Cloud accounting has taken the business world by storm. Many firms, big and small, use SaaS accounting programs to manage all of their accounts properly and maintain visibility on their finances. At CapexCPA, we encourage businesses in all industries to adopt this technology and streamline their accounting process. Cloud computing has been growing at a rapid pace since it was first introduced. SaaS platforms have become more intuitive and sophisticated. Here are some new trends in cloud accounting in 2019:
1. Increasing Dependency on Mobile
Accounting software programs are primarily designed for desktop platforms. Most accountants and business owners don't want to navigate through endless rows of numbers on a small mobile phone screen. Despite this, mobile use has grown over the years, and many accounting firms have started to offer accounting apps. These apps can be used to send invoices, receive payments on the go, and even browse through information from any location in the world.
Mobile apps are convenient when you need to access your accounts immediately and make small changes. There's no need to start a computer, open a program, and type in the information.
2. Automation
Most industry insiders know that the accounting industry is changing. Sophisticated software programs can handle daily data entry and repetitive tasks. Human accountants focus their mind and creativity on tasks that require a more intuitive touch, like getting tax benefits, optimizing cash flow, and cutting costs.
Automation is the most significant trend in the industry. It allows businesses to cut down on time, direct their human resources to more productive tasks, and reduce the margin for error. Many business owners think automation is only for big companies with large amounts of data, but even small establishments can benefit from it.
3. Outsourcing
Small to mid-sized businesses have limited revenue and budget. They can’t afford to set up an accountancy department or hire a full-time professional accountant for their company. That’s why outsourcing has become so popular in recent years. You can hire a certified chartered accountant and enjoy the full benefits of their expertise without burning a hole in your pocket.
Modern accountancy firms provide many options to their clients. You can hire a professional accountant, use their cloud accountancy platform, or do both. This makes it easier for companies on a small budget to get professional help for their business accounts.
4. Data Analytics
Your accounts hold a lot of information, and this information can help you take your business to the next level. Modern cloud-based accounting programs don’t just keep your accounts in order, but also analyze the information. You can get detailed reports on expenses, revenue, inventory, payrolls, trends, etc. This information can be used to improve and optimize your business practices. If you plan well, you can get more revenue while spending less money.
Data analytics can also help professional accountants provide more nuanced advice on things like cash flow, taxation, reducing the tax burden, etc.
If you have trouble managing your accounts or need professional assistance, don’t hesitate to get in touch with us at CapexCPA contact us or call 416 903 4040.
Contact your Accountants today click on this link —> https://capexcpa.com/contact
- The Capex Team