Accounting Technology Your Firm Should Use

Grow Your Arsenal With These Accounting Technologies

4-minute read

 

By this time you should already be familiar with the different accounting technologies you need to be using.

Technology is a vital ingredient in an accountant’s job. Without it, it would be difficult to achieve compliance and getting everything done accurately, quickly and conveniently may not be possible.

A Huge Enabler For Offshoring

Technology has been a huge enabler for offshoring. Now, it’s possible to work from anywhere that has an internet connection. More importantly, it makes tasks easier to accomplish.

Automation tools can crunch numbers accurately and quickly. Various software can now automatically tally inventory, update data and even prepare reports and engagement letters without much hassle.

By harnessing the power of technology will make your job a lot more convenient. The upside is it will also make you less-stressed, therefore making you a happier accountant.

Technologies You Need To Start Using

Hubdoc

 

Accounting technologies Hubdoc

 

Hubdoc solves one of the problems accountants face: constantly having to ask clients for documents. Acquiring, extracting, and filing these documents can take a lot of time especially if clients are a little hard to get hold of. Collecting and preparing client documents take up a third of accountant’s time. Using Hubdoc will significantly free up your time.

Using Hubdoc will allow you to:

  • Automatically fetch historical and recurring bills & statements from banks and online suppliers.
  • Provide clients the capability to upload documents through email, mobile app, or simply scan and direct upload.
  • Create transactions in different accounting platforms effortlessly.
  • Back up documents in the cloud seamlessly.

Xero

Xero is an online accounting system designed to help small businesses. This business accounting solution is simple to use. It provides a real-time view of transactions and can generate interactive reports in real-time. It’s smart and secure. It also allows business owners and accountants to access data from anywhere.

Among its benefits include:

  • Easy remote access to files.
  • Multiple people can have access to important data anytime, anywhere.
  • Automatic and convenient matching of items in your bank feed.
  • Create, send and automate customised, professional-looking invoices without the hassle.

Quickbooks

This software is designed to manage inventory, payroll and sales. It also features marketing tools, product and supplies and training solutions. With this, accountants can monitor expenses, create invoices and reports, as well as track and charge orders and job statuses.

Using Quickbooks for your business will allow you to:

  • Handle recurring bills with ease.
  • Record transactions for easy access in the future.
  • Keep track of all expenses according to certain categories.
  • Eliminate the need to reconcile manually.
  • Automatically create invoices and track sales.
  • Create financial reports with ease.

MYOB

A comprehensive accounting tool that streamlines various aspects of business management such as payroll processing, bookkeeping, accounting, tax compliance,CRM, and live reporting. It also easily integrates with other cloud software solutions. It also offers the following benefits for your business:

  • Easy access to data anytime, anywhere.
  • Record asset write-offs and depreciation.
  • Create reports instantly and conveniently.
  • Lodge taxable payments directly to the ATO.
  • Automate credit notes, purchase orders, and payroll.
  • Get accurate data for effective financial management.

Receipt Bank

 

accounting technologies receipt bank

 

Receipt Bank offers the fastest, easiest, and the most accurate way to acquire client data. This makes effortless bookkeeping possible because it eliminates the need to chase clients.

This gets the manual work under control. You can now get data in real time without the hassle, allowing for increased productivity.  By using this you will enjoy:

  • More free time for client-facing tasks because all the monotonous tasks are taken care of.
  • Convenience in acquiring data through smartphones, apps, scan and upload, and even Dropbox.
  • Accuracy when generating transactions.
  • Easily integrate this tool with your other accounting apps.

Spotlight

 

accounting technologies spotlight

This accounting software provides cloud-based financial reporting through templates so you can save time and effort. Using a wide range of tools, accountants will have an easier time extracting and analysing data.

Using Spotlight will help you provide more detailed reports to clients and better assist them in decision-making so you can add more value to your services.

Practice Ignition

 

accounting technologies for your firm practice ignition

 

This accounting automation solution is designed to help firms streamline workflows and other related processes.

There are tons of other apps and software out there designed to help make your job easier. By utilising technology, you will have more time for more client-facing tasks, so start getting your feet wet. Learn how you can maximise these for better productivity.

Our previous webinar, called “Optimising Your Firm With Essential Cloud Technology,” featured three key accounting technologies, including Practice Ignition, that play important roles in driving success to accounting firms. You can learn more by watching this video below.

 

 

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Looking to scale your business by getting the right people to do specific roles? Call our global offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.



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The Outsourced Accountant

The Outsourced Accountant official writer