Time to Get On-board These Accounting Automation Trends

As technology evolves, it changes and shapes the world we live in; it affects every single industry and the way we do business. Though sometimes change can be scary, if you decide to take an optimistic and open-minded approach, you will benefit from cost-effectiveness and will stay ahead of the competition, attracting better clients.

Below are some of the trends that we’ve seen in the industry in the recent past. If your practice is still not on board, what are you waiting for?

Data entry

The key here is to automate wherever possible – by reducing, or eliminating paper entirely, you save yourself a lot of time which will then be used on reviewing the quality of your data, and analysing it so you can provide your clients with better advice.

There are apps that can digitize your data for you; you can simply take photos of your data and almost magically it is all synced to your accounting system. We suggest Expensify, Entryless, and Receipt Bank.

Number crunching

It can take over an hour for an accountant to produce a single cash flow forecast, however, apps like Spotlight Reporting, CrunchBoards, and Fathom can get the numbers directly from your cloud accounting software and produce cash flow forecasts in under ten minutes.

Think of how much time that saves you in a year! You can then use that time to analyse the data, get to know your clients and their businesses better, so you can offer better, more personalized financial advice. Think value-add.

Workflow and Capacity Planning

To organize your team, there are much better methods out there than post-it notes, whiteboards, and desktop practice management. Cloud based systems allow your team to access whatever work and resources they may need at any time, from anywhere.

There are even cloud based solutions that link everything from invoices, online payments, accounting systems, cash flow forecasts, and an endless list of other metrics, so you can have a better idea of what goes on and how well your business is doing.

Communications

Long emails and phone calls are becoming less and less frequent in the business-sphere, and that is because service providers look for more personal and quick ways of communicating both with clients and coworkers. Whatsapp, Facebook Messenger, LinkedIn, and Slack are some of the most popular choices – live chatting is the future of business relationships, get on it!

Another shift has been from face-to-face meetings to video conferencing. While some people are still hesitant about this, once you have a reliable system and internet connection, it saves you so much time and stress – no need to travel, and it is so much easier to schedule – it just makes sense.


This article was originally published on AccountantJobs.com.au