The effects of the pandemic are still evident as we see companies around the world shifting to remote work setups and leveraging various technologies to keep their operations running. This, of course, affects their respective accounting departments as well.
Nowadays, SMEs are investing in cloud-based accounting software to gain better control over their finances despite not being within the four walls of an office.
Will this be the same scenario as we welcome the new year? Find out as we discuss some of the accounting trends that business owners should look out for in 2023.
Although the first few months were challenging, the benefits and convenience of working away from the office prevailed for many organizations up to this day. With the continuous rise of new technologies, entrepreneurs found it easier to collaborate with their team – anytime, anywhere.
In terms of finances, online management tools now allow bookkeepers and accountants to perform their jobs remotely. This means that you also have the option to hire employees from different parts of the world. As we head into 2023, more and more businesses will surely adopt a similar setup.
Accounting practices change over time because of evolving client demands. If you want your business to be top of mind, you need to be a step ahead of your competitors. One way to achieve that is by investing in efficient software solutions, like QuickBooks.
These help eliminate the repetitive part of an accountant’s job, such as accounts reconciliation and creating financial statements, giving your team more time to focus on essential and value-adding tasks.
In addition to that, they allow you to track accounts receivables and payables, understand your profitability ratios, and prepare for tax season.
However, you should still make sure that your accountants are skilled when it comes to data verification and process monitoring because the financial decisions you make will rely heavily on the information gathered.
As your small business grows, you may also consider a custom enterprise resource planning system for easier access to important information within your company and better communication between departments.
Outsourcing is a business strategy that has already been around for many years. But recently, it gained popularity when small businesses discovered how it helps to lower costs and increase efficiency. Since outsourced professionals only perform services for your business during a certain period, you won’t have to pay them like you would a full-time employee.
If this is something you are considering, reach out to us and we’ll help you find the right talent for your startup.
Another advanced accounting trend is Blockchain. This brings your business a step closer towards a more secure system. Instead of the double-entry accounting system, Blockchain brings the triple-accounting system to help strengthen your company’s data. It even has decentralized ledger technology, allowing money transfers without intermediaries. To prevent fraud, Blockchain is also capable of tracking asset ownerships.
Accounting is an integral part of your small business. It helps you understand if you are profitable and makes financial decision-making a much easier task to do. But like with any other business aspect, you always need to make adjustments to keep up with your competition.
As we welcome 2023, familiarize yourself with the different accounting trends, such as Blockchain, and identify which ones you can adopt into your organization. If you are following a work-from-home setup, make use of online collaboration tools and business management software to ensure that deliverables are being met on time, especially the ones that are finance-related.
To cut back on costs, you may also outsource your accounting to service providers like Peach BPO. We are equipped with the right tools and knowledge, so you can heave a sigh of relief knowing that your business is in good hands.
Get in touch with us for more information.