Accounting Trends: The Shift From Ledgers To Business Insights

The accounting industry is evolving rapidly in response to advances in both technology and software. Tools like ledgers and Microsoft Excel are making way for accounting solutions that are streamlining business processes and improving efficiency. This blog post will outline the latest accounting trends that are changing the accounting industry in 2017. Read more

How Accounting Technology Can Help Streamline Your Business Bookkeeping

For small and medium businesses, bookkeeping has always been an essential but time-consuming task that needs the focus of a full-time or part-time bookkeeper. Evolving accounting technology is rapidly changing the way businesses operate by streamlining processes like bookkeeping. The result is liberated employees who are free to focus on core business processes.

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The Influence Of Technology On The Accounting Industry

Technology has come to define the modern accounting industry. Pens, paper, and calculators are still around, but accountants no longer rely on them to balance ledgers or do reports. Instead, they use rapidly evolving accounting technology. This blog post will focus on how this technology has changed the accounting industry.

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Accounting Solutions That Are Changing The Financial World

Businesses are constantly evolving their business finance and accounting solutions to meet the needs of their clients and the growing demands of the finance industry. Social media, CRM, and digital marketing solutions all impact today’s accounting industry resulting in greater efficiencies, reduced costs, and improved client relationships. Here are the top business and accounting solutions that are changing the accounting industry.

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Use a CRM system to improve your client interactions

To work efficiently and compliantly, you need a central record of client information. Your CRM system should seamlessly integrate with your existing workflows and accounting tools to avoid creating unnecessary work. If your business has an organized CRM, you’re already one step ahead of those still trying to tap into archived emails.

Free your business from the desktop with cloud-based accounting

Cloud-based accounting solutions offer numerous significant benefits. As all cloud-based accounting solutions are hosted in the cloud rather than on-site, they enable your employees to access accounting and financial data from anywhere in the world on any connected device. Employees can even work remotely from your clients’ offices.

Cloud-based accounting solutions update automatically and financial reporting takes place in real-time, which means your team is always using the latest software and your clients’ account balances are always accurate. Businesses are increasingly turning to cloud-based accounting solutions for improved efficiency, reliability, and simplicity.

Cover the basics and offer added value

Clients turn to accountants to help them with their taxes, financial statements, and records. Many accounting firms offer added-value accounting solutions as well, like helping clients plan for their financial goals, save for retirement, and improve their financial status.

Don’t be afraid to market added-value accounting solutions to your clients. Set up marketing campaigns that target specific age groups and challenges. For example, 18–30 year olds want to save for their educational needs and purchase a home; whereas 31–45 year olds want to invest in their children’s’ educational needs and retired clients want to maximize their savings.

Move online for improved communication

While there’s a good chance you communicate by email and have a company website, there’s more you can do to enhance your digital communication. For instance, consider syncing your email with your CRM with an automatic ‘bcc’ that attaches every email to the appropriate CRM account. This will enhance compliance, as well as make it easy for anyone to pick up the account and get up-to-speed with the client. Another tactic is to move all quarterly newsletters online and track your engagement rate. When you know which content works, you can tweak accordingly and improve open rates.

Automate for greater marketing efficiency

To provide your clients with the right content when they need it, you should automate content production and delivery. Content should be scheduled and segmented according to your client base and prospective markets.

Escalate client engagement with digital marketing solutions

Forbes notes that millennials are the most influential consumer generation to date, with an annual buying power of over $200 billion in America alone. Millennials are the driving force behind the economy, and are more likely to demand expertise and thought leadership before closing a deal. The accounting industry connects and engages with millennials using digital marketing solutions like ClickMeeting, Huddle, and communication tools like Slack. They also use social media platforms to attract clients by establishing financial thought-leadership in the digital space.

Companies like Easier Accounting already harness the power of digital, cloud-based technology to offer businesses improved efficiency, streamlined workflows, and substantial bottom-line savings.

For more information on current business and finance trends, download our guide:

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Is it a Good Idea to Transition to Cloud Accounting?

Some business owners get stuck in the rut of maintaining old accounting systems. If it isn’t broken, then why does it need to be fixed? Even though an outdated accounting system seems to be working right now, it is essential to look at the benefits that you might be leaving on the table if you don’t upgrade.

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What is Cloud Accounting?

Have you heard people refer to “the cloud?” This term is used when any software or program is hosted on the internet. Every time you access the information, you are looking at files that are stored in an off-site location instead of keeping the files on the hard drive of your computer.

There are many benefits to using the cloud for your accounting system. Businesses that implement these strategies have found that they can save both money and time by making this transition.

