Where business cashflow and accounts were previously managed on excel spreadsheets and dusty ledgers, amazing technology solutions have taken their place. Cloud accounting is a solid feature of many modern day businesses. This accounting technology is being used to help businesses manage their own finances and really supercharge their business. The latest technology can be used in so many incredible ways to support your business, enabling you to streamline a multitude of tasks.
If you want to create an agile framework that gives you the flexibility to react quickly and efficiently to accounting decisions, then you need to free your business from the hardware and office-based systems you are currently using. Moving your accounts to cloud accounting will enable Management Accountants and FDs to access reporting on key financial aspects of the business 24 hours a day from any location. You won’t need to wait until the office is open, instead, you can get financial reports whenever you need them
Do You Need Your Amazon Sales And Costs Automatically Recorded In Your Accounts?
We are able to use A2X software that connects Amazon or Shopify to Xero for your ecommerce businesses. This application will automatically record any sales from Amazon and Shopify in your accounts for you.
This accounting technology will bring in all your Amazon or Shopify sales and fees into your Xero accounting systems automatically. This technology will also post 1 transaction per payment. This will make it simple for you to match in Xero’s bank reconciliation. There is no manual date entry needed for any Amazon or Shopify transactions with A2X either. This will save you lots of time when managing your business accounts.
Do You Need To Pay Suppliers In Multiple Currencies Directly From Your Accounts Package?
If you are looking to pay your suppliers in multiple currencies then you will want to hear about Transferwise which works with Xero. This accounting technology will enable you to send, spend, and receive multiple currencies with the real exchange rate. If you work with suppliers from across the globe, Transferwise and Xero will help you do business without borders.
Using the Transferwise bank payment tool from Xero you will be able to make supplier payments directly from your account with ease. If your business frequently works with and pays suppliers across the globe, contact out ream directly to discuss this in more detail.
Do You Find You Are Losing Track Of Receipts Or Misplacing Your Receipts?
If you make lots of purchases and have receipts in various places across your business then we would recommend Dext ( was previously called Receipt Bank). This accounting technology will put all your purchases and expenses into Xero for you so receipts will never pile up or be lost again.
With Dext you can use the app to capture receipts and send them directly to Xero for processing. The automatic data extraction from the receipts will save lots of bookkeeping time and stress too. Your employees can build their expense claims via Dext, ready for your approval.
There are dozens of applications and accounting technology solutions out there that we can support with Xero accounting. During our first meeting with you we will take the time to understand your business and what you do. We can then recommend the best accounting technologies for your business, unique to your needs.
Over the year we have advised many companies on the best accounting technology for them. By using this technology our clients have saved money, increased profit and automated repetitive tasks to save them money. Please see our case studies here with some app stack breakdowns.
If you would like your accounting to work smarter for your business, contact our team now.
Looking for business accountancy services
Direct Peak provides a dedicated business tax accountant, who will prepare your annual accounts and tax returns. They will be on hand to answer any tax queries you have.
Your business tax accountant will ensure that the company is set up in the most tax-efficient way and that you are claiming for all the correct expenses to maximise your earnings.
Accounting Technology Historical Developments
Over the last twenty years, several significant historical developments have shaped the field of accounting technology. Here are some of the main ones:
- Transition to Cloud Computing: The emergence of cloud computing has revolutionized the accounting industry. It enables accountants and businesses to store and access financial data securely on remote servers, reducing the need for local infrastructure and enhancing collaboration and real-time access to information.
- Rise of Software as a Service (SaaS): Software as a Service became increasingly popular, allowing businesses to access accounting software through web browsers rather than installing and maintaining software on local machines. This shift provided greater flexibility, automatic updates, and cost-effective solutions for accounting tasks.
- Automation and Artificial Intelligence (AI): The integration of automation and AI technologies has streamlined various accounting processes. Tasks such as data entry, bank reconciliation, invoice processing, and financial analysis can now be automated, reducing manual effort, minimising errors, and increasing efficiency.
- Data Analytics and Business Intelligence: The availability of vast amounts of financial data has driven the need for advanced data analytics tools. Accounting technology has embraced business intelligence solutions that can analyse financial information, detect patterns, and generate meaningful insights for decision-making and strategic planning.
- Mobile Accounting: With the proliferation of smartphones and tablets, mobile accounting applications have become prevalent. These apps allow accountants and business owners to access financial data, create invoices, manage expenses, and perform various accounting tasks on the go.
- Integration and Connectivity: Accounting systems have become more interconnected, facilitating seamless data flow between different software applications. Integration with other business systems such as customer relationship management (CRM), inventory management, and payroll systems has improved efficiency and accuracy in financial reporting.
- Blockchain and Cryptocurrencies: The emergence of blockchain technology has impacted the accounting profession, particularly in the realm of cryptocurrencies. Blockchain’s decentralised and transparent nature has led to the development of digital ledgers, facilitating secure and reliable recording of cryptocurrency transactions.
- Regulatory Changes and Compliance: Accounting technology has evolved in response to regulatory changes and increased compliance requirements. Systems now incorporate features to ensure adherence to accounting standards, tax regulations, and data privacy laws, providing businesses with the tools to stay compliant.
- Cybersecurity and Data Protection: As accounting technology relies heavily on digital data, cybersecurity has become a critical concern. The focus on safeguarding financial information has led to advancements in encryption, multi-factor authentication, and data protection measures to mitigate the risks associated with cyber threats.
- User Experience and User Interfaces: The user experience and user interface design of accounting software have improved significantly. Developers have emphasised intuitive interfaces, user-friendly workflows, and customisable dashboards to enhance user satisfaction and simplify complex accounting tasks.
These developments have transformed the accounting profession, enhancing efficiency, accuracy, and accessibility of financial information, and empowering accountants and businesses to make better-informed decisions.