Top 3 accounting trends to watch out for!
The world is changing rapidly and so is technology and the people that use it. The accounting profession is no longer just about bookkeeping. With the increasing integration of the various operations, revenue and product platforms in companies, the trend toward improved accounting data and financial visibility is undeniable. There is significant disruption happening in the accounting and finance industry, and it’s time for you to jump on the bandwagon.
Cloud based accounting solutions, such as NetSuite and QuickBooks, and quickly becoming the norm. These systems not only increase efficiency and provide for distributed user base and controls, but they also achieve very high levels of security sufficient for today’s modern enterprises. Companies are now looking forward to browser-accessible cloud applications and automated software solutions that will decrease their time utilization, streamline workflows and achieve considerable improvements in productivity and data integrity
Good accountants recognize quality of service is fundamental to the client-consultant relationship. Clients seek firms that can actual as partners and hold true to their clients’ best interests. They look for firms and services that are not only highly-personalized but also services which provide a value-based service and not just a feature-based solution. As technology develops improved ways for communication, data handling and interaction it becomes ever more critical for accounting firms to focus on quality of service and relationship management.
Many of the new accounting platforms seek to help customers handle their accounting and finance needs internally with minimal resource overhead. However, this does not suit all companies and particularly does not suit companies with high growth trajectories and more complex finance management requirements. These companies should instead consider outsourcing their accounting and CFO department. Well regarded outsourcing companies not only bring world class accounting knowledge and skills but also considerable experience in businesses that handle high growth and seek investment. Over the course of an accounting engagement, clients learn to work with and leverage the expertise and knowledge of their accounting partner. Outsourcing accounting not only saves time and costsit also eliminates staffing issues. Companies get the best resources at their disposal and without the overhead of team building in a non-core domain. Well-managed accounting firms also bring considerable liability protections and can demonstrate a long track record in providing value to their client base.
Very few outsourced accounting firms provide a one-stop solution for your complete finance department. TempCFO offers excellent accounting expertise alongside CFO skills, industry relationships and up-to-date technology knowledge. So, while accountants focus on the accounts, companies can focus on the essential elements of their business: Product, market, hiring and selling!