Accounting tech advancements to follow and embrace in 2018

Accuracy and efficiency: those are the goals. The less time accountants have to spend fussing with spreadsheets, the more head space they have for problem solving. Between the new and complex Tax Cuts and Jobs Act and an ever-expanding world of technology, your business’ CPA has a lot on his or her plate. Thankfully, 2018 has ushered in some new tools to help simplify the meticulous process of getting the details right.

8 high-tech accounting tools destined to make 2018 amazing

  1. Real-time accounting in the cloud. If you and your CPA haven’t moved at least some of your accounting process to the cloud yet, now’s the time to see what’s possible. Cloud-based accounting software can automatically synchronize and store data from various systems in real-time. Access to the most current information, regardless of their location, helps accountants keep their finger on the pulse of a business’s activity.
  2. Remote access. Providing your CPA the ability to log into your business’ network remotely saves time and creates a stronger connection to your company’s financial health. Programs such as LogMeIn and Showmypc can give accountants access to your system without having to travel to your office. The end result is improved efficiency and better problem solving.
  3. Adaptive security. The 2017 Ponemon Institute Cost of Data Breach Study reported that the average size data breach for 2017 amounted to over 24,000 records. At a cost-damage value of $141 per confidential record lost or stolen, something needed to be done. Advancements to adaptive security systems will anticipate security risks and red flag any anomalous, or threatening activity. In addition, a host of security features, once offered as add-ons, will become standard features of most security software.
  4. Scheduling software. Have you ever felt like you spend more time trying to arrange meetings than actually sitting in them? Online scheduling software just might be the next best thing. Companies such as Squareup give you can your CPA the ability to check availability and schedule appointments, with virtually no help. Of course, if you don’t know, you won’t go – text message alerts and email reminders can be activated to make sure you don’t miss a thing.
  5. Event drivers. Similar to scheduling software, event drivers help bring an entire team together. For instance, if your accounting software recognizes an issue, or event, that needs to be discussed, it automatically alerts your CPA’s network, and any other relevant parties, then automatically schedules a meeting.
  6. Value-based pricing. Offering advisory services based on a flat rate is a growing trend in many industry, but also can impact the way your business’ finances are allotted. Software that combines project time with a value pricing system can help you make adjustments to your rates based on labor and capacity compared to profits, and makes the data crunching easier on your CPA so they can better advise of its value.
  7. Digital dashboards. These information delivery systems are becoming popular throughout a wide range of services, from time management to fitness apps. Connecting your business’ platforms to a single dashboard can give your financial advisor a snapshot view of key performance indicators that’s quick and easy to process, so they can make better and more timely decisions and recommendations that come from seeing the whole picture.
  8. Payroll technology. Further implementation and advancements in payroll software have expanded an already useful tool. Programs such as QuickBooks not only streamline the payroll processing, they also generate reports that assist with everything from taxes to improving the entire payroll process. And as we’ve said before, giving access to your CPA means easier and more efficient financial management.

Where the rubber hits the road

Like most industries, technology in accounting is rapidly changing how accountants conduct business. For the most part, the changes are welcome. However, it also means keeping up with current trends, knowing which will evolve into industry standards, and which ones history will identify as, well, trends.

Service is the number one priority of our accountants at No Boundaries. That means maintaining pace with the latest in accounting technology. If you’re ready to explore all that 2018 has to offer, connect with us today. We’re looking forward to helping you ensure a brilliant year for your business!

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