The whispers of Artificial Intelligence in the accounting field has some fearful that their job will become obsolete. It conjures images of Arnold Schwartzenegar, half man half machine, coming from the future to do our taxes. Truthfully, what the trend toward automation will do is improve workflow.
There’s no need to have a person dedicated to hand copying receipts into the computer when taking a picture will autofill a form for you. This reduces busy work allowing small businesses and large enterprises to focus on critical business functions.
Add to this the trend toward cloud-based and specialized software and you can perform more tasks with fewer resources.
Keep reading to discover how some accounting technology tools are integrating these changes.
FreshBooks is a full accounting suite that uses automation services and the cloud. Cross-app integration will be what makes software shine in the coming years. As apps start to become more decentralized, meaning specializing in one task, you’ll want your main software to function with it smoothly.
FreshBooks helps your business with recurring invoices and payment methods. It also supports the most popular online payment gateways. It’s built with small businesses in mind from freelancers to organizations.
NetSuite ERP is cloud-based software that goes where you go. It’s a full suite of accounting software integrated with e-commerce and marketing in mind. NetSuite is made to grow with your business from mid-sized to large enterprises.
A major trend in corporate technology is data analysis. NetSuite does this with business reports helping you make informed decisions.
This software is also formulated to function in multiple currencies and to be compliant with international accounting standards.
Sage Business Cloud Accounting
Sage Business Cloud Accounting makes the point of the trend toward cloud accounting. This software is a fully functioning suite that integrates e-commerce capability, payroll processing, and tax management. To get the full functionality of cloud storage the addon Sage 50cloud must be used.
The two combine to help you run your small business from anywhere you have internet access. So whether you need to create a pay stub, invoice a customer, or stay on track with your taxes, this suite will help you do it.
Xero is held as a pioneer in accounting technology. They broke the mold by making software that experts and non-experts alike could use easily. Their Android/iPhone/iPad apps can be used anywhere wi-fi exists.
Xero’s target customers are freelancers and small business owners. The starting pricing plan reflects this at only $9/month. It has full accounting capabilities and open API to allow for customization.
Tipalti is a fully-loaded payment and financial management system. A common issue businesses face as they grow is getting payments out on time. This cloud-based software specializes in automating payments to vendors, customers, and partners.
The precious time you spent doing repetitive tasks can now be used to focus on the business. Tipalti uses accounting standards to help your business stay compliant across the globe. This software’s target customer has upward of 250,000 employees.
Accounting Technology is Changing the Field of Finance
The trends toward cloud-based and automated software will only continue to grow.
As workflow is streamlined, tasks will be performed faster with fewer resources needed. This means that accountants will begin to function more like consultants. They will use their expertise to help companies get the most out of their software and their finances.
Adaptive software that is mobile-friendly and reduces busy-work will win the accounting technology race.
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