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Modern Accounting: How to Ensure Your Business is Staying Current

Technology has improved the way business is done, making it possible to connect with customers and business contacts through the internet. If you want to maximize the success of your business, then you need to be sure that you are using modern accounting tools to support your financial tracking. What resources are used in your business systems? It’s a great time to talk to an outsourced accounting team to learn more about the processes that can be used to improve your business systems.

Whether you are looking for options to improve your tax strategy or you need to systematize payment collection from your customers, a few good accounting tools can go a long way to improve your results. Investing in the right accounting and bookkeeping software will help you tap into the resources that can be used to amp up your financial systems.

What is Modern Accounting?

Before the invention of computers and the internet, business owners tracked their transactions by hand. These accounting ledgers were used to record money/products that moved in and out of the business account, and most of the transactions were paid in cash. If you go back thousands of years in history, it is possible to find ancient records that show accounting and business tracking in the most basic forms.

Now, the business world has changed. Technology is a foundational aspect of supporting the needs of a company. If you don’t accept digital payments, then it means that your customers are likely going to head to your competitors. Not only do you need to integrate technology into your business systems, but you need to be sure that you are using the tools that are the right fit for your industry and individual needs.

Modern accounting means that you are using technology and accounting software programs to systematize your financial tracking. Every transaction that moves in and out of your account needs to be recorded. There’s no need to write these things down by hand. Instead, you can leverage the automation of modern accounting software programs that take care of the tracking for you.

Even the accounting systems that use the most advanced technology available in the accounting industry are designed with double-entry bookkeeping systems. This approach means that there are always two entries for every transaction: debits and credits. Double-entry accounting dates as far back as 1494, but it’s only been in recent years that these systems have been automated through software programs.

Accounting is the Language of Business

The best way to communicate detailed information about your business is to have the option to run financial reports regarding the profitability of the company. These financial details are required if you are looking for investment money or partnering with other businesses. At the same time, these modern accounting reports can also be used to assess the current snapshot, giving you information that will support decisions that are made regarding cash flow, spending, and hiring.

As the accounting industry continues to evolve through technology, it is impossible to know how these business practices will change in the future. We can’t even imagine the possibilities that lie in the future! The most important thing that can be done is to ensure that you are keeping up with current accounting trends so that you are on track with the way systems are changing with time.

Using a modern accounting approach for your business doesn’t mean that you are on the cutting-edge of all payment technologies. Sometimes, being the first to implement new technology might not be the best investment if others aren’t using the new systems yet. So, the best thing you can do is work with an experienced accounting team and payment processing service to ensure that you have the right balance between staying current without leading out too far in the industry.

Digital Accounting: Key to Business Tracking

When the term “digital accounting” is used, it refers to the electronic format of the formation, data, and transmission of financial information for your business. The math is always the same: money coming in will increase your account balance, and payables decrease your account balance. But you don’t need to balance the checkbook in the way that was done 30 years ago. Now these modern accounting systems automate the math and calculations.

This automation is key to free up your time. There’s no reason to spend hours of your day doing manual calculations. Instead, you can lean on the support that comes through the right accounting software. These programs are beneficial for improving accuracy and optimizing productivity for your team. When digital transactions are moving through your account, you can rest assured to know that everything is recorded because you are using a digital accounting system to record the information.

In addition to the basic bookkeeping and tracking required for every business, digital accounting also offers powerful solutions for data analysis. Collecting financial information doesn’t mean anything unless you have reports that showcase the financial health of the company. These digital, modern accounting systems have enhanced the reporting options. For example, the technology can report and interpret data more quickly than ever before. Plus, the information is more effective and efficient, giving you hands-on application that can have a dynamic impact on your business decisions.

Taking it to the Cloud

When digital accounting first started, there were still manual aspects required for calculations. For example, using a 10-key calculator allowed faster computing, but the numbers were still limited because of the possibility of typos or human error.

Then, the digital tracking moved to computers. Software programs could be installed on computer systems, giving business owners the option to enter transactions and track results. This step upgraded the digital accounting industry because the history could be stored digitally. The main weakness was that the accounting system was limited to a single computer, or an elaborate networking system needed to be implemented to share information on multiple devices. If the local hardware malfunctioned, then the accounting information would be lost.

