Intuit projected that by 2020, 78% of small businesses will already be on the cloud. With this revolution, accountants’ roles are also evolving. Tasks are turned over with minimal human intervention, and time spent in doing manual bookkeeping is lessened as well. 

With the wave of innovation rushing through the years, the finance and accounting (F&A) industry witnessed the evolution towards a more streamlined and cost-effective process for businesses. However, even with these drastic changes onboard, one thing has remained constant: our continual consumption of paper in our transactions. 

In the past decade, disruptions in the accounting industry have become the norm, thanks to ever evolving financial technology trends. In this article, we look at fintech trends in 2019 that are expected to shape the finance and accounting industry in the next five years.

Cloud-based apps and accounting software has been growing in prominence among Australian small and medium enterprises (SMEs). If you’re looking for a cloud-based accounting software for your business, you’ll be joining one-thirds of the 2.23 million SMEs that have decided to shift to this technology.

Business analytics is important for you to stay competitive in the modern business landscape. As your company grows, so does the amount of data you handle in order to advance it to the next level. Huge amounts of data can be used to give yourself an advantage over your competitors (among other benefits), but along with it also come more obstacles. Like a man holding too many limes from the grocery store with nary a shopping bag to put them in, you’ll find it nearly impossible to balance all effectively, or to avoid dropping them as you walk out. For big data analytics, the cloud is your paper bag - a container of adequate size that makes sure you don’t drop anything on your way to the car. Below is a list of reasons how the cloud does this for you.  

As a business owner, keeping tabs on your inventory is an important responsibility that should always be your top priority. By effectively managing your inventory, you can easily reap significant financial benefits. Such benefits typically include tracking the costs of your inventory, monitoring profits, predicting inventory and forecasting changes in the prices of goods for sale.