Accountants have been relying on Microsoft Excel since the 1980s, so you could say innovation in accounting is slow going. It turns out, there are several barriers to innovation that are specific to the accounting and financial services industry. What are they, and what can we do to squash them? Jody Padar writes on AccountingToday…
Multi-entity accounting is complex, rendering process and workflow all the more important. Process, workflow, and a solid accounting software solution that is uniquely designed to handle the complex consolidation and reporting needs of multiple companies, divisions, or global entities is a necessity. Some of the processes that plague enterprise accountants are: consolidations, intercompany postings, acquisitions,…
The cannabis industry is flourishing and it is providing a unique and exciting opportunity for accountants. This new, niche industry is heavily regulated and demands highly skilled accountants to navigate and lead. This industry isn’t for the faint of heart. Accountants in the cannabis space are expected to be knowledgeable in a number of facets…
It’s no secret that the accounting industry hasn’t been the most innovative or the quickest to embrace technology. External barriers are as responsible for this as the industry mindset. While automation and AI are spreading like wildfire in other industries, accountants have been tentative and hesitant about what automation could mean for the future of…
Multi-entity accounting is complex, and one wrong accounting entry can slow down the whole operation. Multi-entity organizations face such complexities as multiple currencies, global consolidations, decentralized payables, and inter-entity transactions, to name a few of the challenges. What’s more, consolidating multiple companies, products, and/or divisions can add weeks of time to the financial close process…
Cloud accounting has experienced rapid growth in recent years, with the height of the growth still to come, according to the Cloud Accounting Software Market research report by Market Study Report, LLC. The report analyzes pivotal insights regarding market size, competitive spectrum, contender share, consumption trends, and geographical outlook. The report also explores key drivers…
Keeping tabs on large organizations, multiple entities, different currencies, different systems, and other complex accounting needs can be very challenging. It is difficult to consolidate and analyze all of that information using standard accounting software. Enterprise accounting software serves to address the unique needs of these types of organizations. What is Enterprise Accounting Software? Enterprise…
To understand, analyze, and strategize your business, you need first to ensure that your period accounting is correct. Period accounting is the time covered by your financial statements in the reporting period. Your period accounting is correct only if you ensure you are correctly deferring revenue and recognizing associated costs. Failing to correctly claim costs…
Artificial intelligence (AI), machine learning (ML), and robots are technologies that are taking center stage across industries, especially in industries such as manufacturing, retail, customer service, and agriculture. The accounting industry is no exception. Experts predict that as many as 800 million jobs could be replaced with AI by 2030. Traditionally, it was blue collar…
Implementing new technology solutions is tough, especially in large or high-growth organizations. In larger companies, different divisions often use their own specific platforms for accounting, data reporting, and more, but all the systems need to integrate for the sake of better decision making. They often don’t–or not very well, at least–leading to manual processes and…
Enterprise accounting software is software that allows an organization to keep tabs on financial transactions and data. However, enterprise accounting software goes above and beyond the core accounting processes. Enterprise accounting software comprises modules specific to billing and payroll, accounts receivable, accounts payable, general ledger, and more. Historically it has been a solution that was…
It’s imperative that your accounting team is a well-oiled machine. Deadlines are tight, the board is demanding, and time is of the essence for all facets of accounting, including reports and payroll. There are many reasons your accounting team could be slowed down to a stop, but there’s a lot you can do about it. …