Posts tagged with "accounting"

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

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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

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AI Automation Accounting

How AI & Automation Are Making Their Way to Accounting

Artificial intelligence (AI) and automation are making their way to accounting, just as they are permeating all other industries. AI is getting stronger and smarter as technology evolves, becoming not just an automator but also a smart technology that can learn and draw conclusions in real time.

As AI continues to advance, many fear it. While the perceived threat of job extinction looms, AI and automation can actually be extremely beneficial for accountants and finance professionals. By remaining adept and relevant in the industry, you are likely not to be replaced by robots anytime in the near future.

Working with AI and automation, not against it

Embracing advances in technology is key to remaining relevant in the industry.

AI and automation largely take the guesswork and possibility of manual error out of everyday processing. A large chunk of accounting tasks were at one time reliant on manual data entry, which meant manual mistakes. Automated, cloud-based software provides a level of security and data integrity previously unknown to accountants. These are all good things.

With increased accuracy and decreased time spent creating and running reports, accountants are left with time left in their day to devote to other, more strategic tasks. In fact an entire component of modern accounting relies on strategic and advisory services, and if your firm or organization has the time to devote to providing such services, you have an immediate edge over your competitors in the field.

While AI and automation reduces or eliminates many of the tasks historically known to the accounting role, AI and automation free up time for accountants to become subject matter experts on the various technologies and systems available today, providing a new level of value to clients.

Additionally, there are many elements in the financial industry that remain impermeable to AI and automation. A study cited by Business.com notes that 68 percent of clients surveyed prefer having access to a financial advisor over a technology offered as a replacement. This statistic makes it very clear that plenty of folks prefer the personal, human element when it comes to strategizing and problem solving. And fortunately, machines can’t replace that.

Flexi helps you embrace the future

Flexi provides software that automates many aspects of the accounting process, freeing up your time and making sure you can close the books and provide reports in a timely manner to boot. Flexi won’t replace you; Flexi will work with you.

Learn more about partnering with Flexi today. Call 800-353-9492.

Category: Blog

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Accounting and Robots

Are Robots Posed to Take Accounting Jobs?

Are robots posed to take accounting jobs? No, not exactly. But kind of.

Science fiction would have you believe that the human race is on track to be replaced by robots in the near future, but while advances in technology are increasing artificial intelligence (AI) and automation, the likelihood of robotic replacement is slim.

There are plenty of instances where a human touch is preferred. Not everything can be outsourced to machines. A study cited by Business.com found that 68 percent of clients surveyed prefer having access to a human financial advisor rather than a simple technology solution.

That’s a relief for accountants, but it’s important to note that this is also dependent on the task being performed. As a common example, many of us use software that is widely available (and sometimes free) to file our taxes over visiting a tax consultant, so your mileage may vary when it comes to what you’re willing to leave to the machines.

It is true that much of the manual work traditionally completed by accountants can now be automated. This means that accounting firms can save money by employing fewer people, increase accuracy by eliminating opportunities for manual error, and shift their focus to providing strategic and advisory services, which is in increasingly high demand.

But as for technical accountants who work in niche industries or delve deep into regulations and compliance? Robots aren’t likely to replace them.

Relevancy is key

Being irrelevant in your field is the kiss of death. If the threat of AI and automation is looming, focus on expanding your skillset and breadth of knowledge. By embracing technology, you can provide advisory services to clients to help them choose the software that’s right for them. If you’re not neck-deep in a spreadsheet hunting for the one equation that is causing your error, then you have lots of time back on the clock to truly refine your skills and become a subject matter expert in your field. This provides value to your clients and gives you a competitive edge.

AI is getting smarter–not just automating anymore, but learning and drawing conclusions. Your best bet is to embrace it for the tool it is. Let it do its job while you focus on yours.

Flexi

Implementing cloud-based accounting software is your first step to embracing AI, automation, and the robots of the future.Learn more about partnering with Flexi today. Call 800-353-9492.

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Blockchain Changing Accounting

Is Blockchain Changing Accounting?

The accounting and finance sphere is buzzing about blockchain technology, and for good reason. As technology evolves, blockchain is changing accounting, and accountants and financial professionals need to be prepared for its impact, though its potential impact remains relatively unknown.

What is blockchain

Blockchain, often associated with bitcoin, is a digital ledger of transactions that is stored publically. There is no centralized data hub; rather, it is hosted by millions of computers and is accessible to all internet users.

This technology presents an opportunity for accountants to create and use a new kind of ledger. Unlike traditional accounting software, blockchain is secure and cannot be hacked or corrupted. Blockchain is durable, transparent, and decentralized.

Blockchain and accounting

Like with all new technology introduced to the accounting realm, some are concerned that blockchain will eventually beat out human accountants, rendering traditional accountants useless. It’s unlikely that blockchain will have such devastating effects on the workforce, but that isn’t to say that accountants shouldn’t learn all they can about blockchain and prepare to evolve alongside the technology.

In fact, much like with the onslaught of cloud-based technologies, accountants who embrace blockchain will be viewed as superior in the workforce, having the knowledge, training, and experience to guide clients in making software decisions, in addition to other strategic and advisory services. The arrival of blockchain on the scene is simply changing the role of the accountant, in the same ways that technology and automation is changing roles in all industries.

The future

The future of blockchain is uncertain and unmapped, but you should definitely plan for it to make a splash. Blockchain presents a new frontier to accountants, and the technology can be used in myriad ways, potentially in ways we haven’t yet considered. The Big Four accounting firms are already embracing blockchain and bitcoin.

Flexi for your future

As accounting evolves, so should you and your business. Flexi provides flexible solutions to keep you apprised of the new frontier.

