From automated processes to real-time data analysis, technology has become a driving force behind the evolution of accounting practices. We look at the impact of technology in accounting and how it has transformed and reshaped the way financial professionals operate including what we are doing here at Plus Accounting.
Automation of Repetitive Tasks:
One of the most significant impacts of technology in accounting is the automation of routine and repetitive tasks. Manual data entry, calculations, and bookkeeping have given way to sophisticated software solutions that handle these tasks seamlessly. This not only reduces the likelihood of human error but also allows accountants to focus on more complex and analytical aspects of their roles.
What are Plus Accounting doing?
We have implemented various tools to enhance both efficiency and accuracy across a number of internal operations. Purchase Orders and Invoices are seamlessly managed with ApprovalMax, ensuring a smooth approval workflow. Dext is used to extract crucial data from bills, receipts, and invoices, optimising the organisation and accessibility of key information. We also use the Cloud Accounting app, Chaser, which automates the follow-up process for customer payments, improving cash flow management. To further enhance automation, payment runs are streamlined with Telleroo, contributing to a more efficient and error-free financial workflow. Our bank account reconciliation is completed within Xero, providing a reliable platform for financial accuracy.
We also utilise an outsourced payroll expert in Sussex Payroll Services, who efficiently manage all client payrolls using payroll software, Star. Our internal record storage and client database maintenance are facilitated by accounting software IRIS.
Collectively, these integrated tools enable us to operate with heightened precision and effectiveness in our day-to-day financial and administrative tasks.
Cloud Computing and Remote Collaboration:
Cloud computing has transformed the accounting landscape by enabling professionals to access data and applications from anywhere with an internet connection. This has paved the way for remote collaboration, allowing accounting teams to work seamlessly across different locations. Real-time updates and instant access to financial information enhance collaboration and decision-making processes.
What are Plus Accounting doing?
As seasoned Cloud Accounting and Bookkeeping experts, we hold the distinction of being Xero Platinum Partners, a testament to our commitment to leveraging cutting-edge technology for financial excellence. We understand the importance behind the security of secure document sharing and currently use the Iris Openspace portal, ensuring confidential information is exchanged securely within the team. Additionally, our commitment to modern Audit practices is underscored by the integration of Caseware Cloud Audit software, which enables our team to conduct thorough and efficient audits.
We have embraced a flexible work environment at our office, and provide our team with the opportunity for remote collaboration by ensuring the right technology is in place, this in turn ensures that the team is able to achieve a positive a work-life balance.
This combination of expertise and technology puts us in a positive position within cloud-based financial management, consistently delivering high-quality services and adapting to the evolving landscape of remote work and secure data sharing.
Enhanced Data Security:
Technology advancement has led to the development of robust cybersecurity measures. Cloud-based accounting systems often employ encryption, multi-factor authentication, and regular security updates to safeguard sensitive financial information. Technology has, in fact, contributed to making data more secure and less vulnerable to physical threats like theft or natural disasters.
What are Plus Accounting doing?
In our commitment to securely handling sensitive financial information, we actively utilise multi-factor authentication wherever possible. This security measure is applied comprehensively across all software applications, ensuring an additional layer of protection. Furthermore, we prioritise document security by password-protecting sensitive files, adding an extra level of safeguarding to critical data.
Through these measures, we are continuing to provide a comprehensive process for the protection of financial information.
Big Data Analytics:
The availability of vast amounts of financial data has given rise to the era of big data analytics in accounting. Advanced analytics tools can process large datasets quickly, providing valuable insights into financial trends, patterns, and anomalies. Accountants can now make more informed decisions, identify opportunities, and mitigate risks by leveraging the power of big data.
What are Plus Accounting doing?
By using GA4, we are able to gain insights into our website performance and also understand the success of our digital campaigns. By using this tool, we can track and analyse key metrics, allowing us to make data-driven decisions that enhance our online presence and marketing strategies.
This approach allows us to optimise our digital initiatives and ensures a thorough review of our financial metrics, contributing to a more informed and strategic decision-making process across our operations.
Real-time Financial Reporting:
Gone are the days of waiting for month-end reports to assess a company’s financial health. Technology has enabled real-time financial reporting, allowing stakeholders to access real time financial information. This not only facilitates quicker decision-making but also provides a more accurate reflection of a company’s current financial status.
What are Plus Accounting doing?
With the integration of Xero, we’ve streamlined our financial reporting processes, which in turn provides us with real-time insights into our financial performance. This integration facilitates budget tracking and allows us to generate real-time reports that provide a comprehensive overview of our financial health. These real-time reports are invaluable not only for internal decision-making but also for external client communications, such as board meetings and business review sessions. With up-to-date financial data, we can effectively address real-time queries and make informed decisions in a timely manner, ultimately contributing to the agility and responsiveness of our business operations.
The impact of technology in accounting is undeniable, ushering in an era of efficiency, accuracy, and innovation. As accounting professionals continue to embrace and adapt to technological advancements, the industry will undoubtedly experience further developments over the coming years.
“Implementing time saving efficiencies across software platforms is great, by making applications talk together it makes finances work like a dream come true, and our clients are getting hours back to do what they enjoy rather than worrying about accounting all the time.
I enjoy having conversations with our clients that leads to helping them solve a pressing issue quickly. Due to the access to instant real time data it means it doesn’t take a long time for the data assessment to take place and we are sharing insights with them as soon as possible”.
Emma Hardwick
“The increase of automation means that business owners can spend more time on what they do best – grow their business. However, with increased reliance on technology comes risks around cybersecurity and ensuring the processes do what is intended. We use our experience of 100’s of clients to design best-in-class processes that are secure, and ensure the right information is surfaced. This is crucial to making sure that business decisions are made on correct data and can be trusted”.
Jake Standing
Author: Plus Accounting
Any views or opinions represented in this blog are personal, belong solely to the blog owner, and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. Please note that AI has been utilised in generating content for this blog.
Date published: 13 March 2024