With the start of every new year comes a refreshed and revived focus on looking at new trends, assessing data and setting new objectives. One area of business that can evolve relatively quickly is accounting.
Accounting teams need to constantly be looking at best practices, new technologies and the most efficient ways to do things so they can stay lean and be on-budget without cutting corners.
The following are some of the top trending concepts in accounting for this year.
If there’s one trend that businesses of all sizes should be embracing in terms of modernizing their accounting in 2018, it’s automation.
Accounts payable automation is something that’s attainable for most businesses because of the new technologies being offered.
There are so many benefits to automating areas like accounts payable whenever possible. Some of these advantages include the ability to spot potentially costly errors, reduce redundancy, identify fraud, and to have access to the data that will help accounting departments make smarter, more efficient decisions.
Along with the idea of automation, another trend was touched on, and that’s the idea of extracting valuable data and putting it to good use.
With automation and accounting technology, businesses are able to see the data and reporting they require to make smarter numbers-driven decisions.
The advantages of this data usage extend well beyond the accounting department and throughout the entire organization. With the use of data that stems from the processes of the accounting department, businesses will be able to set and achieve more strategic objectives.
It seems like there’s one significant, overarching trend for accounting departments in 2018, and that’s maximizing the use of advanced technology.
Another example of this is artificial intelligence or AI.
AI in expense management can help not only streamline processes and reduce errors, but it can also help in other areas such as compliance.
Of course, there’s also the value AI has regarding grabbing travel expense data in real time and other similar functionalities.
With AI and other technologies, accounting departments will be better equipped to stay ahead of changing regulations and adhere to requirements as they occur. It will limit many of the challenges previously faced by accounting departments and entire organizations regarding regulations and compliance.
In the past, there was the idea that the accounting team operated within a silo, but now thanks to technology and changing ways of doing business, there’s more collaboration between finance and accounting teams and the rest of the organization.
There are so many available tools that improve communication and make collaboration easier than ever before, which in turn brings competitive business advantages.
Finally, with all the focus on technology, many companies are able to work toward having their key finance employees put their talents to better use. Since they do not have to do as much in the way of manual invoice processing, they can be used more strategically and in ways that allow them to add more value to the company.