Accounting Software

big-data-accounting

How Big Data is Helping Accountants

Big data refers to large sets of data and information that can be mined for valuable insights and analysis. For accountants, big data can provide insights that can help discover new methods of fraud detection, new methods of preventing identity theft, and can even make tax preparation easier. Further, analytics can help accountants determine patterns for predicting risk of identity theft that would otherwise be difficult to discern. 

How can accountants best utilize the benefits of big data?

Prioritize determining unexpected patterns

Outliers and anomalies in data sets often lead to valuable insight, but if you’re not looking for them, you might miss them. Prioritize the importance of determining unexpected patterns to leverage big data to the highest degree. By determining patterns, accountants can make more accurate predictions of financial activity. 

Prioritize security

Breaches and hacks are a constant threat in 2019, so putting proper security protocols into place is of the utmost importance. Establishing best practices and consulting with cybersecurity firms can help you keep security under wraps. 

Anticipate unexpected costs

We all have witnessed the implementation of a new software or business plan that exceeded the initial projected costs by a landslide. It’s frustrating, so be aware that unexpected costs when adopting a big data strategy will crop up. You might need to hire consultants or more employees. Remember that this is an investment that will help you in the long run. 

Build the right team

Having the right staff is paramount. Many accountants do not have a background in data analytics, so you will have to scout specific talent, or be willing to train. By ensuring you have the right people on your team, you can start using the valuable big data insights quickly and easily. 

Flexi

Flexi software solutions provide easy access to data and building reports is a breeze. If your company is adopting a big data strategy, make sure you have the right software in place first. 

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

Submit your information and get a demo of the Flexi suite today. 

Category: Accounting Software

Tags: ,

new-generation-accounting

How a New Generation of Accountants are Ready to Change the Industry

As technology has sped up and automated bookkeeping, accountants and finance professionals have struggled to find traditional accounting work, specifically in bookkeeping roles. The unemployment rate for the finance sector represents roughly half of U.S. unemployment, and not because work is scarce, but because the desired qualifications of accountants have changed.

Sophisticated platforms that utilize AI and automation are cheaper and more reliable than humans in many ways; success in the accounting field has demanded more from its workforce than it did even a decade ago, with a new emphasis on strategic and advisory services, including being educated on various technology platforms.

To get new and seasoned accountants up to speed so they can find and maintain work, the industry and how the education system interacts with it needs to undergo some major reno.

The CPA Journal noted in 2017 that a major setback to finding skilled and competent workers in the field is rooted in education. The types of problem solving that on-the-job accountants are now facing is not taught in the traditional accounting curriculum, so the expectation of providing advisory services for newly minted accountants is often beyond their skillset.

To address the root of the problem, institutions need first update their curriculums to provide settings to teach young accountants more about strategy and less about bookkeeping, which is largely handled today by software.

On that note, academia should not be operating in a vacuum. To prepare graduates with the skills needed to perform the duties expected of them at their first jobs, businesses and universities need to engage in dialogue. Internship programs are one excellent way to give students real-time experience before earning their degrees.

In April 2019, the Bureau of Labor Statistics reported that the U.S. added 140,000 accounting and auditor positions to the workforce, but the global workforce pool is still too small. Until curricula and training programs catch up to speed, we will experience a deficit of qualified talent in the industry.

Flexi can supplement your accounting team

Your team is expected to do more than ever, and Flexi can provide software that automates, provides fast reporting, and supplements your team in a rich array of ways so they can focus their efforts where it matters most: strategy and advisory services.

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

Find out why 1,500 customers and 20,000+ users rely on Flexi. Submit your information and get a demo of the Flexi suite today.

 

 

 

Category: Accounting Software

Tags: ,

accounting-process-slow

Why Poor Processes Will Slow Your Accounting Department Down

Accounting processes can take a seemingly exorbitant amount of time when time is of the essence. Increasingly, locally-installed software is more time consuming and less convenient than cloud-based solutions, leading to poor, manual processes, longer wait times for data, and higher rates of inaccuracy in data.

Here are the top processes that are slowing your accounting department down.

  • You’re still relying on Microsoft Excel

Microsoft Excel was once the industry standard, but today’s business’ complex accounting needs demand more. If you’re still reliant on Microsoft Excel, finding a new solution is going to be the key to implementing better processes to speed up your accounting department.

  • Your team members could be using different versions of data

If you’re not using a central repository of data that can be accessed from a web browser, then there might be different variations floating around in your colleague’s inboxes or saved to their desktops. If users are accessing and using (and making important business decisions) based on varying versions of data, how can you be sure that you’re operating at full capacity?

  • Access is limited

On-premise solutions are installed locally on your computer. This can be tricky when employees are traveling or for whatever reason cannot get into the office due to a family emergency, inclement weather, or otherwise. By using a cloud-based service, everyone can access the same data with any device with an internet connection, so a business can stay on track even if key players can’t make it to their machines.

  • Security is compromised

When data is hacked, stolen, or otherwise compromised, business screeches to a halt. With cloud-based solutions, data is more secure because it is encrypted and stored on remote servers. Enhanced security only serves to keep your business moving at all costs.

Flexi can help you speed up your accounting department

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With a quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today but also will have you ready to adapt quickly to market or business changes in your future.

Submit your information and get a demo of the Flexi suite today.

 

Category: Accounting Software

Tags: , ,

audit technology

Technology Enters the Accounting Audit Space

Change and growth are fundamental to business, and technology is expanding the ways we approach and dictate business needs. Auditors are no more immune to the expansion of technology than any other industry: traditional audit services are being transformed by technology.

