Accounting is one of the most fundamental business practices for all businesses. Technology is responsible for many of the incredible advances in the accounting field today, and has made it easier than ever before for entrepreneurs to keep track of their finances. Here are 5 Tech-enabled Accounting Practices all business owners should be taking advantage of this year
1. Cloud based-accounting
Cloud-based accounting has grown in popularity in the last couple of years. Cloud-based accounting software helps businesses to increase efficiency and save time. An additional benefit of using the cloud is that all your data is backed up and is less vulnerable to cyber security invasions.
2. Accounting software
The benefits of accounting software is ease of use making it much easier for small businesses to manage, track and gain insights from their financials.
3. Big Data
Accountants are set to rely more on data in the coming years. According to Accounting Today, we will see an increase in accountants making use of technologies like artificial intelligence, data analytics and blockchain, to name a few. In an article by SME South Africa, financial institutions stand to benefit from big data as it leads to better sales and service strategies, increase revenue and decrease costs.
4. Accountants as advisors
The role of the accountant is fast evolving. Today accountants are expected to also play the role of key business advisors. According to Angie Du Toit in an article by SME South Africa, an accountant can help business owners identify exactly what they need to secure the future of their businesses.
5. Outsourcing
Small businesses are increasingly outsourcing key business functions such as accounting services. Technologies like cloud-based accounting make it easier to outsource key accounting tasks. According to Cougar Mountain Software, with more businesses making use of cloud computing, businesses are able to make use of services from anywhere in the world.
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