Digital advancement provides us with new ways of working and new opportunities for growth. It allows us to reduce operating costs and to interact with colleagues and associates more efficiently. It allows us to better manage our resources and create memorable customer experiences. So, with that in mind, how can firms use emerging technologies to their advantage and to propel business success?
With more accounting practices to choose from and increasingly discerning customers, accounting firms must carefully consider how to win new customers, retain their existing ones and stand out with their service offering. With thousands of start-ups launching each year, firms should strategise how to get their share of this new business and maximise their earnings potential. So what are some practical steps practitioners can take to get ahead and carve their niche?
Accountants do so much more than analysing spreadsheets and filing tax returns and as a small business owner, it’s important to view your accounting firm as a trusted business advisor, as opposed to an outsourced administrative function. In fact, having a good working relationship with your accountant and receiving timely advice can be one of your strongest assets and help to set your business apart. So what steps can businesses take to ensure they partner with the right practice and work with their accountant of choice as effectively as possible?
Small businesses need to bring their product or service to market, whilst minimising unnecessary expenditure, monitoring competitors, retaining staff and providing memorable customer experiences. With so many demands on their time, automation is increasingly being leveraged by business owners in order to spend fewer resources on labour intensive, back office activities. Whilst not all processes can, or should be automated, using technology to support certain lines of business can drive considerable efficiencies for users, and without breaking the bank. Here are some examples:
Sunday April 22nd is Earth Day, an annual event which drives awareness on the topics of environmentalism and climate change. Founded in 1970, Earth Day continues to grow in influence, as it mobilises millions worldwide to work together and live responsibly.
Did you know that AutoEntry is now being used by 2,000+ accounting and bookkeeping practices worldwide, with over 50,000+ small business set up on the platform?
AutoEntry is transforming the working day for accountants and bookkeepers, by eliminating the labour intensive and painstaking task of manual data entry. At the touch of a button, AutoEntry captures and analyses information from all of the paper documents received from your SME clients, before posting this data into your accounting software.
There’s a lot to focus on when running a business. From meeting deadlines, to growing revenues and serving customers, there just isn’t enough time in the day for unnecessary admin such as manual data entry. And with the availability of automated solutions, like AutoEntry, there doesn’t need to be any.
The rapid development of digital technologies, data analytics and social networks are some of the factors changing the very fabric of our society, not to mention the traditional structure of the workplace. In previous generations it wouldn’t be unusual to stay in your first job until retirement, yet now, a UK worker changes employer on average every five years. What’s trending today may be gone tomorrow, and with the World Economic Forum citing that around “35 per cent of skills will be different” in the near future, business owners need to adapt to innovation in a timely manner in order to stay relevant. So with that in mind, what will the future of work look like for accountants and bookkeepers?
Since its launch almost two years ago, AutoEntry has fast become the go-to solution provider of choice; serving over 2,500 accounting practices worldwide, through which more than 38,000 businesses are set up on the platform.
Optical Character Recognition (OCR) technology is used to convert scanned or photographed images of paper documents and PDF files, into machine-encoded data. It may not garner headlines in the same way as some of the more fashionable tech trends, yet it’s helped to drive considerable social change and innovation in business over the years. So how has it developed and what significance does it hold for organisations today?
Whilst some may conjure up images of pinstripe suits and excel spreadsheets when they picture accounting, it’s actually a much more colourful and diverse industry than that. So as one of the oldest occupations, and one which remains at the core of the finance ecosystem today, here are five interesting facts about the profession.
With the continuation of Moore’s Law and computing power predicted to exceed that of human brains by 2045, it’s a time of extraordinary technological growth and social change. Technology is reshaping the entire financial services ecosystem and driving enhanced working efficiencies.
As technology evolves and becomes more sophisticated, so too do viruses, malware and hackers, and their means to violate protective barriers in order to infiltrate sensitive data and information.
Technology is transforming the way that accounting firms do business. The emergence of cloud-based computing, the growth of mobile, and advances in intelligent data management mean that accounting firms have a new set of tools available that can automate and streamline tasks. Industry leaders expect the shift to mobile and cloud-based accounting to not only continue, but to accelerate, and for good reason. The results are in and technology has come up trumps. More than ever, it is essential that accounting and bookkeeping firms determine how they will integrate new technologies when planning for the future.
‘Millennials’ or ‘Generation Y’; they are the children of the dot com boom and the dawn of mobile. They have significantly different priorities on how, where and when they work compared to their predecessors. They’re likely to already be a significant portion of your customers - and if you’re still adapting to the change, you’ll need to work faster, as the next even more digitally absorbed generation is just around the corner. Born in the mid 90’s ‘Generation Z’, are set to turn 21 this year. As defined by Goldman Sachs, a ‘device in hand’ generation, these ‘Digital Natives’ will account for a fifth of the workforce in just a few years time.
Tomorrow is Earth Day, an international civic observance to drive awareness on the topics of environmentalism and climate change. Founded in 1970, Earth Day continues to grow in influence, as it mobilises millions worldwide to work together and live responsibly.
We’re delighted to see our solution AutoEntry making its mark in the Xero marketplace. Rapidly amassing new users, AutoEntry has become one of the most popular add-ons for invoice capture in the app store, just a year on since its release at Xerocon London.
We all want our employees to be happy. An engaged, satisfied workforce results in a productive and profitable company. Yet research reveals only 15% of UK employees consider themselves as ‘highly motivated’, with low engagement negatively impacting productivity, resulting in a combined £340bn in missed output per year.
The 2017 Formula One World Championship is in full swing. Nico Rosberg raced to victory last year, pipping team-mate Lewis Hamilton to the post in an action packed finale. As the drivers pursue this year’s title, what can accounting firms learn from this fast paced, technology-driven sport?