Adapting to new accounting rules and regulatory changes have caused annual audit fees to continue to rise for U.S. companies. According to a survey by the Financial Education & Research Foundation, the average hourly fees public companies pay for external auditing services has climbed 31 percent over the past decade. Businesses tend to retain external…
You may consider outsourcing your accounting in order to bring in additional expertise you don’t have access to internally, or to save money. Business owners and nonprofit organizations are especially good candidates for outsourced accounting. Outsourcing your small business accounting As a business owner, you know you’re edging closer to success when you no longer…
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,…
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…
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. …
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…