7 ways to modernize accounting in 2016

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The year 2016 entails more than just installing new accounting software; companies require solutions which meet their unique demand. Minimizing paper usage, strengthening security, and streamlining operations are the few crucial elements in maintaining a more efficient workflow.

As accountants are regarded as ‘trusted advisers’, they need to start thinking about how to adopt technology that empowers them to be a real-time financial advisor.

Here are 7 ways that can help accountants to be digital-savvy and modernize their accounting practices:

Embrace Automation
By automating more procedures and processes, you can save more time that can be used in building your business and securing more clients. But in spite of the automation element, it’s still up to you to add those tools to your skillset and business workflow.

Be a connected advisor
To upgrade from an accountant to an advisor, you need to follow a path of few steps. You can start by shifting systems and processes from desktop software to cloud-based options. This way you wouldn’t let your systems hold you back from keeping up with your clients.

Demonstrate staff how easy it is to switch
Many executives consider “the cloud” intangibly complex and restrict themselves from exploring it. However, in reality, the implementation of cloud-based systems involve very little IT knowledge and seamlessly blend in with the already placed systems.

Use mobile for business
Enterprise Mobile Management is considered the future evolution and conjunction of the mobile device and mobile applications will mature, grow in scope, and eventually address a wide range of mobile management needs across operating systems.

Leverage the latest technology
Leveraging latest technology will unwrap the opportunity of working smarter by being more competent and profitable. Embracing the latest technology will go a long way toward helping you in captivating the new generation of Millennial.

Create a next-generation firm
Millennials outnumber both preceding generations i.e. Gen X and the Boomers in the workforce. Therefore, the technology you use should have the competence to interest the talents of next generation. This way, you can also attract forthcoming startups and other small-businesses, and develop longevity for your firm.

Business Insight Dashboard
The system you use should offer you a detailed and real-time insight into the business, letting you capitalize new business opportunities and immediately recognize the need for rectification. You will benefit from having a comprehensive report of the financial performance of your organization as this will allow you to explicate clients about their business’s performance, with more lucidity.

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