Accounting & Bookkeeping Trends in Technology
Bookkeeping and Accounting are nearly as old as trade itself. As trade turned to commerce, structures and methods evolved to better account for a business’s profits and losses. We’ve grown further into technical needs of businesses thanks to larger markets, longer trade routes, and technological disturbances. We’ve compiled a list of the top five Accounting and Bookkeeping trends in tech to help you get an understanding of the tools we use at OC Bookkeeping to help businesses and institutions like yours.
1. Cloud Storage
The regular back and forth of file updates, confusion through out-of-date documents, and accidental disbursement of sensitive reports are becoming a thing of the past as more and more firms and businesses switch to storing their company records on the Cloud. With the cloud and tools from Google, Microsoft, and more, each partner works from the same files. This flexibility has given small-to-medium sized businesses a leg up on their larger competitors who are entrenched in the old ways of file sharing. And who wouldn’t want to be able to work on that report from the beach?
2. App-Based Tools
With specific needs in each business, the plethora of tools and systems presented by up-an-coming tech companies is a boon to effective business management. Point-of-sale systems, day-to-day accounting platforms, customer engagement, and invoicing services are all available for your business needs. The concept: “There’s an app for that” has never been more apt.
3. Accounting in Real-Time
Businesses are now better able to track their sales, campaigns, and tax liabilities in real-time, allowing them to defer to their accountants more regularly for advice and business planning strategy. By combining the data and expertise, small business owners are now making more informed decisions as they grow their businesses. Every day, more institutions, large and small, are integrating Block Chain into their processes, seemingly increasingly the speed of real-time. Information that used to take months to compile, sort, and report now take seconds. (And many are shortening that to fractions of a second.)
4. Web Finance
We can now access our business finances immediately through the cloud. So why not extend that access (when secure and responsible) to financial institutions that you hope to be doing business with in the future? What if you could apply for a loan with the push of a button? What if you were approved instantly? That’s the end-goal of programs and coding languages like Blockchain. You don’t have to do a thing and your financials can be exported and verified by a bank in minutes.
5. Machine Learning, Artificial Intelligence
We’re all used to running Excel and Sheets to view and organize our financials, but what happens when we no longer have to input financial statements? Reconciliation, tax accounting, and financial reporting can be done with the click of a button. So why is a bookkeeping agency sharing this with you? Well, we believe that these tools and trends are going to help us help you profit and reach your goals even more quickly than before. We at OC Bookkeeping are excited to be able to run reports and analyze new treasure troves of data to better advise and strategize with our clients. (The only person to be worried is your CFO!)
We’re here to help with all of your business and personal tax planning needs. So reach out and contact us and we’ll help guide you through the unpredictable future. As tax professionals, it’s our job to understand and follow the changes of any administration and will continue to work for your financial best interests. If you have tax questions or a tax debt you are unable to pay, our experienced tax settlement professionals are happy to discuss your tax resolution options free of charge. For more information about our services, visit us today at www.ocbookkeeping.com or call us at 877.889.6527. Our CPA’s, Enrolled Agents and other skilled accountants have a thorough understanding of tax law together with the experience necessary to know which tax settlement option will be the best fit for your specific set of circumstances.