As we continue to integrate technology into our everyday lives, it is inevitable that the finance and accounting industries must cope with the challenges that come their way as it cannot be denied that all change, no matter how beneficial, always come with necessary adjustments.
To help us prepare for the busy season this 2024, it is best to see what tools we can utilize to improve our current workflows. With this, we can expect that in the world of finances, we will see rapid changes around accounting technologies used by outsourced accounting providers to optimize their service delivery and increase the quality of their services.
Cloud computing will be a positively dominant force to help with the requirements of finance and accounting professionals. This implies that cloud computing will impact business functions and systems even if it lagged human resources, sales and marketing in the finance sector.
The cloud platform is where most businesses will collaborate in the coming years and will see the onset of it being the center of rapid application development specifically for finance and accounting use. The Software as a Service (SaaS) business model will also allow users to invest in new functions and capabilities as soon as they are available for everyone.
Mobile accounting technology has progressed to be a central trend in the world of finance and accounting. This trend will be more functional and practical for those who need to access their work at any time -- especially for accountants, internal auditors and CFOs who are always on the go.
Mobility offers convenience by retrieving information from corporate systems anytime, anywhere just through a mobile device. Additionally, we will see a shift from consuming information from a mobile device to harvesting information. End users can partake in corporate processes even if they are away from the office.
There is so much data in the finance and accounting industry and gathering this information is crucial in creating business plans that will mitigate risks in any organization. Aside from it serving as the reflection of where your company stands, your data is now more powerful – able to help you make future decisions for your company through analytics.
Gathering the raw data needed, however, is a challenge. That is why real-time analytics will aid organizations and companies to filter through the information to identify solutions and opportunities. Real-time analytics will generate immediate improvement in the performance of the company and gain a competitive edge against their competition.
Luckily, some accounting software currently exists with data analytics and financial projections as features – ready for us to use. By integrating them into our workflow we can utilize data to help strengthen company finances.
Social business tools are new developments in applications that are part of financial applications such as online banking and cloud accounting. These social tools will dodge traditional paper-based processes and emails while strengthening audit trials.
Examples of social business tools are the programs or software your company uses to publish content on your website and other campaigns along with tools that allow accounting firms to collaborate in real-time with their clients.
These tools can reach a wider audience than print and are starting to be utilized in the Accounting Industry to improve the client experience of accounting firms and companies.
Looking into these trends this 2024, would you consider their benefits?
Regardless of this, one thing is sure: change and further innovation is inevitable. Expect that there will be instant messaging capabilities in accounting applications so that users can collaborate and work closely in financial processes. Additionally, ‘user experience’ will be more fulfilling because they can process information instantly.
Along with the right tools, the right accountants can support you in exploring other possibilities for growth and revenue. This is where D&V Philippines comes in! With our trained experts, we can help you take the next step in managing your finances. Contact us today and we’ll help you find the right solution for your needs.
You can also grab a copy of our whitepaper Outsourcing: How to Make it Work to know how we can make outsourcing engagement work for your growing business.
This post was first published on 05 August 2014 and edited 29 March 2024. Edited by: Aly Tagamolila