Accounting Trends Business Owners Need to Know About
Today, some people may say that it’s a lot easier to start a business - that you don’t even need to have a physical store just for you to sell your products or services. For them, as long as you have the means to make your business idea work, then you’re technically all good to go.
But as much as we want to agree with this, no matter how backed up you think you are, we have to remind you that jumping into any kind of business without paying attention to the other business essentials (like legal and accounting) is simply a big risk.
Regardless of how you loathe numbers, you need to acknowledge the fact that if you choose to care less about accounting, you’re basically getting yourself and your business into some serious trouble. Yes, you can hire professional and expert accountants to take care of all your accounting needs. But even so, business owners (new and veteran) like you should still put yourself ahead of the game at all times and in all areas.
Here at Enterprise Assurance PAC, we work diligently to help our clients be on top of their game. And as we want you to keep up with the fast-paced and ever-changing world of business and accounting, here are some of the latest trends that you should know about.
Read up and pay attention to these current accounting trends so you could keep your business updated and competitive for the next few years:
If the mere thought of rummaging through piles of papers, bills, receipts, folders, and documents already stresses you out, then you’d have to consider being a business owner of today as a true blessing. Although we’d have to accept the fact that we still can’t escape paperwork completely, you can expect to deal with less hard-copy reports, records, files, folders, and even those bulky file cabinets.
More and more companies now use accounting softwares that use OCR (Optical Character Recognition) technology. With this, they could easily scan a receipt, invoice, or document, and then have a digital result. The technology automatically recognizes the numbers, letters, and characters in the document so you could edit and file them easily. This technological advancement truly reduces paperwork as well as the time and effort allotted for data entry and filing; and not to mention lessening accounting mistakes.
Bringing us to the next trend...
Migration to Cloud Accounting
If you’re really want to shy away from the folders and filing cabinets, then migrating your traditional accounting system to the cloud is the way to do it. Unlike folders and cabinets that grow in number and take up too much space, the cloud stores an unlimited amount of financial data. And another good thing about using a cloud accounting software is that you, along with your accountants, officers, and other employees, would be able to access that data through your own devices, whenever wherever.
And, if you’re really a hands-on business owner, using a cloud accounting software would enable you to be on top of things even if your accountant is not around. You would be able to track your business operations, cash flow, ROI progress, and more, just by using this software.
But speaking of such convenience and efficiency, let’s go further to the next:
Focus on Security
Would you happen to know someone, or more specifically, a business or company that doesn’t make use of the internet up to this very day? Well, we hope not. As the internet is now an integral part of our daily lives and the business world, we now face a great need for data and online security.
If back then, accountants were more obsessed with doing more accurate data entry and committing less mistakes, today’s a lot different. Accounting professionals who are now accustomed to using the cloud and other technology are more cautious about how they store and protect their data. Theft is so rampant nowadays and hackers come up with more advanced ways to take advantage of people and companies that have weak security systems.
And even though it’s not really up to your accountant to secure your system per se, it’s important that you recognize the need to work with a team that’s committed to protecting your company’s financial data and other critical information.
That is why there’s a current trend such as the next one…
Accountants are Consultants
Gone are the days when accountants are simply thought of as employees who input your receipts and balance your books. The business world is rapidly changing and the role of accountants is now evolving as well.
Businesses have been using computers for many decades now, but not so long ago, accountants were hired as regular employees to take on an 8-hour (or more) job in the office because they have deal with more paperwork and other manual labor. But now, instead of focusing on data entry and organizing, accountants now have the liberty to concentrate on analyzing, strategizing, and consulting.
Accountants of today now provide business owners with valuable advice they could utilize to reach their company’s goals. That apart from overseeing and managing your business’ day-to-day operational activities, your accountants will now help you more by coming up with better tax strategies, investment opportunities, and more.
As today’s accountants take on more challenging and diverse roles, they also face this next trend:
Outsourcing the Best Accountants
Hiring employees online is already a trend of the past. But what dominates the current times is the practice of outsourcing tasks as needed. Business owners are smarter and now cost-efficient more than ever. That is why, they turn to freelancers, independent contractors, and consultants to provide them with the skills or kind of talent that they need. Today, companies outsource accounting, marketing, HR, and even company incorporation services.
Doing this simply puts business owners in a win-win situation. They save themselves from the burdens of paying more benefits and wage increases and at the same time, they get the kind of work or expertise that they need. Also because of this, owners can now have the chance to work with the best accountants in the industry.
Speaking of which, if you’re determined to work with the best accountants for the success of your dream business in Singapore, it doesn’t have to be that difficult. Search no more and choose the experts here at Enterprise Assurance PAC. We work hard to keep ourselves (and our clients) updated with the latest trends in the industry so that you could stay on top of your game. Want to know how we do it? Speak with us today by dialing +65 6224 1164 or by sending an email to firstname.lastname@example.org.