Objections to Cloud Based Accounting

Business owners who are stuck in old accounting systems often have similar objections. Here are some of the comments that we often hear:

  • I won’t lose the files if they are on my own hard drive: One misconception is that files stored in the cloud have a higher risk of getting lost or deleted. It can be devastating to lose financial information, so it is understandable why people are nervous about trusting an unseen server for file storage. The truth is that cloud storage offers a safer option compared to files that are kept on the hard drive of your computer. With multiple back-ups at off-site locations, your files will be protected even if your computer hard drive crashes.
  • Cloud accounting isn’t secure: Who will be managing your financial details if the files are stored in the cloud? These systems are designed to be secure, keeping your information protected at all times. Certain security measures are implemented, such as encryption and password protection, allowing you to control the people who can access your information.
  • It will be too expensive to update the accounting system: The truth is that you might save money by implementing a new accounting system. Old software programs can be expensive to upgrade each time a new version is released. Instead, a cloud-based program always gives you access to the latest features, helping you to save money and time.

If you are ready to learn more about the benefits of a cloud-based accounting program, then we are here to help! Call our team at Easier Accounting to learn more about how we can implement this system for your business: (888) 620-0770

Five Accounting And Business Trends For 2017

2017 looks set to be an exciting and promising year for small to medium business owners as they harness all the power modern technology brings to work more efficiently, lower business costs and improve their bottom line. From social media to e-commerce to digital business trends and accounting systems, companies are transforming the way they operate and relate to their clients. Here are the top five business trends we can expect to see develop in 2017.

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  1. Increased collaboration

There is a huge push within the business and accounting worlds to increase collaboration with clients. This is largely as a result of ‘the rise of the Millennials’, the biggest and most influential consumer force the Western world has ever experienced.  This generation of consumers and clients were born between 1982 and 1999 and represent one-fourth of the world’s total population.

They are today’s most lucrative market with an annual expected buying power in excess of $200 billion in 2017. This generation demands transparency and collaboration from the brands they buy from and the businesses they work with. As a result, the business and financial world are embracing meeting and web conferencing services like ClickMeeting, Huddle and tools like Slack in order to instantly and seamlessly communicate with their clients.

  1. Increased use of social media

Businesses are not immune from the huge rise in the popularity of social media. According to Statista, there are 2.3 billion active social media users and more businesses and accountants realize that it’s the way forward to reach a wider community, maintain business partnerships and attract more potential clients. It’s also the ideal way to stay up-to-date with industry news and events.

  1. Increased use of EMV payment security

The migration to EMV (Europay, Mastercard and Visa) payment standards guarantees small businesses and customers against fraud. Protecting the security of your business and its customers should be your number-one priority and EMV ensures you are doing this. Without it going forward, you will lose credibility with your customers and open yourself up to financial risk.

  1. Increased use of Business Intelligence

Business Intelligence (BI) software has historically been used by big business to curate, store and visualize Big Data. But the growth of Internet technology has made it increasingly possible for small businesses to take advantage of this trend of activity to monitor and track their business’s data in real-time with dashboards that integrate with almost every platform – from sales to social media.

  1. Increased use of digital tools and software

Already touched upon with BI, digital technology is changing the world of business and accounting. Cloud technology has changed the way the accounting and financial industry operate and Accenture Research reports that 85% of CFOs say they plan to increase their investment in the cloud in the next two years, and over a third expect the investment to increase by over 25% during that time. Most businesses are already tapping into the benefits of digital business trends and even small businesses are enjoying the benefits of connecting to their business anywhere, anytime.

These benefits include:

  • Improved scalability: Businesses can scale up or scale down their operations and storage needs to suit their situation. Instead of purchasing and installing expensive equipment and software, they can now access this all from the cloud.
  • Reduced IT costs: By accessing the resources of your cloud computing service provider, you no longer have to pay wages for experts, staff on site and the cost of new software upgrades, as are all included in your contract
  • Flexibility of work practices: Digital technology and cloud services enable employees to be more flexible and collaborative in their work practices. They can all work from and amend the same document in real-time, access data from home and connect to their virtual office quickly and easily.

 

Companies like Easier Accounting are already harnessing the benefits that digital technology offers with flexible online accounting solutions that help business improve productivity and enjoy significant cost and time-saving advantages.

For more information about the top business trends affecting the accounting and finance world in 2017, download our guide:

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How To Develop A Powerhouse Financial Strategy

Creating a financial strategy is an essential part of any business’s success. A financial strategy often forms part of a much larger business plan and sets out how your business plans to finance its overall operations in order to meet its objectives now and in the future. It also helps to establish and communicate your business’s operating costs to company executives and investors.

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Financial Accounting Basics In The Digital World

Digital technology has completely revolutionised the way we communicate, purchase products and do our work. The accounting and finance world are not immune to this change and forward-thinking accounting companies are adopting the latest digital technology and solutions to streamline their businesses and offer their customers more. Read more

Accounting Tips: 11 Blogs You Should Be Following

As we approach 2017, we can see that it looks set to continue some of the biggest accounting trends that emerged in 2016 and some interesting new developments are also predicted. To stay on top of what’s happening in the world of accounting and finance, it’s important to have access to the latest accounting tips and industry news.