One of the greatest benefits of our current, modern accounting systems is that information can be stored in the cloud. When transactions move through the accounting software, the data can be viewed on your computer. At the same time, all information is stored securely on an off-site computer. This cloud-based accounting solution minimizes the risk of losing all of the accounting data due to a system malfunction.

Another benefit of modern accounting is that multiple devices can access the financial reports from any location. Storing the data and systems in the cloud means that the information can be reviewed from any location, as long as the person has permissions and access to look at the reporting. For example, a business owner can see the business transactions in real-time, even when located in another part of the country or on the other side of the world. The internet allows the information to be shared and distributed, giving full access to anyone on your team. You can decide who is collaborating in the accounting and bookkeeping systems.

One Hub for All Financial Needs

A modern accounting system makes it easier than ever to keep up with financial responsibilities. Since your business records and financial information are stored in one location that is easy to access, you can view your accounts with the touch of a button. You can be on the road for a business meeting, and keep up with invoicing and payments from any location.

Additionally, digital accounting opens up opportunities for you to hire outsourced bookkeeping and accounting teams. There’s no need to have an accountant in your office when an outsourced accounting team can access your business financial information from their own office. Many businesses are moving to outsourced accounting solutions to save money and improve overall results, without the need to have a full-time accountant on the payroll.

As you can see, the internet has opened up many options that can improve your business systems. If you haven’t implemented modern accounting in your business, then it’s time to take action so that you can upgrade your financial tracking and improve overall results for the company.

Talk to Our Team About Modern Accounting Solutions

Are you exploring options to improve your business accounting systems? Our experienced team is here to answer your questions and assist with anything that you need. Working with an experienced, outsourced accounting team means that you can hand over the financial tasks that need to be addressed. Outsourcing bookkeeping and accounting can be an effective way to free up your time so that you can focus on other business responsibilities. There is no reason for you to spend your time on busy work when you can let the pros take responsibility for accounting support instead.

At Easier Accounting, we offer high-quality, personalized business accounting services. Our team specializes in small business solutions. We invite you to call at your convenience to learn more about the support that is available for your company: (888) 620-0770.

Millennial-Style Accounting: How to Modernize Your Business to Attract Millennials

As a forward-thinking business owner, you need to consider the ways that you can transform your systems to accommodate new trends in the industry. Many start-ups and small businesses are looking for ways to attract Millennials as employees and customers. So, there are a few things that you need to do to shape company culture so that you can increase the likelihood that you will be able to work with this generation.

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Whether you have a big local office or you are managing work-from-home employees, there are a few things that you can do to ensure that you are adopting a millennial mindset. Our team at Easier Accounting is working hard to stay ahead of the trends in the industry, and we will gladly help you transform your system accordingly. We specialize in small businesses and startups, so we have the hands-on experience that you need to ensure that your company is in line with the millennial mindset.

Here are a few tips to help you get started:

Get Rid of the Paper and Go Digital

Most people have a smartphone in their pocket, so there is no reason to fill the office with stacks of paperwork. If you are stuck in the system of only handing out paper checks, then you might cause a little irritation for millennials. This generation wants to work in a digital world, which means that they prefer automated solutions such as direct deposit.

If you are still distributing paper checks, then right now is a great time to choose a payroll processing system that allows for direct deposit. Not only will you improve the system for your employees, but you can also save a rainforest at the same time.

Flexibility of Options

Millennials don’t like to be tied into one pathway, so you need to make sure that you offer multiple options to cater to their needs. Consider the pricing structure of your products or services to see if you are offering the variety of choices that people prefer.

Putting together a solid business plan can be one of the best ways that you can improve the success of your company. Make sure that you talk to your accountant to be sure that you are designing a plan that will help you prepare for the future.

Tech Savvy Systems

Implementing a system for tech-savvy employees is a great way to show that your business is keeping up with the trends. Use a software program that keeps real-time data and information about the employee’s paycheck and benefits. This information can be valuable if an employee has questions about their withholding or payment.

The right cloud-based software can make it easy for you to run reports from any location. This information is always in sync with the accounting team, so that you never have to worry about lagged reporting. Additionally, a secure cloud-based accounting system can keep the information protected to reduce the risk of confidentiality breach due to prying eyes.

