Accounting Software - Which One Works Best?

Accounting software has improved greatly, making it easy for businesses of all sizes to collaborate even if one is not on-site. The type of software that fits a company depends on many factors. This article provides a basic introduction to some of the most popular accounting software today. Read the full article at Business Mirror....

3 Ways Technology Has Transformed Accounting

The role of the modern accountant has changed little from when transactions were done manually with pen and ledger paper, but the software tools now at our disposal are rapidly transforming how, when, and where accounting gets done.

Here we summarize three key trends and features of accounting technology that are changing the game for both general accountants and their small business clients:

1. Cloud Computing

Cloud computing allows people to store, manage, and process data on a network of remote servers, rather than rely on a local server or personal computer. We love the cloud because it allows us to spend less time recording, classifying, and summarizing your transactions, and more time focusing on analyzing your data and reporting key information so you can make smarter, more timely decisions for day-to-day and long-term business goals. Cloud computing provides many benefits to optimize the accounting process, including:

• Automation of record keeping of bills and invoices using Artificial Intelligence (AI) and Optical Character Recognition (OCR) technologies
• Automation of bill approval processes and bill payment process
• Real time transaction recording with bank account-integration that simplifies bank account and credit card reconciliation

Still got one foot in the ledger and the other in the cloud? Learn more about our Quickbooks Review service.

2. Modular Accounting Platform

Cloud accounting platforms like Quickbooks Online have quickly become ubiquitous thanks to the thousands of apps that allow flexibility in hand-picking the tools that serve the specific needs of the user at an extremely low cost. Why pay for an entire Enterprise Resource Planning (ERP) platform when you’re only going to be using a very small percentage of it?

How It Works: One of our clients is a small, but growing craft brewery. They rely on Square to manage retail sales in the tap room, Bill.com for paying bills, and SOS Inventory to manage their beer inventory. All three of these applications integrate directly into QuickBooks Online, creating an efficient and streamlined accounting flow.

If you’re someone who likes saving time and money (and really, who doesn’t?) then you’re best off combining the knowledge of an outsourced accountant with the efficiency of a modular accounting platform.

Need help hand-picking the best tools for your needs? Learn more about the benefits of our outsourced accounting services.

3. Timing and Frequency of Information

Technology like cloud computing allows accountants to live in the present more than ever before. (And, no, we don’t mean that they’re spending more time in their offices meditating!) Accountants no longer need to wait until the closing of the accounting period (or “month-end close”) to extract key information for the client.

With a cloud accounting platform we can see live transactions as they happen because the different systems are linked and communicating in real time. This allows us to communicate information to the client on a much more frequent and detailed basis, for example, the margin on a specific sale, or the actual costs of a project in the middle of the month.

Imagine what you could do with this kind of information…. Learn how our outsourced accounting services free up time for you to focus on growing your business.

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Tristan CPA Boston is an outsourced accounting company run by experienced financial professionals. This means that you get the benefits of big firm expertise with the flexibility, focus and personalized results you need to grow your small business. Contact us today and put our expertise to work for you and your company.

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Why Small Business Owners Should Outsource Their Accounting Services

Accounting is essential for all small business organizations. Accounting includes maintenance and auditing of records and preparing financial statements for your small business. For good performance and effective control of any small business, accounting services are still important. However, most entrepreneurs do not have enough knowledge when it comes to accounting; hence, they outsource their service to professionals. Outsourcing accounting service doesn’t only save you on costs, but it also helps increase the efficiency of your business, allowing you to focus more on making profits and expanding your business. Below, we will discuss the major benefit of outsourcing accounting service.

1.      Save 40-60% of the cost of in-house accounting

When you outsource your accounting jobs, you do not have to worry about things such as health insurance, vacation, social security contributions, pensions, etc. By outsourcing your accounting jobs, you’ll save 40 to 60% of the money that should be spent on internal accountants. Outsourced accountants have streamlined their processes and therefore transferred that savings to you.

2.      More concentration

When you outsource your accounting service to professional companies, they will focus more on your job because they have a goal of completing your job on time. Small businesses often have office staff that wears many different hats, including accounting. Instead of an office staff that gets caught up in the daily operations of your business, companies that provide accounting service will be able to spend the necessary time to complete your work to achieve the best results.

3.      Professional service

Outsourcing companies have a set of financial accountants who have the ability to handle complex accounting tasks. They are trained to use the accounting software efficiently and effectively to get the latest information. Calculations are performed with precision and data entry is done diligently to ensure quality work. They are also experts in the field and the industries that they served.

4.      Instant access to your financial data

One of the main benefits of outsourcing accounting service is that it gives you the advantage of having instant access to your current account. This is very useful when you need to examine your accounts instantly to make important decisions. And there is no possibility of data loss because everything is done online with a backup. Since everything is done online, clients can easily access important financial documents and reports whenever they want. Professional accounting companies use cloud-base technology for this process.

5.      Allows you to focus on the main purpose of your business

Outsourcing your financial accounting tasks to professionals enables you to have some free time you can use to focus on your company's goal. Your privacy is important to them.

Once you hire a reputable and experienced company that offers various accounting services online, you can enjoy unlimited access to your financial accounts at all times, and this will solve all the miscalculations and errors you encounter in your business. You don’t have to worry about errors on your financial accounts, and your business information is safe and secured with them. This is ideal for small businesses that need more focus on expanding and developing relationships with key customers while ensuring that their financial accounts are accurate and error-free.