Technology has simplified and streamlined accounting practices. A few trends in accounting information systems will continue to drive forward our business and financial practices. Such trends include:
1. Businesses are adopting online systems. And this trend is bringing payroll, CRM, asset management, and other business practices with it. When accounting was locked into a desktop application, few people had access to it. But today, online accounting allows multiple users to get important data and link to other pertinent business systems. As a result, online accounting is evolving into a much broader practice.
2. The industry is embracing cloud computing. This technology leverages hardware and software resources hosted on third-party servers via the Internet, providing access to accounting systems and networks of computers. Using cloud computing, financial team members are able to access accounting information systems and important data through computers and mobile devices, such as tablets and smartphones, making it easier to do their jobs–wherever they may be working.
3. New ways of sharing data are emerging. Thanks to online systems and cloud computing, digital data exchange is easier between banks, accountants, and customers. Now, each party can access a centrally hosted application, which will reduce the manual entry and coding of transactions common in the accounting industry.
4. Accountants want an integrated system. Gone are the days of stand-alone systems. Today, financial executives and accountants want to integrate business systems (including accounting information systems) in a way that provides transparency across multiple aspects of the business. Long term, this “business intelligence” approach will be more cost-effective to maintain.
Are any of the above solutions right for you? You may want to consider hiring an accounting information system expert to help you figure out what is right for your business.
Auphsite Consulting & Advisory works in conjunction with experienced accounting firms and tax attorneys to help organizations establish and advise on sound accounting systems. We also help CMOs and individual charter schools navigate accounting information system setup and accounting compliance, as well the complex requirements and processes during an audit. Contact us for a complimentary assessment of your organization’s situation.