Accounting software is a crucial tool for any business. It helps a business manager run the business with proficiency and profitably. With the advent of cloud computing and automations, bookkeeping too has undergone a sea of changes over the last decade. Every now and then we witness changes happening in the field of . And thus, staying current with such rapid changes is a tough proposition.
Following are the key trends impacting the accounting software industry:
- Cloud Computing
One hot trend that is not showing signs of slowing down is the technology of cloud computing. As per a study by North Bridge (venture capital firm), nearly 75% of IT managers and senior executives reported that they were using at least a single cloud-based business application.
What is attractive about the cloud you ask? A cloud approach is a powerful choice for companies seeking to outsource software and hardware support for minimising costs and focusing on core competencies. Web-based options also permit a simple extension of system access to branch offices and remotely active users. This facility for direct access to systems with only a web browser and consistent internet connectivity is helpful in another core benefit which is ability to use business systems and data, anywhere, any time.
Lastly, the subscription pricing model is turning out to be desirable for companies seeking to spread software costs over time and stay clear of bigger upfront investments.
2. Complete Functionality
A study of modern accounting software reveals that they typically include many applications and modules that go beyond the conventional definition of an ‘accounting software.’ The current accounting software is likely to include functionalities for supporting manufacturing, inventory management, sales as well as other business domains.
Single systems additionally provide a consistent data set such that changes in one system are reflected in other systems, in real time. Apart from less repetition of work, a single data record can help enhance transparency and get rid of bottlenecks in multiple departments.
3. Online Support for Implementation
Accounting software, by nature, can be complicated. Thanks to this complexity, a user might sometime need extra assistance from technical specialists for proper configuration, installation, and support. But with the luxury of widespread broadband connectivity , a user is not restricted to a specific geographical location to seek assistance. This access to online support implies that the users have the option to choose from a variety of support options.
There is nothing new about desiring to use data for guiding strategic decision making. But the marked emphasis on tools of business intelligence in accounting software is a new trend. It turns out that one can measure the impact of business analytics tools on the performance of business. The integration of analytic tools in accounting softwares can help users to create future strategies on specific issues such as where to invest, where expenses are higher than anticipated and how to curb them.
With these new trends making their way into bookkeeping, accounting has surely stepped into its golden age.