befree Ltd

The 4 accounting technology trends that impact efficiency

Technology has completely transformed how we operate. Cloud-based accounting, real-time reporting and artificial intelligence now automate many labour-intensive tasks that previously took hours, freeing up our time to focus on activities that require a more personal touch. 

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Even during COVID 19, accountants have been able to ensure business continuity thanks to the technology that supports remote working. While we can confidently assume technology will continue to evolve, four major technology trends are changing how the accounting industry operates now and how it will operate in the future.

Top Accounting Technology Trends

1. Cloud-based accounting

Cloud applications can handle everything from invoicing and payroll to benefits and taxes. As robust as these systems are, they also offer user-friendly dashboards and intuitive interfaces that make it easy for businesses to see what’s happening at any given point in time. 

Automation is the most significant benefit of cloud-based accounting. Sophisticated algorithms and machine learning easily handles tasks that previously required human’s hours to complete. This frees up staff to focus on higher-value tasks.

2. Artificial intelligence

Speaking of automation, AI is changing the game. Many of the labour-intensive tasks that accounting firms have previously relied upon – such as payroll, audits, and tax preparation – can be fully streamlined.

AI won’t completely replace humans now or ever. Human intelligence will always be a valuable asset, regardless of how intelligent computers become. Rather than make accountants obsolete, AI solutions will give accountants access to better information.

3. Real-time reporting

Over the past few decade, the delay between when an accounting event occurs and when it’s recorded has significantly diminished. It used to be that businesses were days behind, meaning the reports they had in their hands were only accurate as of a few days ago. Then it became hours, and then it became minutes.

However, today’s most robust accounting technologies offer real-time reporting. That means every accounting transaction is inputted, recorded, and reported simultaneously. 

In terms of the relationship between accounting firms and their clients, real-time reporting helps establish trust and reduce confusion. It enables both parties to see the same information at the same time.

4. Remote accounting

It used to be that accountants were metaphorically chained to their desks – unable to leave their computers during regular work hours. And if they did leave their desks, they failed to record information or provide clients with the access they needed. Thanks to remote accounting, this is no longer the case.

Firms can reconcile accounts, add receipts, send invoices, or create expense claims from smartphones, tablets, or laptops. As an added benefit, this allows accounting firms to hire employees in different areas of the world and manage remote teams with greater efficiency than ever before.

Outsourcing accounting is one full-proof strategy that provides you access to the latest technology without the implementation headaches or additional expense. Outsourced accountants don’t just provide qualified teams to do the heavy administration lifting for you; they also invest in state of the art technology to ensure their clients always have access to the most advanced technological advancements available. 

For more information, please do not hesitate to contact us at befree.