Posts tagged with "accounting technology"

accounting-technology-mindset

Is Technology Waiting for the Accounting Industry Mindset to Catch Up?

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 the industry–and their job security–but additionally, a lack of schooling and training opportunities have left accountants scrambling to keep up.

Cloud Software Solutions

Cloud software solutions have emerged with promises of easing the burden of manual errors caused by spreadsheet accounting. New technology comes with a learning curve and as automation eliminates many of the manual processes accountants are accustomed to, it requires in some cases continuing education to remain relevant in the industry. 

New and innovation technology is yielding a seachange in the industry: there is now an expectation that accountants will not only be skilled and knowledgeable in bookkeeping but will emphasize strategy and advisory services. Accountants are also increasingly expected to specialize in and consult on various software options for their clients. 

The industry has seen an overhaul and though accounting positions are growing in number, there are fewer and fewer in the field that hold these newly minted qualifications. The academic world has not yet kept up, which is a big reason why so few accountants have embraced they new technology: they simply haven’t been trained on it.

Flexi can get you up to speed

Over 25 years ago, the team behind Flexi Software believed that the promise of accounting automation shouldn’t be reserved for Fortune 500 enterprises. Flexi set out to create a world-class platform that would not only offer the robust functionality found in costly Tier One ERP solutions but also offered the things that mattered most in a rapidly changing accounting environment:

  • Real-time performance and the ability to securely handle millions of transactions in real-time
  • Flexibility to grow and adapt to changing business or market needs
  • Openness that would allow easy integration with any system
  • Process-driven design that leveraged technology to automate much of the accounting cycle

That vision remains strong today and Flexi continues its laser focus on developing feature-rich accounting software that is both relevant and a smart value. As a SOC 2 Type I certified provider, Flexi is dedicated to empowering accountants to work as efficiently and securely as possible – today and tomorrow.

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

 

Category: Accounting Software

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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

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