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For a small business to survive and ascend the growth curve in the current business landscape, it is important to stay abreast of changes and new trends. This is especially true when trying to ensure value-added opportunities for clients, both returning business and new business referrals.
With 2018 settling in, this is a good time to highlight some trends that influence and impact small business accounting.
Automation technology has greatly improved the reliability of accounting data and maximized time savings, both in terms of accuracy and helping business owners reduce time spent on accounting so that they can focus on other opportunities, such as business development. A bigger benefit of technology and automation is that it promotes stringent compliance, especially for businesses with high volumes of data or the need for multiple categories. Technology helps with faster and more accurate categorization in business accounting.
Technology improvements have also made significant progress with tax filings. There is technology to scan and convert paper receipts into digital formats and even to ensure tax forms are completed automatically without omitting entries. As a result, automated tax preparations reduce the rush during tax season and lead to a much better controlled process, virtually eliminating missed entries and or missed tax obligations.
As technology automates the time-consuming data entry tasks and accounting categorization, the accounting professional is free to focus on higher priority initiatives such as business growth and development. This means an accountant no longer rushes to complete tax forms, balance the books, or ensure regulatory compliance. Accountants can increasingly add more value to critical business aspects, such as budgeting and forecasting, investments, and better tax planning and savings.
In the current environment, regulatory compliance is critical. If a business largely operates in the cloud, security concerns can nearly double as both the business’s data, as well as information and data belonging to clients, resides there.
Security becomes a high priority with multiple layers, including software configurations, authorized access of personnel, etc.
Financial reports are the lifelines of any business. From investment decisions to expenses, simpler and easy-to-understand reports will be the focus in 2018.
Furthermore, as automation addresses reporting too, financial data becomes less confusing and more visual with charts and graphs. Visual financial data will also be a growing trend as it makes it easier to identify gaps and challenges.
At Analytix, we help small to mid-size businesses ascend the growth curve by offering more streamlined operations. For more information on how we can help your business gear up for a more successful 2018, please contact us at email@example.com or 781-503-9002.
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Trends Influencing How Small to Mid-Sized Business Accounting Departments Operate.