- Emma Anderson
- May 27, 2021
Technology is the driving force for industries to streamline processes and increase efficiency. Your small business needs the latest technology not to increase productivity but to survive in the competitive world. This also includes investment in accounting and finances to stay updated with the latest trends.
With the use of advanced tools, you are increasing the productivity of the accountants in your organisation. They will spend more time on strategising to assist organisational growth than menial tasks. The role of accountants and the finance department in decision making is invaluable since they determine the feasibility of a plan.
Here are some latest trends in the accounts and finance field to help increase the efficiency of your business.
1. Automation is Not an Option
Your business can no longer application of automation in different processes. It is slowly becoming an essential part of the accounting and finance department. You will save time on tedious activities that don’t require human supervision.
From bookkeeping to payments, automation is being used widely in the industry to clear the schedule of accountants. The latest versions of the accounting software already have automation features to help the users. Moreover, automation will reduce the errors in the data to provide accurate reports.
2. Cloud Computing is Everywhere
Cloud computing will store your data in a remote server to prevent unauthorised access to it. The transformation from paper to digital file in the workspaces is almost complete, with a tool available for every process. It will save money on the supplies and the space required to store those papers.
Moreover, the users can access these documents anywhere and anytime. There is no need to go through thousands of files in the storeroom to find the right document. Moreover, you can use two-factor authentication to prevent anyone from accessing the data with credentials.
3. Remote Workplaces are Increasing
The pandemic is the reason many businesses chose to operate from home when the cases were at the peak. It was a forced decision for employee safety that resulted in a better business model for some. Many employers have decided to let their employees work from a remote workplace.
It saves businesses cost of infrastructure and various other expenses while the employees work from the office. The productivity remains the same based on the management and employees. Therefore, you can save office space and some cost if the accounting department is allowed to work from a remote office.
4. Seamless Audit Preparation
Audit preparation is one of the most tiring processes for the employees because of the document search. The whole operation loses its purpose if the data is inaccurate. Therefore, it is essential to focus on data accuracy and easy accessibility with digital solutions.
Cloud computing will allow the different department to connect with the accountants. The answer to the query is generated within a few seconds with the integrated system. Moreover, the departments will find it simple to prepare audits if the organisation is willing to install a document management solution.
5. Cybersecurity is More Important
The accounting and finance data contain extremely important information about your business and clients. The use of technology increases the risk of hack and unauthorised access to the system. You need to remain careful all the time in the absence of security layers.
You can hire a cybersecurity expert to ramp up the protection from online threats. Apart from cloud storage, always have an offline backup for a crisis. Also, take out unsecured personal loans with bad credit and no guarantor to invest in cybersecurity and save the business from a potential disaster.
6. Role of AI
AI is an evolving technology that will take years to reach its full potential. Still, its application in the real world is streamlining the businesses process. You can rely on it for the accounting and finance operations to reduce the manual tasks.
You can use the AI to quickly capture important information from the invoices and upload it into the system. Your accountant will have more time to make decisions on the data instead of spending hours on its entries. Similarly, many processes can be delegated to the AI to save limitless productive hours for your staff.
Outsourcing is a growing trend of the 21st century, with more and more processes on the list. Earlier, there was a risk associated with outsourcing finance and accounting to some company in a different region of the world. However, it has now become more reliable with trusted names in the industry.
You can outsource the accounting and finance process to save money on the investment. It will eliminate the requirement of hiring professionals and providing them with the latest technology. These companies have a staff with years of experience and the required tools.
8. Focus on Workplace Wellness
Employee’s wellness should remain on the priority list of the businesses to get the desired outcome. The stress of professional life hurts mental health. Businesses are more concerned about it than ever because of the increased awareness.
Ask the employees to focus on work-life balance instead of spending additional hours in the office. Time management is essential to leave the office early and spend time with family. Also, you can raise the concern if their workplace behaviour indicates some mental health issue such as anxiety or depression.
9. More Payment Methods
Your customers may take more time if the payment methods are limited. Update the payment methods on your website or offline store to improve the cash inflow. Many small businesses even provide the option to pay through bitcoins.
Make sure the payment system is integrated with the accounting software. The accountancy cost will reduce with the eliminated manual invoicing.
To sum up, the latest trends in accounting and finances reduces manual and tedious tasks. It will help the accountants to focus on more important tasks instead of invoice entry. Moreover, these trends will reduce the inaccuracy in the reports to help create more effective strategies.