The Latest Tech Trends—And Why You Need to Know About Them
Accounting and financial management are changing fast with the introduction of a dizzying array of new technologies and tools, from online solutions to new mobile accounting applications.
Determining which tools and trends are worth adopting, and when, is a challenge that businesses and nonprofits need to consider with care.
Which emerging technologies are worth your time?
It is remarkable how many new technologies and trends have emerged in just the past 10 years, and you can expect the pace of innovation to increase from here thanks to machine learning, artificial intelligence, the Internet of Things, blockchain, and other digital technologies.
One increasingly popular trend is to move from on-premises accounting software to cloud-based accounting software solutions like Sage Intacct. By moving to the cloud, you can improve visibility, streamline reporting processes, and make it easier for your clients and colleagues to collaborate and exchange information. In addition, cloud-based accounting can help you:
- Analyze more data in real time
- Scale as needed, with potentially unlimited storage space
- Access information securely anytime and anywhere, from any device
- Automatically back up files in the cloud
Another advantage of Sage Intacct is that it makes it easy to integrate third-party tools that offer benefits to your business or nonprofit. For instance, a growing number of applications are available to streamline expense reporting, automate accounts payable, and speed other common tasks.
You’ll also want to evaluate targeted technologies such as optical character recognition (OCR), which can scan printed and handwritten documents and convert them into machine-readable text. That means you can take handwritten documents, or even photos of documents, and turn them into electronic documents that are easy to store and share.
Why stay on top of the latest trends?
There are dozens more emerging technologies and tools that are worth considering because of their potential to deliver significant business benefits, including:
- Better customer and client experiences. Many technologies will help you deliver better customer service, which can provide a significant competitive advantage.
- Streamlined operations. The less time you and your team spend on mundane tasks, the more time you can devote to important responsibilities that build business value.
- Cost savings. The latest tools can save time, reduce training costs, improve productivity, and offer additional cost-saving benefits that lead to a stronger bottom line.
Get the help you need
It can be a daunting task to learn about and evaluate the value of every new technology that hits the market. For help, some organizations turn to an outsourced accounting partner to sort through all the options and identify which ones fit their needs.
Insero & Co. is a public accounting firm with decades of experience working with both nonprofits and businesses. From audit assistance to business consulting, our experts are available to help you identify the latest solutions to make your organization more efficient and productive.