Consistency and Organization

You need to make sure that you are setting the right tone for your company with the right organization and consistency. These habits will influence the attitude of your employees and company culture. If paychecks are always sent on time without question, then your employees will feel the security that is needed to feel safe at work. Also, good organization helps to build trust in the company to improve overall company culture.

These practices are important for interactions with customers as well. When you are organized with an effective billing system, then your customers will pay the invoices and come back to buy from your company again in the future. They want to know that you are on top of everything, giving them confidence in your product or service. As you build the confidence of your customers and employee, it helps to boost the brand of your company at the same time.

Other Ways to Build Company Culture for Millennials

In addition to upgrading your accounting system to cater to millennial employees and customers, you also need to think about ways that you can strengthen your brand to show that you are leading the industry. Many people agree that millennials are focused on the details. The best way to set your company apart from the competition is to look for the small ways that you can create a lasting memory for each person.

Here are a few things that you can do in your office to boost the mood of your team each day:

  • Snacks and Treats: Millennials love free food, and you can build your company brand by having a snack area for everyone to enjoy. For example, have a cupboard with candy bars, mixed nuts, and fruit to curb the afternoon hunger when the cravings hit. Also, consider putting a candy jar on the front desk to welcome customers when they come into your office to visit.
  • Coffee and Drinks: Most people like to start their day with a cup of coffee, and you can help everyone feel at home in your office by offering free coffee. This expense is minimal compared to the long-lasting culture that you can create for your employees and customers. A coffee pot and a small fridge with soda and juice can be a great way to help millennials enjoy their experience with your company.
  • Catered Meals: A few snacks can go a long way to curb the cravings, but you can gain extra “brownie points” by catering meals for your employees. Pizza Fridays or take-out sandwiches can show extra gratitude for your team. This strategy can also be used to attract millennial customers. Offer free food at introductory meetings, and you will attract a bigger crowd.
  • Modern Décor: You only have about five seconds to create a lasting impression for each person who walks into your office, so make sure that you are setting the right impression. If people walk in to see shabby carpet and worn furniture, then they will have a bad impression about the services that you offer. Transform the appearance of your office, and you will boost the impression that people get when they walk through the door.
  • Online Presence: Whether you have a brick-and-mortar business or everything is run online, you need to make sure that you have a strong internet presence to build your company brand. A professionally designed website, social media profiles, and other online features can establish your company as a leader in the industry. People spend a lot of time online each day, and they will gain confidence in your business when they see that you have put effort into your online campaign. Look for an accounting system that can be integrated into your website to streamline transactions and make it easy for customers to buy your products.
  • Casual Clothing: If you want to attract millennial employees and customers, then it is time to ditch the suit and tie. For many years, companies held strict dress codes that required business casual every day of the week. Some companies relaxed their standards a little bit with casual Fridays. Now, forward-thinking companies aren’t worried about the dress code. Employees and customers can be comfortable in t-shirts and jeans. In fact, some companies have found that productivity goes up when they take a casual approach to dress code and other non-essential corporate rules.

Thinking Outside the Box

Millennials love the forward-thinking attitudes that are found in business owners who are looking outside the box. If you want to attract the millennial crowd as employees or customers, then you need to take a hard look at your company culture and the daily practices that are influencing your brand.

Just because the corporate culture has been unchanged for so many years, it doesn’t mean that you need to be stuck behind the times in these old habits. A few small changes can go a long way to transform your business and help you reach higher levels of success. Show your employees and customers that you are staying ahead in the industry, and you will naturally attract people who want to buy the products and services that you are offering.

A digital presence, automated systems, and modern accounting practices are essential to creating the foundation for your business. Make sure that you hire an entrepreneur-minded accounting team, like Easier Accounting. We know that things are changing, and our goal is to ensure that you are maximizing your influence in the industry. We will help you stay ahead of the financial tracking and automate your accounting in a cloud-based system to improve the experience for yourself, managers, employees, customers, and more.

Are you ready to learn more about how these accounting services can help you connect with the millennial demographic that you are targeting? Then right now is a great time to schedule a consultation with our team. Here at Easier Accounting, we have the experience that you need to take your success to the next level. Call us to see how our accounting services can make a difference for the future of your business. We are here to help with anything that you need: (888) 620-0770