Essential Tech Innovations That Will Help Accounting Businesses Reach Their True Potential

Accountants who take advantage of progressions in technology save money, time and effort.  Tech really is a meaningful competitive advantage.  Do not make the mistake of ignoring advances in tech or even putting the implementation of new tech on the back burner until the most convenient time.  Tech is not here to replace accountants.  Rather, tech is quickly making accounting processes more efficient and accurate.

It is Time to go Paperless

Integrate paperless receipts along with paper-free bill collection with optical character recognition (OCR) into accounting systems on the cloud and you will save a ton of time.  There is no need to sort through bundles of receipts in boxes or files when you have the option of going paperless.  Go paperless and your entire team will be able to retrieve whatever information you need in mere seconds.

Accounting Systems on the Cloud

Systems such as QBO and Xero empower accountants and clients to access data in a simultaneous manner from any location.  All one needs is an internet connection.  This liberation of data from traditional desktop software makes it that much easier for accountants to work while away from the office.

Reporting Dashboards

The latest reporting dashboards are quite intuitive.  These dashboards allow personnel to quickly and directly transmit information to business owners.  There is no need to bother with Excel spreadsheet manipulation or data exports thanks to these fancy dashboards.  Do not be intimidated by the latest reporting dashboards.  Invest a little bit of time to understand their nuances and you will find they are fairly easy to master.

Better Communication Tools

A number of helpful communication tools have emerged in recent years.  The likes of Skype and Facetime make it easy to interact with clients from any point on the globe in a digital yet still face-to-face manner.  Such secure and direct communication is essential when discussing sensitive information.  Furthermore, interacting with clients in real-time in a face-to-face manner deepens their rapport.  If your team is not currently using Skype, be sure to give this helpful tech communication tool a try.  Skype is easy to use, reliable and won’t bust your budget.

Automatic Bank Feeds That Operate on a Daily Basis

The integration of daily automatic bank feeds into cloud-based accounting systems improves data accuracy and visibility.  This tech advancement is quite important as it provides business owners with data uploaded every single day without the need to perform any sort of manual interference.