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Why small businesses need to adapt to an evolving world of bookkeeping

“What’s the difference between an accountant and a lawyer? The lawyer knows he’s boring.”

“What did the accountant’s wife say when she couldn’t fall asleep?  Honey, tell me about your job.”

The jokes may be old, but the stereotype lives on. Accounting has long been considered a profession for personality-less pencil pushers – and while you still might come across the odd CPA in a bad suit who has more pocket protectors than friends – accounting itself has changed and evolved with the times.

New trends and new technologies are quickly streamlining bookkeeping processes and bringing new benefits to the businesses that embrace them. Here are a few ways adapting to these new trends can help your business:

Technology is making it easier for non-accountants. You might not want to go completely “DIY”, but thanks to cheaper and more user-friendly accounting and bookkeeping software, many small businesses are taking on more tasks themselves. Cloud-based software, for example, lets you access your data more quickly and easily yourself – freeing up your accountant to provide more proactive services that benefit your bottom line.

The workplace is more mobile. Long gone are the days of paper…and, for many workplaces, desktop computers are following suit. With a growing number of people doing everything on their phones, you need to consider that bookkeeping processes should be set up so employees can access them on smaller screens. Consider too that navigating on a phone is different than on the PC, and that people using mobile devices also tend to have shorter attention spans. Keep documentation short and to the point.

It’s easier than ever to outsource. New technologies have brought more flexibility for businesses. Not so long ago, if a business wanted to outsource its payroll operation, it would have to go to a company that only did payroll. New software allows accounting firms to offer clients more services at more competitive prices. And accounting firms have to be more competitive because…

It’s easier than ever to switch accountants.  The accounting industry is no longer paper-based, and, thanks to new technologies, like Cloud-based software, data doesn’t have to be kept on a hard drive. That makes it much easier to switch companies if you’re not satisfied with the services your accountant is providing. If your accountant isn’t keeping up with the times, finding one that does is as only a few clicks away.

And speaking of the Cloud…

It’s almost impossible to talk about the evolution of bookkeeping without going into a little more detail about Cloud-based software. The Accountex Group predicts that by the end of this year, 90 per cent of small and medium-sized businesses will be using cloud accounting software. Here’s why:

An up-to-date view of your current financial situation is always at your fingertips. No more scrolling through pages and pages of out-of-date management reports. Cloud-based software lets you look at your company’s finances in real-time. You will always be informed.

Save a lot of trees…and declutter your office! You can import your paperwork straight into your accounting software. Expenses, receipts and invoices will all be digital – paperless – and accessible to your staff whenever they need to see it.

Create a better working relationship with your accountant. Cloud accounting software lets you take care of certain small bookkeeping tasks yourself – and more efficiently – while saving the real work, the kind that moves your business forward, for your accountant. It also lets you make the most of your time with your accountant, because you can both access your ledger, online, in real time.

The reality is, times keep changing. And businesses will have to embrace new technologies, be it in accounting or human resources – or risk being left behind. And that’s no joke.

onepagecrm.com/blog/xero-admin-top-five-benefits-of-cloud-based-accounting

xero.com/ca/resources/small-business-guides/payroll/small-business-payroll-trends

blog.receipt-bank.com/accounting-trends-2017/

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Why small businesses need to adapt to an evolving world of bookkeeping

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