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Reasons to Reevaluate Your Accounting Software

Do you have an accounting software for your business? How do you know if you have the right one for your business?

With the Pandemic, many working remotely, a lot of businesses have adapted to using Softwares to automate systems to ensure the business is running smoothly. One still needs to evaluate if that system is effective.

Tax Season is fast approaching. Here are a few reasons you may need to re-evaluate your accounting software.

1. Complaints from Staff & Lack of Efficiency

A system should be efficient to assist your CPAs. If the software is time-consuming, hard to use and staff believes it is not effective, you may need to re-evaluate.

2. Heavy Reliance on Spreadsheet

Human error to some degree is inevitable, but over-reliance on spreadsheets increases its probability. A very credible sign that your software is not adequately meeting the needs of CPAs is its overreliance on spreadsheets.

3. Outdated Systems

Many problems arise from using systems that are not adaptable to modern times. The biggest of these is Cyber Security Attacks.

4. Lack of Mobility

The flexibility possible with cloud software allows CPAs to do their job at convenient hours to their lifestyle, promoting a healthy culture with work-life balance. If your software does not allow for flexibility then you may need to re-evaluate.

 

How to Choose What’s Best For Your Firm

15 Best Accounting Software Systems for Your Business - Financesonline.com

Choose software that is

  • User-friendliness 
  • Easy integration
  • Scalability
  • Security 

The software your firm uses should empower and inspire accountants to work smarter – not harder. CPAs must continuously evaluate their accounting software with a clear direction and purpose and prioritize finding a solution that seamlessly adapts as client needs evolve to achieve maximum benefits.

Read More: Reasons to Reevaluate Your Accounting Software

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9 Ways to Improve Your Cash Management Systems

Auto Debit Rule: New Deadline is September 30 | Dialabank

The COVID-19 pandemic has highlighted the importance of cash management and its potential for improvement. Companies are more careful with cash, but managing cash traditionally gets hard when everyone is working virtually. Its importance shun the light on how much is energy is required for cash management; the processing time was long and unpredictable. Cash and paper check payments have declined 16% year-over-year to 45% B2B payments, with Automated Clearing House payments rising 10 trillion for the first time.

Why do so many businesses still use paper checks? - Clover Blog

More companies have started using payment automation due to the COVID-19 pandemic, this increased the vendors of Nvoicepay by 26% since the start of the pandemic.

Some companies still have not yet changed their cash management system from paper checks, maybe because they do not know a better way, or are concerned about the cost of changing.

There is a better way.

When you stop to consider the full impact of payment automation on cash management, it becomes obvious how much better the future could be:
1. Reduces process cost
2. Card rebates
3. Less time fixing errors
4. Fewer hiccups
5. Less potential for fraud
6. Reduce ACH fraud cost
7. Less time handling inquires
8. Create Visibility
9. More flexibility

The COVID-19 pandemic has only highlighted the deficit in cash management systems. Automated payment allows for time management, flexibility, visibility, and control, which are important for cash management.

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The Rise of Accounting Automation

Automation is a new age phenomenon that is vastly becoming the norm. Technological developments in artificial intelligence (AI), machine learning (ML), and Big Data provide a host of opportunities to streamline outdated processes and automate labor-intensive tasks.

Automation is often portrayed as a negative force that will displace jobs and threaten the culture of an organisation

One huge benefit of AI that many firms are starting to recognize is that AI has the ability to accelerate mundane tasks as a queue to upskill their people and push employees to take on new challenges. A recent study by ACCA revealed that more than half of C-Suite executives believe automation will play a pivotal role in shaping the future of their accounting operations.

Automation provides a valuable resource to help accountants make better decisions and deliver the best possible services to their clients.

With the integration of AI, any organization must remain vigilant to the risk of online fraud attempts and set up the necessary protocols to safeguard your business against cybercrime.

Weigh the pros and cons for your business..

Will you incorporate Artificial Intelligence (AI)?

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Accounting Trends 2021

With the world fastly adapting to virtual life due to the pandemic, businesses are finding ways of being more and more efficient.

How have you adapted ?

Have you incorporated anything new into your business?

DATA ANALYTICS & INTEGRATION

Many businesses have realized that data analytics helps to identify operational inefficiencies and manage risks better.

Have you considered investing this year in data analytics and help your business boost with data-backed decision-making capabilities?

Date Integration with all the other business management applications is the most important factor technology has significantly contributed to the accounting process. With just the use of a mobile device, you can quickly retrieve financial reports, manage invoices, pay your vendor bills, and still track them in your accounting books.

Will your business adapt with the trends?