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To help you with this, we’ve put together some of the most interesting and informative blogs that cover accounting tips and financial information. All these blogs provide well-researched information and insightful opinions that can help you grow your business and attract more clients.

1.  The Accountex Report

The Accountex report is written by Chris Horner and provides technical and marketing information about accounting solutions for small to medium-sized accounting firms. Read it to discover the latest technical information on accounting software, best accounting business practices, and reviews on the latest solutions that will improve your productivity and workflow.

2.  The Accounting Onion

The Accounting Onion literally peels away financial reporting issues one layer at a time and gets right to the heart of every matter. It’s written by Tom Selling, an accounting professor who holds a CPA license. This blog offers well-informed accounting tips and advice.

3.  The Barefoot Accountant

For an “irreverent, tongue-in-cheek, straight-up blog” that gives an insightful yet light-hearted view, read this blog written by William Brighenti. Despite its lighter tone, Brighenti is a public accountant who has taught at many colleges and universities, so you can be sure you’re getting solid advice.

4.  Accounting Web

Edited and primarily written by Seth Fineberg, Accounting Web is a community site for tax and accounting professionals of smaller firms. It offers practical and useful accounting tips coming from the community itself and other thought leaders.

5.  Growth Force

The writer of this blog is Stephen King and it provides up-to-date accounting tips and news and information on how small businesses and nonprofits can use management accounting and financial tools to succeed. Read it to understand how accounting best practices can help your company get to grips with key topics like managing cash flow and bookkeeping.

6.  Accounting Today

Stay up-to-date with the latest news and articles about the accounting and finance world. Used as a resource for CPAs, this blog has lots of useful content for all accountants, no matter what their level of experience.

7.   Going Concern

Caleb Newquist is the writer of this blog and it provides ‘hip’ accounting information. In fact, people have labelled it as the accounting world’s answer to TMZ or the Daily Show. Read it for current topics, including why “dressing professional” is no longer required for the average accountant.

8.  AccountingDepartment.com

The leaders of this blog share their wide experience and industry knowledge in order to cover the most important topics and best practices for small financial businesses. Read it for bookkeeping and controller services advice, and discover the right way of doing things and how to avoid the biggest problems many larger businesses encounter.

9.  Accountant By Day

Written by Kelly, this blog covers the life and musings of the everyday life of an auditor and tax consultant. It is the follow-on of her previous blog, AccountingElf.com, where she wrote about her experiences as an accounting student. Read it for insights into daily accounting and tax issues and the valuable and practical advice Kelly offers.

10.  The Dancing Accountant

Nancy McClelland, CPA, MAFM, is the writer of this blog, which offers advice and industry news to other accountants and financial professionals. Read it for a wide variety of posts covering real-world challenges reflecting Nancy’s extensive experience gained from working with well over a hundred businesses.

11.  His CPA, P.C.

This blog is written by John Dillard and is a financial guide to entrepreneurship in America. If you’re a business owner, read for wisdom and guidance in order to make informed business decisions as you work with best practices and tax laws to build your business.

For more up-to-date information about the top trends affecting the business and finance world in 2017, download our guide below:

 

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4 Ways the Accounting Industry is Transforming

Digital information is transforming the way businesses are managed, making it easier than ever to move forward in an innovative way. As you are shaping the future of your company, are you proactively using the tools that are available?

Many businesses aren’t leveraging the full benefits of a modern accounting system. Here are a few ways the accounting industry is transforming to serve your company better:

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Outsource Accounting Skills

There is no need to hire an in-house financial professional because outsourced accounting gives you the opportunity to access these services at a cheaper cost. When you hire an outsourced accountant, you don’t have to worry about employee management or the cost of bringing another individual into your office space. Additionally, there is no need to worry about face-to-face meetings. An outsourced accountant can set up a phone call or video meeting so that you can manage your company from anywhere in the world.

More than Basic Number Crunching

When you hire an accounting team to help with your small business, you will get access to more than just basic number crunching. In the past, financial services have focused on the busy work, leaving the difficult financial decisions up to the business owner. While you always have the final word on any business decisions that are made, you can benefit by asking for financial advice from your accountant. This information can be invaluable to help you make the best decisions for the future success of your company.

Value Based Pricing

For a long time, business pricing and financial decisions were made based on the numbers. It was a race to the bottom to bring in customers based on the lowest price offered for products and services. Now, you can look at value-based pricing with your financial team, helping you to find the “sweet spot” where you can maximize your profits as much as possible.

Keeping Up with the Trends

As a business owner, you don’t need to waste your time trying to keep up with the changes in tax laws or other trends in the financial industry. Instead, you can work with a professional who will keep your company relevant. By hiring an experienced accounting team, you can rest assured to know that you are accessing excellent experience as well as innovative ideas that will evolve as the world changes.

At Easier Accounting, our goal is to provide the best outsourced accounting services that are available. Contact us to learn how we can boost your business by implementing the latest trends in the accounting industry: (888) 620-0770