4 Trends in Accounting Technology
As accounting technology experts, you know we love technology and statistics. Our article titled “How can an accounting technology expert help your business?” gave a list of statistics that showed how far accounting technology has come and how beneficial it is for businesses of all sizes.
One of those fun facts was that businesses who use cloud accounting and technology have 5x more customers and 15% year-over-year revenue growth than those who don’t.
Have you integrated accounting apps and software into your business yet?
Even though the answer is most likely yes, keep reading to learn more about the latest trends in accounting technology.
Cloud-Based Accounting Software
Every day more and more companies are adopting cloud accounting software to help run their business. Intuit QuickBooks is the most popular accounting software, with 70% of small business owners being familiar with or using the platform.
The main feature of these accounting programs is that they are cloud-based programs.
No longer are the days where you are chained to a desk in the office because only ONE computer has the accounting software downloaded on the computer.
Cloud-based accounting software allows you to access your accounting program from ANYWHERE, even your phone. Thankfully, this software is available, as many accountants and small businesses found themselves working from home during the pandemic. You can now work comfortably from home, in your local Starbucks, library, at a restaurant, or anywhere with an internet connection.
This gives accounting pros the ability to become more agile, and agile accounting is the way of the future for the accounting industry.
Integrated Platforms
Many cloud accounting programs have come on the market along with QuickBooks Online to provide essential services for small and medium-sized businesses.
Programs like Bill.com, Expensify, and Gusto are all accounting programs that aid in accounting functions for payroll, bill paying, expense reporting, and management across your business.
Using all of these programs can seem daunting and overwhelming at first, but the great thing is that they all integrate with QuickBooks for a seamless and streamlined automation process.
When all of your accounting programs “Talk to each other,” you create a closed-loop system that works independently with little human intervention. This leads us to our third trend: Proactive Accounting.
Proactive Accounting
Did you ever think accounting could be proactive? Your accounting programs can take over repetitive, time-consuming, and redundant tasks with automated systems and artificial intelligence. Using AI also reduces error because the systems use algorithms and mathematical processes to perform accounting and finance functions accurately.
By utilizing automated accounting systems, you can streamline processes and automate day-to-day accounting activities.
This super-efficient process now gives you more time to focus on other tasks and start to understand your business projections for the coming months.
Forecasting Tools
Even though crystal balls that can tell you the future of your business don’t exist, there are such things as forecasting tools. Forecasting software takes all of your financial and accounting information and uses AI and algorithms to give you insight into super-efficient your business’s performance.
LivePlan is a sales forecasting software that can help virtually any business understand its financial future. You have an easy-to-understand insights dashboard that breaks down everything from revenue, operating income, net profit, profit margin, and expenses.
You can easily set financial goals, monitor your progress, adjust your expenses and budgets to ensure you meet those goals.
Dive In with Redmond Accounting
If you’re interested in diving into these latest accounting trends, connect with us here at Redmond Accounting. We are accounting technology experts that can help you set up accounting software, train you on software, and create workflows to help streamline your business. Plus, we can even manage your accounting needs from payroll specialists and virtual bookkeeping all the way through CFO services.
We are a 100% online cloud-based accounting firm and help businesses every day reduce error, improve productivity and efficiency, and ultimately grow their businesses through automated and streamlined accounting processes. Grab a time on our calendar here today to see if we can help you.