Leo R. Moretti writes on AccountingToday that auditors need to be aware of all the tools available and to understand and embrace the “accelerating value of data and the digital data ecosystem.”

How Tech is Changing Audits

Technology is poised to perform much of what was once relegated to time-consuming, manual processes. If your staff still spends a majority of their time hunting down broken formulas in Excel workbooks, it may be time to consider new, cloud-based accounting solutions that automate. By taking advantage of the automation tools at our disposal, we can prioritize evaluation analytics and assist clients in performing their accounting and financial reporting tasks in a more efficient manner.

In sum: leave the number crunching to the computers, and use the time and resources you gain towards specializing in the more “human” skills of strategy and advisory services.

Moretti writes that interacting and understanding the needs of audit committees, CEOs, CFOs, and regulators should be an increasing priority, stating that auditors will be increasingly expected to provide assurance on much more than mere financial statements.

Additionally, academia needs to rise to the challenge to provide the next generation of CPAs, regulators, and investors with the tools of success. The curriculum of these future financial professionals should be audit technology-based to prepare future finance professionals with not only the standards of the past but current and future techniques and technologies.

Flexi

Flexi is ahead of the curve, providing proven technology tools to help your business succeed today, tomorrow, and beyond.

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today, but also will have you ready to adapt quickly to market or business changes in your future.

Submit your information and get a demo of the Flexi suite today.

Category: Accounting Software

Tags: , ,

accounting enterprise

Flexi’s Enterprise Accounting Software Offers a Suite of Features

Flexi’s powerful accounting software was built to simplify the complex processes that accountants face every day. Flexi understands how stressful the period close is, how complicated multi-entity books can be, and how frustrating audits are when accurate reporting is not easily available.

A laser focus on finance and accounting software has enabled the Flexi team to scrutinize every step of the accounting process and develop a solution designed to simplify every task. This “process-driven” approach delivers tremendous benefits to finance teams, including a faster, more accurate financial close.

Flexi’s comprehensive software suite is a tremendous value, providing top-tier functionality at a mid-tier price. If the full benefits of workflow automation are not desired, Flexi’s individual modules can also be deployed separately.

FlexiFinancials

It starts with a strong core financial management system–one that’s been continually refined for 25+ years based on input from accountants and CFOs. Key functionality found in Flexi’s core solution includes:

Flexi Workflow

Flexi’s core accounting modules are great on their own, but the powerful workflow engine makes them work even better…together. With FlexiWorkflow you can engage users throughout any department to automate their part of the accounting process, from simple tasks to complex business operations, all based on business rules.

  • Automate time-consuming manual tasks
  • Decrease costly mistakes and human error
  • Dramatically increase productivity

Additional Applications

Flexi’s expanded eSuite applications serve to further automate accounting processes, reducing paper, human error, and the high costs associated with each.

Other admin and control options are available, including consulting services and APIs for easy integrations.

Flexi delivers everything that an enterprise needs to automate accounting and dramatically improve workflow processes. Flexi’s  finance and accounting software offers extreme flexibility:

  • Connects with any GL or subledger, resulting in easy consolidations from multiple systems
  • Deployed in any way needed: on premise, hosted, cloud, or hybrid environments
  • Workflow processes are easily defined and set up any way needed
  • Reports are easily set up, generated, and shared with anyone who needs them
  • Open SOA architecture is designed to seamlessly integrate with any system
  • Simple interface allows for user-defined setup of all these parameters and more, without the need for IT programming

Submit your information and get a demo of the Flexi suite today.

 

Category: Accounting Software

Tags: ,

CFOs Accounting Technology

How CFOs Feel About Accounting Technology

CFOs are often responsible for selecting the technology tools their greater company uses to get the job done efficiently and correctly. As technology is changing, it is important to get a pulse on how CFOs are using their technology tools in the present and what their future plans are.

AccountingToday interviewed CFOs and other financial thought leaders to learn their tips and tricks for success with accounting technology. Compiled below are some of their words of wisdom.

Mid-sized businesses

According to Paul Riegel, regional director of CFO Centre, all companies need a solid base accounting system. A reliable and robust accounting system that manages the procure-to-pay cycle and related workflows is a necessity. A solid, base system should include a general ledger, accounts payable and accounts receivable functionality, bank reconciliation functionality, management and reporting systems, payroll functionality, and a budgeting module.

Next up is a financial forecasting system. AccountingToday specifies that forecasting and budgeting aren’t necessarily the same thing. A good forecasting system will look to the future and attempt to select datasets to predict financial outcomes based on past results. Some organizations will depend on Microsoft Excel for financial forecasting, but dependent on company size and scale, Excel is often not the most efficient or effective solution.

Another recommendation of many CFOs is moving to the cloud. For mid-sized organizations, this is pertinent because it allows organizations with limited resources to both automate traditionally manual functions as well as gain automatic visibility. It’s the wave of the future and it makes the most of your staff’s time and resources.

Enterprise companies

A CRM system is incredibly important for organizations with complex accounting needs, like multi-entity organizations. A user-friendly solution will help keep track of all of your customer relationships to get a pulse on how things are going across the board for your clients.

Additionally, comprehensive spend management for enterprise organizations is imperative. There is more pressure than ever before to support business continuity, with the ultimate goal being agile supply chains. In an age of disruption, CFOs need to pay special attention to these needs.

Above all else, CFOs need to be measuring cost, quality, and ease of use when choosing new financial tools.

Flexi has a full suite of products to help your business

Regardless of the size of your organization, Flexi has products to help you succeed. Submit your information and get a demo of the Flexi suite today.

 

Category: Accounting Software

Tags: ,