Contractor News

What is the future of accounting?

What is the future of accounting?

The accounting profession has recently started to undergo a major shift.  

The ‘traditional’ desktop hosted accounting packages, spreadsheets and paper-based record keeping are swiftly moving towards cloud based systems.  Accounting looks to follow many other industries where cloud-technologies are disrupting the status quo.

This evolution has been brought about by advances in technology and changes to legislation (making tax digital).  

Real-time

Unlike many traditional systems, where financial reports may only be produced once per quarter/year (depending on your arrangements); cloud systems update with each transaction, giving the user a clear up-to-date picture of their financial position at any time.

Availability

Accounting data is centralised in the cloud and can be accessed from anywhere in the world with an internet connection, 24 hours a day, 7 days a week. Multiple users can have logins, with different access privileges (depending on their status within the organisation) making it easier for teams to collaborate and share information with their accountant.

Security

Online accounting systems have security at the centre of their design to safeguard the integrity of their users data. Typically this includes 2-factor authentication, SSL encryption, automatic backups and security patches.

Features

Software development is an iterative process, and applications are continuously being developed and improved. With cloud-based software, there is no need to manually update servers to benefit from these features.

Integrations

Most cloud accounting software will allow direct bank feeds into their systems, reducing manual input on the part of the user. Additional integrations with other financial technology companies are available, such as services to help receive payments, CRM and project management systems.

In addition to recommending which cloud accounting system (and other financial applications) may benefit your business, we can assist you in establishing financial procedures to safeguard your business and save you time. We can then provide training in how to use your chosen cloud accounting system or you can outsource your bookkeeping requirements to us entirely.

For more information on what online accounting service is best for you, get in touch with a member of the Alchemy team today on 01772 965550 or Email hello@alchemyaccountancy.com.

Craig McCall
hello@alchemyaccountancy.com