Most accountants work a 40-hour work week, and overtime isn’t uncommon. Thankfully, the latest tech reduces manual jobs, improves accounting accuracy, and makes it easier for teams to communicate. That can free up time for hard-working accountants so they can focus on value-added tasks.
Here’s how technology has revolutionized the accounting profession in the last few years.
Automating Repetitive Tasks
Invoicing, tax prep, and bank reconciliations are just some of the routine tasks that accountants like you might perform in their jobs. The latest automation software will eliminate some of this energy-sucking work and make your life so much easier:
Here are some of the ways different tools can streamline repetitive tasks:
- Optical character recognition software automatically extracts information from invoices, preventing manual data entry.
- Reconciliation software automates daily imports and categorizes bank transactions.
- Expense-tracking apps help your firm budget costs.
- Payroll software calculates withholding taxes for your team, making payroll less of a chore.
Cloud-Based Accounting Software
More accounting firms are investing in cloud-based software, and it’s not difficult to see why. These technologies enable accountants and bookkeepers to access applications and data no matter where they are in the world. That means team members don’t always have to be in the office and can complete their duties from any location.
Cloud-based tools also reduce the risk that comes with keeping sensitive accounting data on hardware such as USB drives. Even in worst-case scenarios, like a fire or flood, you’ll still be able to access the information you need and avoid disruption in your business.
Fifty-three percent of accountants currently use cloud-based tech to improve communications and project management functions, while 67% believe cloud computing will help them in their roles in the future.
Better Data Security
Your accounting firm is always at risk of data breaches because you probably store a massive amount of financial information, including Social Security and bank account numbers. The latest technology can protect sensitive customer data in the following ways:
- Encryption prevents unauthorized persons from accessing your accounting company’s data by encoding it.
- Access control mechanisms allow only authorized members of your team to view sensitive information.
- Data backup solutions enable you to access information after a cybercrime incident or natural disaster.
- Multi-factor authentication (MFA) provides an extra layer of security for accounting systems, making it more effective than using passwords alone.
Modern accounting software also helps you comply with data governance legislation and industry regulations when processing, storing, and sharing information. For example, CPAs can adhere to the Gramm–Leach–Bliley Act, which requires these professionals to safeguard sensitive data.
Real-time Financial Reporting
As an accountant, you need up-to-the-minute financial information so you can make smarter decisions. The latest software enables you to track financial performance in real time rather than waiting days or even weeks for insights.
The best accounting software generates accurate reports about almost every aspect of your business, including cash flow, expenses, and sales. It also reduces the human error associated with manual financial reporting on spreadsheets.
You can view insights about your company on dashboards, charts, graphs, heatmaps, and other data visualizations, making it easier to identify patterns and trends in all your data.
Collaboration
Thanks to the newest technology, it’s never been simpler to collaborate on projects with your team members. As previously mentioned, cloud-based tools are great for exchanging documents from pretty much anywhere as long as there’s an internet connection. Meanwhile, messaging applications like Slack let you communicate with your team. Even if someone is in the office, sending them a quick message through one of these apps might be easier than approaching them at their desk.
Technology has made access to information more accessible for accountants. For example, mobile apps let you monitor financial performance when you’re away from the office. Document management systems, on the other hand, let everyone on your team access the information they need from a single location.
Hire Top Talent for Your Accounting Firm
Embracing all the new technology above can reduce human error, eliminate repetitive jobs, improve accuracy, and help you make smarter decisions.
However, digital transformation is just one way to grow your accounting business. Hiring CPAs, bookkeepers, and other professionals will make your organization stronger and give you a competitive advantage. MRINetwork are experts in talent management and will help you find the right people for your company. No matter your recruitment goals, we can build your business.
Find your nearest MRINetwork office now, and let us streamline the hiring process!