Accounting technology and software have seen extraordinary growth year after year.
As a business owner, are you sure you’re up to date and using the best accounting technology in order to save time, money, and reduce errors?
As a business owner, you want to work smarter and more efficiently. In our last article, we discussed accounting technology in detail. In this article, we will discuss why it’s important to have an accounting technology expert in your corner to help you grow your business.
Fast Facts & Statistics
As the world moves to online accounting, it’s important to take a pulse on what businesses and accounting professionals have to say about this shift. Let’s dive into what the statistics are showing us!
Our research led us to:
- 58% of large companies use cloud-based accounting systems in their operations.
- Businesses that use cloud-based accounting have a 15% year-over-year growth in revenue.
- Companies that rely only on cloud accounting have 5X the number of customers than businesses that do not.
- 91% of accountants report that accounting technology has increased productivity.
- 91% of accountants feel that there is a shift that leans toward technological adoption.
- 21% of small/medium business owners aren’t confident or knowledgeable enough about accounting and finance.
- 30% of small/medium businesses state that their accountants are their most trusted advisors.
- 50% of accounting tasks can be automated with the technologies and software available today.
- 37% of companies buying accounting software are new, first-time users.
Making The Switch From Paper To The Cloud
Manually entering information into spreadsheets, paper receipts stored in file cabinets, and creating handwritten invoices are beginning to diminish with accounting software like QuickBooks Online (QBO), Bill.com and Expensify.
If you’ve had little interaction with these applications, it may seem overwhelming to try them out. However, once you’ve gotten set up and trained on them, you’ll wonder why you didn’t use them sooner. These applications are meant to simplify your accounting processes and make your day-to-day business operations more efficient, which is exactly what they’ll do.
That being said, there are a lot of applications out there. Rather than spinning your wheels trying to find the best applications and then getting them set up yourself, consider working with an accounting technology expert. Not only can they help you set up these applications and train you on best practices when it comes to using them, but they can also help integrate the applications. This way you have one ecosystem of cloud accounting applications.
Let The Experts Help
The best thing about working with an accounting technology expert is that they know the industry, the products, the processes, and the resources available for you to utilize. They have spent the time learning what’s best for you so you don’t have to waste time yourself!
They can get you set up on processes that will save you time, money, and help you avoid mistakes in the long run.
Here are just a few of the things an accounting technology expert can help you with:
- Creating an easy way to track expenses and automate expense reporting
- Simplifying the way you pay bills online
- Advising you on better processes around your online accounting software like QuickBooks Online
- Utilizing the cloud to access your information anywhere, anytime 24/7
- Providing you with workflow templates so you always know what to do and when
Some of them can also handle your bookkeeping and accounting for you if at some point you want to outsource all or part of those tasks. At Redmond Accounting, we help clients with their accounting technology, but we also provide virtual accounting and bookkeeping to those who need it.
Call Redmond Accounting Today
Whether you are looking to your accounting to the cloud or just need a little help when it comes to improving your processes around your accounting system, we have experts you can trust and count on.
Our Redmond Accounting team consists of bookkeepers, payroll specialists, controllers, chief financial officers, and accounting technology experts. All of which follow the RAI way by empowering owners and officers through our unique use of technology and processes.
