Cloud Accounting is one of the most exciting developments in the industry that has made accounting a whole lot easier. The term “cloud” is a metaphor for wireless computing, which refers to all records and files stored remotely and accessible through the internet. This has enabled both business owners and accountants to access and collaborate on the same data anytime from anywhere.

How can your CPA firm prepare for a future where automation technology is looming? Here are three trending technologies in 2018 that can raise the accounting profession to the next level:

1. Blockchain

Blockchain, the current technology buzzword, will have a significant impact on accounting. It’s a shared ledger across existing enterprise resource planning (ERP) system that allows accountants to utilize one secured data. Blockchain data is unchangeable and incorruptible, which can effectively eliminate the need for auditors to reconcile data taken from various sources.

Blockchain can significantly reduce paperwork and manual data entry. It can increase audit volume and help CPAs to sort through massive amounts of data more efficiently. It also streamlines invoicing by enabling accountants to issue smart receipts to expedite e-invoicing, making it easier for auditors to manage and trace invoices. When you integrate it into your accounting process and cybersecurity strategy, you can maintain a secure database and strong control system to prevent cyberattacks and fraud risks.

2. Cloud ERP

Unlike the expensive on-premises ERP where the server and software are physically located, a Cloud ERP is a Software as a Service (SaaS) that enables users to have access to software applications that run on shared computing resources through the internet. These computing resources are more economical. They are maintained in remote and secure data centers dedicated to hosting various applications on multiple platforms.

It often involves a suite of applications that can help manage your sales, purchasing, accounting, human resource, customer support, CRM, and more. In contrast to individual software, Cloud ERP is integrated and has a consolidated database. It can help your business collect, manage, and understand data for all your business units while boosting your productivity and saving you money. This is valuable to small and medium-size businesses since it provides access to multi-function applications without a substantial upfront expenditure for hardware and software.

3. Artificial Intelligence

Cloud accounting grows stronger as it continues to harness artificial intelligence technology. It gives machines the ability to compute massive amounts of data instantly. It can automate repetitive tasks and create fully integrated accounts receivable and payable systems. Automation can help streamline processes and ensure regulatory compliance.

One of the key benefits of automation is that it helps accountants and businesses to have better communication on the things that matter. It can build a more collaborative and productive working relationship, improve data quality and availability, and increase the value of your accounting service.

Cost Optimization through Cloud Accounting Outsourcing

Managing accounting cost is critical to achieving a more modern and efficient financial system. Outsourced cloud accounting can help optimize your legacy computing processes and streamline workloads to create a cost-effective environment that drive business success.

Some of the benefits of Cloud Accounting Outsourcing include:

• Easier access anytime anywhere – cloud accountants and bookkeepers can conveniently work at anytime from anywhere.
• Better backup and information security – cloud technology offers added security that your information will never be lost in an accident or computer malfunction.
• Quicker bug fixes – get fast and immediate access to software upgrades and patches.
• Faster output – CPAs are leveraging software-as-a-service (SaaS) tools to automate manual work and increase their efficiency.
• Smarter advice – instead of hiring a CFO, business owners are leveraging cloud accountants as trusted advisors for strategic and operational advice.

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.

Find out how our expert dedicated solutions team can help you meet your company’s finance and accounting goals.