Top Technologies for Accountancy Professionals and Small Business Owners

Top Technologies for Accountancy Professionals and Small Business OwnersSome of the simplest mistakes—ranging from counting profits as cash flow to throwing away receipts—can have a big financial impact on a business. Many common errors—including mixing business and personal expenses or forgetting to record invoices—can be avoided by relying on the right technology. Whether you are studying to be an accountant, you are already working in the profession, or you are a small or medium-sized business owner, take note of the following useful financial management tech and apps. They could help you save on costs while also ensuring you sleep well at night, knowing all your financial work is in order.

Cloud-Based Accountancy Software

Storing and accessing data on the cloud not only ensures you don’t lose vital data, but it also facilitates remote work. This is good news, considering the fact that by 2025, 22% of the workforce in the US will be working remotely. Just a few cloud software options you can look into include QuickBooks, FreshBooks, and Xero. Most of these options make accountancy work easier thanks to features like easy invoicing, time tracking, tracking of expenses and payments, and creating account reports.

Savings and Money Management Apps for Small Business Owners

Most accountancy and financial management apps offer features like expense tracking and invoicing, but if you are a small business owner juggling business and personal expenses, then you should use separate apps for these respective expenses. This is the case even though you may need similar features for your work and personal obligations (including bill reminders, bank transfers, mobile wallets, and productivity tools). You should also look into specialty tech for refinancing or reducing monthly payments on big expenses like real estate. Whether your business has invested in real estate or you have made a personal investment, online calculators like Nano can help you track what you’re spending. They can also help you find ways to reduce your loans at a quicker rate—for instance, by consolidating your money into an offset subaccount. Additional apps with very specific scopes include Splitwise (which is used to split bills), Shopback (specializing in cashback deals), and Superhero (for online investing).

Blockchain Technology

If present accounting tech is firmly focused on financial management apps, the future looks like it belongs to the blockchain. Indeed, Deloitte predicts that the blockchain will bring about disruptive change in finance as a whole since its use is limitless and it is still in the experimental phase in many industries. In accounting, blockchain can be used to replace the double-entry bookkeeping system. After all, auditing is useful, but it can bind the company’s accounts for extended periods. Instead of keeping separate records based on transaction receipts, companies can upload their transactions onto a joint register that is encrypted and safely kept on the blockchain. This will enable auditors to verify key data behind financial statements, freeing up their time so they can concentrate on more important matters (including complex transactions).

Accountancy is a difficult task that involves being ultra-organized. For this reason, there is a bevy of useful apps and software products catered toward streamlining the work both of professional accountants and SMEs. Cloud-based software and accountancy and savings apps can help you ensure your obligations are fulfilled. Blockchain, meanwhile, could soon be saving many companies time on audits via the creation of a ledger that auditors can use to verify important data.

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