With constantly evolving business challenges and needs, the firms don’t want their accounting challenges to be the stumbling block in their way to success. Hence, accounting professionals need to be updated about the latest technologies in the market to use them efficiently providing instant accounting solutions to the clients. Few such technologies are listed here:
1.Automated Accounting Software
Softwares like Quickbooks hosting services and Sageworks’ Electronic Tax Return Reader allows accountants to quickly import business information and financials from tax returns produced directly from a tax package. ATX Tax application has enhanced asset management capabilities with advanced tax computation features. Easy integration of these applications with Microsoft Office, 360, and Adobe Reader makes life easy of an accountant.
Cloud Computing enables accounting professionals and their clients to work collaboratively in a multi-user scenario accessing and updating their data from anywhere around the globe.
With advanced data backup and security solutions, accounting professionals can rest assured that their data is safe in the Cloud.
Instead of keeping separate records based on transaction receipts, accounting professionals can write transactions for the company directly into a joint register using the help of Blockchain, creating an interlocking system of enduring accounting records. These entries are distributed and cryptographically sealed; hence, corrupting or destroying them to conceal activity is practically impossible.
This technology further helps accountants in time of audits as it helps them verify a large portion of the most important data behind the financial statements automatically considerably saving a lot of cost and time necessary to conduct the audit.
For an accountant to grow in the profession, one must maintain a portal which can serve as a secure and convenient way to receive data from multiple companies simultaneously. Professionals can receive accounting data for tax returns easier and faster, and they can start filing tax returns early in the quarter eventually generating more revenue.
Rather than signing bundle of documents manually, there’s a more convenient way for accounting professionals to mark their authorization, that is, by using e-signature. Accountants can first certify their e-signatures and then can use them while printing any document eliminating the hassle of signing them by hand. A staff of the accountant need not chase him down for authorizations as they can use his e-signature with his permission without his physical presence.
With the advent of online accounting software, it is imperative for accountants to use smartphones and laptop supporting this software. With the help of these, they can gain 24/7 access to their accounting software and edit or update their files instantly from anywhere in the world.