3 Ways Technology Is Transforming Accounting Services

| November 9, 2022 | By
3 Ways Technology Is Transforming Accounting Services

Top Accounting Services Technologies 

Videoconferencing, online ordering, and virtual assistants have all made our personal and professional lives easier. So why couldn’t your accounting needs benefit the same way? Technology is transforming accounting services every day, and your business can take advantage of three major advancements. 


1. Cloud Computing

Accounting increasingly requires cloud-based systems. That’s because we’re moving away from calculators and spreadsheets to deliver better speed and accuracy. Online accounting services trust cloud computing to help you:


Get data anytime.

With the cloud, you can capture, access, and analyze data from anywhere and in real time. Use it to manage and retrieve files easily and reduce waste.

Leverage unlimited storage. 

Scale your business with cloud storage. By doing so, you can drastically lower both tech and file-keeping expenses. Plus, without the hassle of record-keeping, your business can focus more on communication and collaboration with clients, executing on priorities and honing in on strategy. 

Sync files across platforms.

Print a hard copy, and put it on so-and-so’s desk. Ever wish it could be easier to share a report across the organization? Break down silos and improve transparency. With cloud access, you can make data accessible to different parties that need it to function.

Keep files secure. 

You know how vital client privacy is, especially as companies are increasingly targeted by scams and impersonation attempts. Lean on the cloud to protect against data breaches and automatically back files up.


2. Automation and AI

Leverage automation technologies and processes to enhance your productivity. Machines do more so you can refocus and deliver excellence to customers. 


Perform mundane tasks.

Imagine your job was to lick the seals on envelopes. Boring, right? Automation and AI tackle the most time-consuming, redundant, and repetitive tasks, so you don’t have to. Tech tools make raw data manageable by providing connections between disparate data sources. 

Example: Online accounting services use AI to turn data into financial planning and reporting.

Streamline operations.

With automation to lighten the load, your business can become more efficient. This starts because you can reduce human errors—and, therefore, costs. But it also happens because humans get more time to move on to higher-value tasks, such as performing analysis using their creativity, collaboration, and ingenuity.


3. Mobile Accounting Software

Your business: “Hey, [Accountant], can we take a look at [X]?”

Accountant: “Sure thing. Give me about two weeks to put together a report.”

No thanks. Online accounting services record and keep track of financial data with mobile accounting software. Programs such as QuickBooks, Microsoft Dynamics 365, and FreshBooks eliminate the work accountants have historically done by hand in a transaction journal.


Organize charts of accounts.

Lumping any and all transactions together will leave you confused later. Instead, accounting software can categorize transactions in separate charts of accounts, such as assets, liabilities, equity, income, and expenses.

Manage accounts payable. 

Why not create a system for tracking bills and accounts payable? Accounting software lets you—and your online accounting services—use your accounts payable aging report to avoid past-due bills. 

Manage accounts receivable.

It feels good to make money. Accounting software can generate and invoice customers, plus collect on past-due balances, so your business keeps cash coming in. 

Generate financial reports.

All together now. Whether it's money in or out, you need to have it documented. Your software can help your accounting services partner generate financial reports on business expenses, revenue, and more.

Reconcile bank accounts.

Does everything add up? Your accountant can use software to match the balance in your accounts to bank statements, uncovering red flags that could help identify fraud.


Get Cutting-Edge Online Accounting Services

The cloud, automation, and advanced software can give you an edge to be efficient and stay organized. How else will technology grow to elevate your business? We can’t say for sure. But for our part, Ignite Spot promises to leverage the latest accounting technologies to examine and improve your finances. Explore our online accounting services plans to find what’s right for you.

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