New accounting technology is about to become a factor for accounting and finance companies. For accountants, there may not be anything better than paper and pencil, but today’s world is demanding more of an Internet-based solution. Customers, clients, employers and associates are demanding it too. Yet, many accounting applications and methods are paper-based. Even the first non-paper based software programs are sorely lacking in their ability to give users the diverse amount of information they need.
What’s Changing?
Finance and accounting companies and associates will need to push harder to get into modern-day software and services. Some experts are telling those in the industry to just start over. Don’t try to upgrade what you have – invest in rethought, reengineered products that can really enhance the way you do business. Some of the new accounting software products to look for include those that do the following:
- Monitor production and track inventory more efficiently
- Issue invoices and track them in a comprehensive tool
- Report production stats and other details in a matter of seconds rather than hours
- Calculate taxes, even complicated formulas, with excellent accuracy and near-immediate results
- Create on target, instant reports detailing, down to the minute, labor projections and reporting
There is also the need to stop doing what is no longer worthwhile to do. For those in the finance and accounting industry, this means no longer creating long, detailed reports by hand that can be done in moments through these higher powered systems. It also means no longer printing documents, but sharing them in a cloud or through an Internet-based link. Not only do the method of reporting and the type of reporting need to change, but communication and access to information does as well.
Speed is becoming the big name in the game. The process of recording transactions in a ledger, documenting invoices by hand and creating reports over a period of time is no longer enough. Though these practices and principles remain the same, what doesn’t work is the length of time it takes to get those reports in the hands of those who need them. New accounting products need to be fast, accurate and readily available in the blink of an eye. The lightening fast speed of the Internet is making it more demanding than ever that accountants have answers right away.
For those in the industry that do not make the change, it is possible that the accounting strategies they are using will fall to the wayside. In fact, some companies are slicing into accounting departments as a way of reducing overall costs. When there are powerful software tools that can do the same job, many employers are forced to make these decisions. Some experts warn that those who do not take steps to make changes could be out of their job sooner than they think.