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Top Accounting And Business Trends Making An Impact In 2017

The world of accounting and business finance is changing rapidly in response to technology. Streamlined processes and digital accounting solutions have moved today’s businesses far beyond the realms of manual ledgers and reporting. In its place are far more efficient, productive way of doing business. In this blog post, we are going to focus on the key business trends driving success in 2017.

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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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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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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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