3 Technologies that Improve Productivity for Accountants
Emphasizing efficiency is an important part of maintaining a profitable, healthy accounting business. Irrespective of your firm’s size or tenure, it is likely that there are areas where accounting efficiency can be improved.
Have you evaluated productivity levels at your firm, recently? If so, and productivity levels are less than expected, there are countless ways to improve upon it.
Technology for accounting professionals has radically changed in the last decade, presenting game-changing opportunities. With this in mind, we’ve looked into some of the leading technologies that help accounting firms work smarter. Let’s explore…
According to a 2016 Canadian Information and Communications Technology Council (ICTC) report, 74% of organizations surveyed reported utilizing cloud computing technologies.
As the cloud platform is increasingly adopted, it is important that accountants embrace the technology and capitalize on the benefits. The cloud increases productivity, empowers collaboration, improves mobility, reduces costs, and enhances security measures.
Artificial Intelligence (AI) & Automation
The President and CEO of CPA.com says, “the next wave that leads to greater productivity and capabilities for advanced firms is the elimination of bottlenecks in work processes.” Automation does exactly that by eliminating tedious, manual accounting processes that consume time and effort.
With this in mind, Forbes expects that by 2020, accounting tasks - as well as tax, payroll, audits, banking - will be fully automated using AI-based technologies. An automated process that is organized, repeatable, and transparent saves time, reduces risks, and provides confidence in reporting outcomes so accountants can focus on value-added services and analysis.
Spreadsheets for accounting, whether on the desktop or in the cloud, should be avoided. According to Ventana Research, around 44% of enterprise-sized entities grapple with inconsistent spreadsheets.
A database-driven solution that consumes information directly from your accounting software, and automatically flows-through the entire engagement in real-time, eliminates manual data entry and errors while producing one, consolidated report.
Looking for a software solution that encompasses all of the above-mentioned technologies and will help to improve productivity levels?
We can help. Discover more about Caseware Cloud today.