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.

Problems with traditional accounting software paved way to the popularity of CFO services and remote accounting. As we speak, more business owners are making use of modern cloud accounting tools such as Xero, MYOB and QuickBooks to quicken the pace of their bookkeeping and accounting tasks.  

The debatable issue on whether cloud accounting is indeed good for your small business has long been settled. As companies grow and their critical numbers become more complex, so does the need for specialised bookkeeping and accounting assistance. There is no better way to get it done than to through the use of CFO services and cloud accounting softwares like the Xero or QuickBooks Online programs.