By Angela Mutiso
Modern Accounting Practices Have Been Largely Driven By Technological Advancement
The accounting profession is evolving pretty fast, largely because of the productivity enhancements enabled by technological advances. The accountant of today is not as weighed down by task-oriented activities. Accounting software programs are becoming increasingly automated and the accountant’s position in an organization is expanding from one of a financial expert to one of a business consultant as well.
This calls for new skill sets, such as professional skepticism, judgment, and critical thinking abilities. The demand for these kinds of soft skills stays constant even though the field is in a transition. As a result, accounting organizations will continue to place a high focus on them when hiring new employees. To keep up with the times, and create more time to learn these in-demand skills, it is necessary to know about these new applications, and to learn how to use them jointly with soft wares we are already familiar with.
Dext (Receipt Bank)
In the past, bookkeepers had to pack envelopes with receipts and compile a spreadsheet-style report, outlining all of a company’s financial transactions. The accounting department was left to ensure that each receipt could be justified after the department boss approved payment. We are slowly moving away from the days when everything had to be done on paper. The old methods of recording and filing documents are being simplified by the expense tracking soft wares of today.
Dext employs an effective expense tracking strategy; one that might work well for small firms. The software is programmed to respond to individual receipts rather than bulky formal reports. It enables anyone within a company with ‘approver’ status to consent to reimbursement. Dext integrates well with other programs, especially cloud-based accounting software like Quick books and Xero, which eases its work load by handling some of the back-end work.
Just like other expense tracking applications, Dext allows you to feed it data from a mobile application, a web browser upload, or by forwarding an email to a dedicated ID for each employee. It can also synchronize corporate or personal credit cards. What makes the software unique is that it can import invoices and receipts from Dropbox. This feature allows staff to upload their receipts into a dedicated Dropbox folder, from where Dext extracts them every 24 hours. Once these documents have been processed, they are moved into a dedicated folder.
Dext launched a mobile app that is easy to use. It almost entirely eliminates the need for data entry. All you have to do is take a picture of a receipt and submit it for processing. Dext then fills out a form based on the information visible on the picture. This form is subsequently submitted to an “approver”. Another impressive feature of the software is its ability to capture data from pictures of multiple receipts at once, as well as data from single receipts with multiple pages. From these pictures Dext is able to record vital information such as:
- When a transaction occurred
- Which currency was used for the transaction
- Tax amount
- Name of the supplier
- What category the expense falls into
If the expense was paid by credit card, you don’t have to worry. Dext recognizes such transactions and synchronizes them with your accounting application so you won’t have to record them twice. With the application, you can view your outstanding receipts, create rules for different vendors, split combination invoices and can even convert handwritten information from a receipt into text. It is definitely worth having to simplify work.
Silverfin
Silverfin is a cloud based accounting and finance platform that was designed for use by accountants, auditors and finance professionals alike. This makes it different from other common applications that are created for people with little or no accounting knowledge. It includes useful features like workflow automation, simplified compliance, and strong analysis tools integrated right in. Silverfin is favoured by many professionals because it streamlines work, saves time, and increases profitability. It was designed in the United Kingdom but is now being used all around the world.
With Silverfin, you can create impressive and elaborate financial reports very easily. Once you’re done making a report, it can be distributed to your clients or submitted to the authorities for audit purposes. The software helps you stream line your company’s financial framework and still manage to complete pending tasks in good time.
The workflow automation feature on Silverfin allows you to finish complex tasks in hours rather than days. The software also has built-in templates that your entire workforce can use, ensuring that everyone in your company is operating harmoniously. Accuracy is guaranteed because compliance is standardized and programmed. Additionally, your system automatically updates customer data in real-time. All of your workflow metadata is recorded and accessible at any time.
Something important to consider is how well your accounting applications integrate with each other. That way, you can be sure that you are constantly improving your work processes. Silverfin integrates well with other software, meaning you can seamlessly import and export data from it without a hassle. It will complement the work you have done on other applications and allow you to compare and contrast data from all of them at the same time.
Everything on Silverfin is saved in one location. This includes data and financial information – if you have your own company, it will also include all the correspondence between clients and your staff. This synergistic approach ensures that everyone can work collaboratively and also that everything is running smoothly. Your clients will be able to view your insights and guidance in addition to the crucial financial data they want by visiting an allocated portal.
With the aid of Silverfin, you can give consumers reliable advice that is backed up by accurate data. The software allows you to keep an eye on potential risks to your client’s investments and you set it up so it notifies you when it thinks you need to make certain adjustments. Silverfin can also be used to control quality, identify opportunities, and track trends. It can assist you in advising your clients on financial modeling and strategic development. Overall, Silverfin’s analysis tools enable you to turn data into insightful counsel that will keep your clients satisfied. Ultimately, Silverfin is an application that was built to make the accounting process simpler and more profitable.
Sage 50 Accounting Software
Sage 50 cloud is a package that comprises accounting and payroll solutions. The origin of the brand name Sage 50 came about because the software was initially designed for use by small and medium enterprises (SMEs) or companies with up to 50 employees. It was created by Sage Group PLC- the world’s third-largest distributor of enterprise-resource-planning software and the second-largest technology firm in the UK. In several regions, Sage also sells its accounting packages under the Sage 50 moniker.
Any firm, no matter how big or small, needs to track the orders it has received, and the profit goals it has set for a certain period. To keep the sales processes structured, Sage 50 software can help you create bids, sales orders, and invoices. As a result, you can easily count on it to generate accurate data on sales optimization.
One of the standout benefits of the Sage 50 program is its inventory function. When a company has to turn consumers away because of a shortage of inventory, that is the epitome of a business disaster. You might never get those customers back. Sage 50 Accounts helps users to accurately anticipate stock levels based on sales orders and maintain a careful watch on stock levels.
With Sage 50, you can customize the formats of your financial statements and data reports. In order for investors, stockholders, and auditors to understand the state of the business, report preparation is crucial. The extensive reporting capabilities in Sage 50 make the report preparation process simple, quick, and efficient. You can produce yearly, quarterly, monthly, and comparative reports for two different accounting periods, for instance. The Sage 50 information area also has Excel and Crystal functions that enable the creation of customized reports.
To respond to market situations and client needs, accountants must be up to date with technological developments. Modern accounting practices have been largely driven by technological advancement. Online tools and digital resources increase organization and productivity significantly.
Automated accounting is slowly replacing manual accounting. Along with other benefits, this has not only decreased errors, it has enabled better and more accurate reporting. Therefore, it is essential that accountants keep abreast with new technology and apply it to grow their firms.
These three applications are just part of a long list of other tools that can be used to make work easier and ultimately boost the bottom line.
The writer is the editorial consultant of the Accountant Journal
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