In today’s accounting landscape, the integration of technology has become imperative for professionals seeking to streamline processes and optimize productivity. Research from Accounting Today reports, the global accounting software market is projected to reach a value of $11.7 million by the year 2026 [1].
With the growing trend of flexible work arrangements, accounting firms, and individual accountants are increasingly turning to tech tools to enhance efficiency and reduce workload. These tools not only empower accountants to achieve more with less but also contribute to a healthier work-life balance by mitigating stress and burnout.
Embracing Technology in Flexible Work Environments
Did you know, that Sage’s Practice of Now 2020 report revealed that 58% of businesses used accounting software to fulfill their client’s requirements [2] – that was back in 2019!
Fast forward to today when flexible work arrangements have revolutionized the way accounting firms operate, professionals are working remotely, adopting flexible schedules, and in all of this, tech tools are helping them achieve better work-life harmony.
In this context, leveraging technology has emerged as a game-changer for accountants, enabling them to seamlessly transition between work environments while maintaining productivity and efficiency. From cloud-based accounting software to virtual collaboration platforms, tech tools play a pivotal role in facilitating communication, automating tasks, and optimizing workflow management.
Here are 5 technologies that can help your accounting practice boost remote work productivity:
1. Cloud-Based Accounting Software
Cloud-based accounting software revolutionizes traditional accounting practices by offering real-time access to financial data from anywhere with an internet connection. From managing accounts payable and receivable to generating financial reports, these platforms streamline core accounting functions, eliminating manual data entry and minimizing errors.
For accounting professionals, cloud-based software enhances flexibility by enabling remote work and facilitating collaboration with team members and clients. To go by the numbers, 67% of accountants favor cloud accounting over locally installed software – something which also reportedly contributes to a potential 50% reduction in labor costs for practices [3].
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Action Points
- Transition to a cloud-based accounting software solution to streamline workflow and improve accessibility.
- Provide training to employees on using the software effectively to maximize efficiency and productivity.
2. Automated Expense Management Systems
Manual expense management processes can be time-consuming and prone to errors, especially in a remote or hybrid work environment. Automated expense management systems simplify the tracking, submission, and approval of expenses, allowing accountants to focus on higher-value tasks. These systems automate expense report generation, enforce policy compliance, and provide real-time visibility into spending, reducing administrative overhead and improving accuracy.
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Action Points
- Implement an automated expense management system to streamline expense tracking and reporting.
- Establish clear guidelines and policies for expense submission and approval to ensure consistency and compliance.
3. Virtual Collaboration Platforms
Virtual collaboration platforms facilitate seamless communication and collaboration among team members, regardless of their physical location. Whether it’s video conferencing and instant messaging or document sharing and project management, these platforms enable accountants to stay connected and collaborate in real-time. By fostering a collaborative work environment, virtual collaboration platforms enhance productivity and efficiency, enabling teams to effectively coordinate tasks and share information.
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Action Points
- Choose a virtual collaboration platform that aligns with the specific needs and preferences of your accounting team.
- Encourage regular communication and collaboration among team members to foster a sense of connection and camaraderie.
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Did You Know?
Remote Work Can Reduce Greenhouse Gas Emissions: By reducing the need for commuting, remote work can cut down greenhouse gas emissions significantly. A report by Global Workplace Analytics states that if everyone worked from home half the time, it could reduce emissions by 54 million tons annually.
Source: Global Workplace Analytics
Increased Remote Work Can Lower Overhead Costs: Companies can save up to $11,000 per year per part-time telecommuter in overhead costs such as office space, utilities, and janitorial services.
Source: Global Workplace Analytics
Flexible Work Options Improve Employee Retention: FlexJobs’ survey found that 80% of employees would be more loyal to their employer if they had flexible work options, indicating a strong link between remote work and employee retention.
Source: FlexJobs
Remote Workers Report Higher Productivity: According to a study by Prodoscore, remote workers were 47% more productive during the pandemic compared to when they were in the office.
Source: Prodoscore
Remote Work Can Enhance Job Satisfaction: Buffer’s State of Remote Work report found that 98% of remote workers would like to continue working remotely, at least some of the time, for the rest of their careers, highlighting high job satisfaction among remote workers.
Source: Buffer
4. AI-Powered Data Analytics Tools
AI-powered data analytics tools empower accountants to extract actionable insights from vast amounts of financial data quickly. These tools leverage machine learning algorithms to identify patterns, detect anomalies, and forecast trends, enabling accountants to make data-driven decisions with confidence. By automating data analysis tasks, AI-powered tools enhance efficiency and accuracy, freeing up time for accountants to focus on strategic initiatives and value-added activities.
Action Points
- Invest in AI-powered data analytics tools that align with your accounting firm’s specific needs and objectives.
- Provide training to employees on using AI-powered tools effectively to leverage their full potential for data analysis and decision-making.
5. Mobile Accounting Apps
Mobile accounting apps enable accountants to manage finances on the go, offering convenience and flexibility in a mobile-centric world. Although the world of bookkeeping apps is scarce and scattered, Software Advice’s survey conducted in 2017 disclosed that 64% of respondents reported that their vendors offer accounting mobile apps, while 38% stated otherwise [4]. This obviously makes a huge difference now in 2024!
These apps allow users to track expenses, create invoices, reconcile accounts, and access financial reports from their smartphones or tablets. By providing anytime, anywhere access to accounting data, mobile apps empower accountants to stay productive and responsive, even when they’re away from the office.
Action Points
- Select a mobile accounting app that integrates seamlessly with your existing accounting software and meets your firm’s mobility requirements.
- Encourage employees to leverage mobile accounting apps to stay organized and productive while working remotely or on the move.
Conclusion
As flexible work arrangements become the norm, technology serves as a catalyst for enhancing efficiency, reducing workload, and achieving better work-life harmony for accounting professionals.
These tools not only facilitate seamless collaboration and productivity in remote or hybrid setups but also position accounting practices at the forefront of innovation. Embracing these advancements isn’t just about streamlining processes, it’s also about leveraging them to gain a competitive edge in a rapidly evolving landscape. By embracing flexible work arrangements and harnessing the power of tech tools, accounting practices can not only adapt to change but also thrive, setting themselves apart in an increasingly competitive market.
Bibliography
- https://financesonline.com/accounting-software-statistics/
- https://www.sage.com/en-gb/blog/wp-content/uploads/sites/10/2020/07/The-Practice-Of-Now-2020.pdf
- https://www.flexi.com/cloud-accounting-statistics/
- https://www.softwareadvice.com/resources/smb-mobile-accounting-trends-2017/
Reviewed By:
Arun Mehra
Samera CEO
Arun, CEO of Samera, is an experienced accountant and dental practice owner. He specialises in accountancy, financial directorship, squat practices and practice management.
