. Through this technology, users can store and get easy accessibility of the data online instead of the hard drive.
Convenient collaboration and the accessibility feature which is available at all times allows the information to stay on your fingertips. No matter where you are and no matter which device you have at the moment, you can view all your data. This particular technology has gone through improvements over the years which makes it an important one to use especially for the accountants. According to Forbes, the worldwide expenditure on cloud services will rise by 19% in the next few years. The colleagues and clients can check secret data as well. There are some features available only in cloud computing which are Xero, FreshBooks, QuickBooks and Kashoo. These software options further enhance your accounting skills and even make you capable enough to be a leader.
- – Blockchain Technology
This technology is adept at transforming the accounting industry. The Blockchain aims at the decentralization and distribution of the database technology. No matter how long and complex the lists of the transactions, this technology can easily maintain it. Moreover, it protects the encrypted data. Blockchain gives accountants the freedom of automated audit for each separate transaction. This is done by eliminating the need of the double-entry bookkeeping system which is
used in accounting. With Blockchain, there is no such need because the data is monitored and verified without another party.
- – Automated Accounting Technology
Utilising this technology offers the no-coding facility which means that the requirement of data entry in the accounting field is eliminated. Highest level of convenience and freedom is given by the automated accounting technology.
Examples of companies that can add value
Companies like Xero, Hubdoc and Futrli are transforming the accounting finances. The clients, employees and small businesses now have a chance to collaborate better.
Xero for instance, can lower the hidden costs and automatically extract information from the supplier bills. Features like new invoicing and automated bank rules are preferred the most by the majority of people as they maximise the convenience. Futrli provides accurate calculations for tax, cashflows and profit. Lastly, Hubdoc is perfect for those who have difficulty in managing documents. Therefore, Hubdoc offers paperless bills, one-click bank reconciliation and a centralised management of documents.
Wrapping it up
Stand out in the accounting game by learning about these technologies. Having a grasp at the above-mentioned technologies will secure your valuable business making decision, help you plan and chose important KPI’s.