The post-pandemic world is witnessing the advancement of technology in all sectors in an incredible way. Like every sector, the Accounting sector is also driving towards technology-based services. According to the recent innovations happening across the globe, new technologies are emerging in the accounting sector replacing the conventional way of storing financial information manually.
Entrepreneurs have to remain updated regarding recent accounting trends. If you are not up to date about the recent trends and technologies, your business growth would be miles away from achieving success and also you would fail to remain competitive with others who are in similar business ventures which would in turn result in your business development taking a backseat.
Let’s have a look at the top six accounting trends and technologies that you can inculcate to run your business effectively.
The trend of Automatic Accounting has already been adopted by numerous companies as it eliminates human errors, improves the accuracy of data collection, organizes data, and manages all sorts of information in one place. This software allows you to prepare reports that enable you to take quick financial decisions which in turn results in saving money and time. You can track the Accounts Payable and Accounts Receivable with the help of this software in the following way:
- Data extraction from all invoices.
- Compile data and upload to a cloud database.
- Send invoice information to vendors for sign-off.
- Timely payment.
- Deliver the initial invoice to customers.
- Send reminders of late payments to clients
- Co-ordinate to ensure collection of payments in a secure way.
- Prepare MIS reports related to receivables.
Cloud-based Accounting software
Implementing cloud-based Accounting software helps us to reduce the carbon footprint which is one of the Sustainable Development Goals (SDGs). It makes collaboration easier as your team can access and update data from anywhere at any time. With cloud-based Accounting software, you don’t need to worry about the security of the data as you can store the data with encryption which allows only people with valid credentials to access the data.
Some of the top-ranked cloud-based Accounting software are the following:
- Zoho Books
- Quick Books
Blockchain is a revolutionary technology that is being adopted by numerous companies as it allows a direct relationship with ledgers. This technology has replaced the age-old process of keeping separate records on the basis of transaction receipts. With this technique, all data can be stored securely as it is cryptographically sealed. This allows us to track financial inflows and outflows easily.
Incorporating Artificial Intelligence (AI) and Robotic Process Automation (RPA) is making a significant impact in the accounting and finance sector as they conduct highly repeatable tasks which allow accountants to focus on higher value activities. The tasks such as data entry and daily computation which would take a long time when we prepare them manually can be done within a short span of time with the use of AI. It simplifies the process of payroll processing and analyze lease contract enabling professionals to take decisions quickly instead of wasting time on finding the data.
Outsourcing of Accounting services
More and more companies are seeking outsourcing services to increase the profitability of their business. The companies that took outsourcing services once have never turned their head back. The reports show that companies that took outsourcing services are providing better services to their clients. The activities such as bookkeeping have to be done carefully. If you are not that knowledgeable about it, high chances are there for you to commit mistakes. This creates an imbalance in your financial records that would create problems. Here lies the importance of outsourcing your accounts. By connecting with the experts in this field, you can receive reliable data, and understand the genuine financial health of the company in order to come up with the best decisions that ensure the financial safety of the company.
The demand for advisory services has grown exponentially as the business heads of many organizations do not want to remain skeptical about their plans which they took based on their limited knowledge. By hiring a business advisor, entrepreneurs can have a 360-degree view of organizational challenges, listen to experts’ suggestions, develop better financial plans, and thus make quality decisions that enhance the profitability of their business activities.
Buchprufer Consultants to Assist!
With decades of experience in rendering high-quality services in auditing, accounting, taxation, payroll, advisory, and HR solutions, Buchprufer Consultants has already gained the trust of numerous leading entities across the globe. Our expert team is always on track to provide first-class services to our clients by equipping ourselves with the latest technologies which enable us to identify problems from the grassroots and to come up with proactive measures to bypass all the roadblocks in your way to achieve maximum profits in your business ventures. If you have any queries, contact us at your convenient time.
Contact us today to learn more about our services and how we can assist you in achieving success in the UAE market.