Accounting professionals are no strangers to long hours, complex regulations, and tight deadlines, especially whenever tax season approaches. However, the rise of technology and other IT solutions for accountants can help streamline processes, reduce manual labor, and ultimately make work easier.
The technologies and solutions that can support individual accountants and accounting firms include:
- Document management software
- Cloud-based accounting software
- Data analytics software
- Virtual conferencing software
- Managed IT services
See how different IT solutions have positively affected the way accountants operate:
If you’d first like to find out whether your specific accounting firm can benefit from managed IT services, download the eBook Does Your Business Need a Managed IT Service Provider?
Read on to learn more about these five technologies that can help accountants reduce the amount of time tasks take and make the next tax season a breeze.
1. Document Management Software
Accountants can spend endless hours organizing and filing documents. A document management solution can streamline this process by allowing them to collect relevant data, store documents, and organize everything electronically.
86% of accountants that use a document management platform say having all client information, such as billing, payroll, or cashflow information, in one centralized platform helps them work more efficiently.
“69% of accountants say they spend too much time gathering documents from their clients.” – CPA Practice Advisor
Finding, organizing, and sharing documents manually can be frustrating in any role, but since accountants deal with a massive amount of client documents in a very short span of time, a document management solution would work as an assistant, allowing them to focus on tasks requiring decision-making and problem solving.
One popular document management software is DocuWare, which offers features such as data capture, indexing, and workflow automation. Another option is Revver, which provides features such as electronic signature capture, mobile access, and compliance tools.
“[DocuWare] makes going through the large volume of PO invoices faster. This way we get more time to solve and close non-PO invoices.” – Jessica McClain, Accounts Payable Lead, Impact
2. Cloud-Based Accounting Software
Cloud-based accounting software is a must-have for accountants who want to optimize their workflow, secure their data, and increase efficiency. With a cloud-based software solution, accountants can access financial data from anywhere, collaborate with team members in real-time, and automate repetitive tasks.
“The future is looking bright for cloud-based accounting. The market is expected to increase by 14% in 2024.” – Kaizen CPAs & Gartner
A cloud-based accounting platform that goes beyond simpler software such as QuickBooks Online or Xero is Microsoft Dynamics 365.
This comprehensive enterprise resource planning (ERP) solution solution lets accountants manage all accounts from one dashboard, keep projects on time and under budget, automate communications, and keep data secure by using encryption and complying with multiple industry regulations.
Additionally, accountants can integrate their Microsoft Dynamics 365 platform with QuickBooks, Xero, and many other accounting programs.
3. Data Analytics Software
Data analytics software can help accountants make sense of large amounts of financial information and provide insights to make better, data-based decisions. With analytics software, accountants can identify trends, detect anomalies, and perform predictive analysis.
To make better use of all the financial data already in their hands, accountants can take advantage of software like Power BI—a powerful data analytics tool that creates interactive visualizations and AI-powered insights— or Azure—which uses machine learning and predictive analytics to analyze large volumes of data and produce insights.
Both Power BI and Azure can easily be integrated with Microsoft Dynamics 365 to provide accountants with a comprehensive yet manageable platform.
“Organizations that have a strong analytics culture and employee awareness of analytics are more likely to have exceeded business goals.”
4. Virtual Conferencing Software
With the rise of remote work, virtual conferencing software has become essential for accountants who need to communicate with clients and team members. A video communications platform helps accountants conduct meetings, share screens, and collaborate in real-time.
With 80% of employees preferring to collaborate over video conferencing platforms such as Microsoft Teams, it is no wonder that this solution has made a huge impact in the way people work in the last few years.
For accountants, who often share clients’ personal or financial information with colleagues in their organization, Teams is a cybersecure option. This video conferencing platform offers data encryption and advanced auditing and reporting, so accountants can rest easy knowing they are complying with data privacy laws.
5. Managed IT Services
For accounting firms that need extra support, a managed IT service provider can give them access to the latest technology while taking off the load of monitoring and managing that technology. These firms will then enjoy more freed resources and employees who can focus on business functions.
Instead of searching for, hiring, and training additional staff to take care of a business’ IT needs, outsourcing it to a service provider can be cost effective in the long-term.
These IT service providers will also help accounting firms analyze and determine how your network environment can be improved so that the entire organization is running smoothly.
Accounting professionals can benefit greatly from the use of technology to streamline their processes, reduce manual labor, collaborate, and ultimately make their jobs easier.
IT solutions and technologies such as document management, enterprise resource planning systems, and collaboration tools can help accountants organize their data, make sense of it, and improve the quality of collaboration and quality of their work.
A managed IT service provider could help you get started with all these solutions that support accountants. To learn about the benefits of managed IT services, download the eBook Does Your Business Need a Managed IT Service Provider?