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How Accountants Can Use Growing Technology to Revolutionize their Practice

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There are various tools that accountants can use to keep them at the forefront of growing technology. We are living in a paperless age, and accountants need to use technology in order for them not to get left-behind.The days of balancing manual sales ledger books are over. No longer do accountants need to reconcile the books, by writing down entries in columned purchase and sales ledger books.

Technology has come along to revolutionize their practice and take accounts to the next level.

In order to grow with technology, accountants must stay abreast with the changes and new accounting tools that are constantly emerging. Embracing change will produce a more efficient, organized and smarter working practice.

From various  tools that make accounting a lot more easier, to websites dedicated to helping accountants get better, there’s a lot more accountants can achieve by embracing growing technology.

Based on my experience researching and observing the cpa exam study niche for a while now, I can tell you confidently that there’s a lot accountants can benefit from evolving technology.

Does Growth in Technology Come With Challenges?

Growth in technology entails training to develop new skills and knowledge in order to use new accounting software packages effectively. Accountants who are reluctant to change will find the most challenges in adapting their practices to forge ahead and accommodate new technology.

Advantages of Using Growing Technology in Accounts

Technology increases productivity, make work easier, creates accurate solutions and enables you to keep all documents in one place. It reduces worrying about misplacing files or sorting through reams of paper.

Data is easier to access wherever you are. Accountants are able to access electronic files online, in their offices, at home or on the client’s business premises.

However, flexibility should be considered when using technology. Accounting software should be constantly updated to offer new facilities, such as credit card processing.

Using Computerized Accounting Systems for More Accuracy

The benefits of using computerized accounting systems is that after making manual entries of your ledgers, you will be able to track and record financial data. You caneasily create reports and make any necessary changes.

Internal checks and balance measures are integrated into most computerized systems. This ensures that financial statements will not be prepared if the accounts and transactions are not accurately balanced. Journal entries will also be safeguarded to ensure that they are balanced before being posted.

Large quantities of financial information will be processed through the accounting system quickly. Therefore, month or year-end closing will not require such laborious actions to complete. The results are shorter periods spent on this task, reduce cost and increased efficiency.

New Technology Provides Tighter Data Security and Storage

Security measures to client’s accounting data should be adequately restricted so that only those who are approved will have access to it. Accounting software packages has improved their security by using a system based on business function and customer set-up or both. This is usually managed by the system administrator.

Backup and data storage are handled in several ways. There are choices of external storage devices. Financial data are backed up on CDs, DVDs or zip discs. There is also electronic data storage which includes external hard drives or tape drives. These can be controlled either on or off-site and can be removed from the operating system. For stringent security measures, data can also be stored in a remote, discreet off-site location. This decreases the risk of losing data.

3 Accounting Software to Enhance the Accountant’s Practice

 

There are some innovative accounting software packages available that will revolutionize the forward-thinking accountant. Not only will growth becomes easier, they will be running ahead of competitors.

Before you decide on which software to use, there are a few things to consider. Your choice of software should be ones that will grow with your company. Read several software product reviews to ensure that you choose the right one to meet your requirements and future needs. Determine whether the software will be adequate for extra users or added data. Also will it work with various operating systems such as Windows, Mac or Linux?

The following accounting tools are worth considering as they will benefit your clients and your practice.

This is an all-round accounting package which will allow you to manage your books, reports, cash flow, online banking and keep on top of taxes. This tool incorporates all the facilities you need to run your business in one package. Some of the benefits of using Sage are: the swift overview which shows reports, sales trends and inventory items; the ability to write and cancel checks, make deposits and reconcile bank accounts; alter accounting periods, register accounts, make ledger entries, customize forms, share reports via email, save them as a PDF file or export them to Excel.

Quick Books is easy to use. The 2011 version allows you to send email through webmail services such as Yahoo or Gmail,whereas, before it was limited to just Outlook. You can easily view customer’s purchased items, balances and payments received. It includes a collection centre which displays overdue accounts and sends group email late statements with invoices attached.

There are useful add-ons that come with Quick Books, which enable you to process payments, print checks and make direct deposits.

This accounting software is designed to work with your iPhone or iPad. AccountEdge is useful if you are just starting out. However, it’s not ideal fortransferring a lot of data from another accounting application.

AccountEdge 2011 has three banking sections. They are Bank Register where you are able to reconcile accounts and access a transactional journal.  You can prepare money for banking and print receipts under the Receive Money section. And finally, under the Send Money section you can print checks, email payment notices and prepare electronic payments.

This software has 100 business templates which you can customize to your own preference.

Basic accounting information, online support library, how-to guides and documents about the product for Mac and Windows users are also available to every license holders.AccountEdge 2011 has several other benefits and features, to help the accountant organise his practice.

Technology is a way of life and will be advancing as the years progresses. Accountants should take advantage of this growing trend to revolutionize their practice. This will give them the ability to offer an outstanding service as they grow and embrace on-going changes.

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