For accountants, staying on top of the trends and IT improvements can easily feel overwhelming. There are so many accounting IT solutions that are changing the way you do business that figuring out which ones will work for your operation isn’t as simple as you might think. Here are a few of the top trending solutions you should start implementing immediately.
10 Key Accounting IT Solutions to Start Using in 2020
Accounting IT solutions providers are actively working to create new systems and help you implement them in your practice. These are some of the most important and most versatile solutions that every firm should use in 2020.
- Cloud-Based Software
Cloud-based software allows you to give your clients access to their financial information from anywhere in the world. But most importantly, it lets you access files and make updates wherever you are as long as you have access to an internet-enabled device. All files stored on the cloud are completely secure and less vulnerable to attacks than files stored on physical hard drives at your office.
- Mobile Apps
Clients need and want to be able to stay on top of their finances at all times. Integrating mobile apps to your accounting firm’s practice gives them a simple way to do just that. The apps are user-friendly and should integrate with your accounting software seamlessly.
- System Automation
Remember the days of having to do every single accounting task by hand? Those days are long gone. As part of 2020’s best IT solutions for accounting firms, automation is making your job easier, improving efficiency and letting you help more clients. As long as you input the data, the calculations, recordkeeping, and other time-consuming tasks will get taken care of.
- AI and Data Analysis
Companies are starting to integrate artificial intelligence into their software to make analyzing data easier. For accounting firms, this means less time crunching the numbers and running through scenarios for each client. Ultimately, AI streamlines the process of data analysis and allows you to go through more data in less time.
- Social Media Promotion and Advertising
More people are on social media than ever before. The biggest trend in IT solutions for accountants is leveraging that social media usage. Post ads, reach out to clients, and communicate your services with a broader audience with the push of a button. The faster you can go through the data, the more clients you can take on at any given time.
- Increased Outsourcing and Demand
It used to be that companies relied on in-house accounting teams to handle their finances, file taxes, and maintain their records. With so many companies starting to look for ways to cut back on regular expenses, those in-house positions are becoming a thing of the past. In 2020, more businesses are actively looking to outsource the task, so brace yourself for an increase in demand.
- Increased Reliance on Accounting Advice
Business owners want to know exactly what’s going on every single day. They’re starting to rely more heavily on accounting professionals’ advice throughout the year rather than just at tax time. It’s far more likely that you’ll hear from your clients more often and get questions that come out of thin air. Accounting IT solutions create resources for your clients to use when they can’t reach you.
- Digital Client Meetings
There’s no denying that the pandemic is changing the way you do business, but that doesn’t mean you have to cut face-to-face interactions. Accounting firms across the country are leveraging remote meetings and video calls through secure channels to help their clients.
- Customized Offerings
Clients all need different things and the standard IT accounting solutions that you provide most customers may not be enough to work with everyone’s needs. The biggest and most successful firms are starting to customize their offerings and make it easier for clients to pick and choose the services that will benefit their businesses most.
- More Equal Competition
Modern IT solutions for accountants are making it easier for small local firms to compete with the bigger, nation-wide accounting services. You’re able to provide the same quality services with the same accessible features for clients of all sizes without taking on extra work. With the right technology on your side, smaller firms will be more competitive in the long-run.
Streamline Your Accounting IT Solutions
2020 looks to be the year for implementing top-notch accounting IT solutions that will simplify your processes and allow you to take on more clients without forcing you to increase your staff or your overhead expenses. If you’re looking for help implementing those solutions or want advice on figuring out how to improve your existing technology suite, reach out today. We’ll help you find the right solutions for your company no matter its size.