Updated: Jan 4, 2020
The modern consumer is now more tech-savvy and digitally-driven than ever. There are faced with so many digital accounting and financial product options that even the biggest and most established businesses need to ensure they stay relevant. In this article, we explore five of the most prominent digital and accounting trends in 2019 and how they impact businesses.
We’re talking about a new lifestyle altogether – depositing checks, transferring funds, and checking your balances with just a few taps. This new behaviour is impacting the way businesses run their accounting and transact financially as well. For one, mobile accounting software has risen in prominence as a one-up to desktop-only options. Accountants can now reconcile transactions in real-time and on-the-go. This means shorter response time, and fewer errors. Expect to see banks invest continually in more advanced, intuitive, and multi-function financial apps to cater to the business owners and their transacting habits of today.
Financial technology companies are also strong competitors in this space as they race to develop new forms of credit functionalities and enhancements that simplify loan applications and financial planning.
Mobile payments are significantly improving payment processes and customer services for modern businesses. The increase in uptake of cashless payments is testament to the wide array of benefits – hassle-free, faster check-outs, digital expense tracking and customizations. For business owners, mobile payments also open a new gateway to valuable and actionable customer data. Such data can be used to build customer loyalty, provide personalized experiences, and inform inventory and business decisions.
AI-driven investments and technology
Automated wealth management is also expected to increase as AI plays a more significant role in the management of investment portfolios. With machine-learning and algorithms, AI-driven bots can calculate the best investment opportunities, interest rates, and loan providers at a speed, accuracy, and sophistication that humans will be hard-pressed to match up to. While we are still in the early days of such technology, we cannot discount how AI could ultimately become crucial to the success of companies. Intelligent chat features and predictive analytics are some of the more common AI functions with lower costs of entry that businesses have started to onboard to keep up with the times.
Customization and personalization
An accounting software is indispensable in helping you manage your cash flow, send invoices to customers, sort your books, and make reporting and compliance easier come tax season. However, every business’s accounting requirements vary due to factors like size, industry, and internal processes and workflows. To make sure your software has the flexibility to adapt to your specific business needs, you need to choose an on-cloud accounting system that has robust personalization and customization features.
Customizing your software according to your business requirements helps your accounting team provide more in-depth insights and analysis about your finance.
Digital transformation in the finance and accounting sphere has been explosive this year, and does not seem to be slowing down any time soon. As the focus increases on innovative financial services, it will be a good time to adopt the trends listed above. The result will only be an elimination of menial and repetitive accounting tasks and great savings in paper, time, cost and headaches. Contact us at firstname.lastname@example.org today to find out how our software can help transform your business.