Trusted by enterprises for 25+ years, Flexi has deployed thousands of implementations around the globe and gained experience in providing you with important capabilities to grow your business, like the need for:

  • Workflow automation with superior speed, performance, and security.
  • Continuous close capabilities and easy consolidations of financials and/or currencies.
  • Flexible software that can quickly adapt to changing business needs or market requirements.

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.

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Accounting AI

How Artificial Intelligence (AI) is Shaping the Accounting Industry

According to a study by Oxford University and Deloitte in 2015, accountants will be among the first professions affected by the rise of artificial intelligence (AI). Up to 95 percent of accountants will face some threat due to the advanced automation capabilities provided by AI.

While this is categorized initially as a “threat,” it also opens the door to a new kind of accountant. The modern accountant does much more than crunch numbers. In fact, in the future, AI might do most of the number-crunching. Instead, accountants are moving toward a model of value-added opportunities to offer clients, such as strategy and advisory services.

 

Robots as partners

Not all human functions can be replicated by robots. Much of the high-volume work can, in fact, be done quickly and accurately by use of a bot. However, a bot cannot be taught judgment or analysis. For these reasons, Sonia Eland of DXC Technology suggests we not perceive bots as a threat, but instead, as a partner. The help of AI can assist humans in doing their jobs more accurately and more efficiently.

Embracing new roles

While the role of the modern accountant is evolving, the time for hesitation is slim. The accountants that will thrive under this new model are the progressive thinkers who are jumping in and finding new ways of being marketable and valuable in a changing workplace.

Accounting professionals who embrace this change to advance their individual skills are on track to continue providing value to a profession and an industry that is changing. By freeing up time, accountants can even learn to code. In all, robotic process automation (RPA) is expected to free up the creativity and intellect of accounting professionals.

Flexi and the future

Flexi takes advantage of automation to make the lives of accountants easier.

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.

Seamlessly integrate Flexi software to your core system to ensure that financial statements are accurate, consolidations are error-free, and efficient processes are in place. Make sure your business retains visibility and transparency with expenses.

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.

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Corporate Accounting

Benefits of Using Flexi for Your Corporate Accounting Needs

There are multiple benefits to using Flexi’s cloud-based financial management software solutions for your corporate accounting needs.

Through Flexi’s secure, enterprise platform, the entire accounting workflow process is automated and ROI is delivered in months—not years. As a result, your finance team can spend far less time on the close, consolidation, and reporting processes, and more time being strategic and proactive.

Flexi’s Finance and Accounting Software Benefits for Corporate Accounting Needs

1. Continuous Close Capability

Flexi gives you the ability to conduct preliminary ‘soft close’ periods at any time, while the system continues to account for financial transactions in the meantime. You’ll have plenty of time to review and adjust financials in preparation for your hard close deadlines, with complete confidence in the accuracy of your reports.

2. Automated, Workflow-Driven Processes

Flexi’s powerful workflow engine mirrors your accounting processes electronically. Based on your business rules, tasks can be automated—saving time and removing the risk of costly mistakes. You remain in control with a complete archive—all available 24/7 from anywhere, through any device.

3. Multi-Entity Financial Management

Consolidating multiple general ledgers, company/franchise financial statements, and/or multiple currencies can easily consume days or weeks of time. Flexi simplifies even the most complex accounting environments and easily converts all of this disparate data into standardized, board-ready reports almost instantaneously.

4. Real-Time Visibility

View, analyze and report real-time financial data, ensuring business decisions are always based on accurate, timely data. With Flexi, you’ll have everything you need at your fingertips to visualize your financial position and make real-time business decisions.

5. Complete Audit Trail and Compliance Documentation

Flexi provides immediate access to all details behind a transaction. Because each accounting module is part of the same system (including our general ledger), you can easily drill down into all transactions and trace all the way back to the original journal entries, including a visual map of the workflow and approvals.

6. Streamlined Reporting with our Cloud Financial Report Writer

Flexi’s proprietary cloud financial reporting software will make you look good every time. Easily generate perfectly formatted reports and distribute the right data to the right people – even for complex multi-national companies. Reports can be shared in Excel or web-based format and accessed anytime, through any device.

The bottom line

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

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.

Learn more about Flexi insurance accounting software solutions, or call 800-353-9492 to set up a demo today.

Category: Blog

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Accounting Reporting Capabilities

Flexi.com Accounting Reporting Capabilities are Industry Leading – Here’s Why

Flexi prides itself on being an industry leader. With 25 years of experience, Flexi is your accounting software partner from implementation to go-live, providing continuous, high-quality support.

Flexi offers cloud-based software for financial reporting and consolidation. Whether it is consolidated financial statements or graphical dashboards, Flexi’s management tools enable your organization to make informed decisions, elevating your business to the next level.

Flexi solutions are installed at over 800 locations worldwide, with a long and successful track record with businesses in all industries, even the most complex accounting environments. Flexi has helped businesses in the industries of financial services, banking and credit unions, insurance, healthcare, travel and hospitality, retail and wholesale, logistics, and more.

Industry leading software

Flexi software has certainly been implemented in a variety of industries, but there must be a reason. What makes Flexi’s accounting reporting capabilities so industry-leading?

For starters, the various products that Flexi produces help your business make better financial decisions with confidence. Just a small snapshot of the product offerings Flexi has include general ledger, consulting services, accounts payable, accounts receivable, purchasing, electronic invoicing, and business analysis—plus many more.

All of the data that is captured by your systems can be translated into meaningful, easy-to-understand information. The reporting tool derives data directly from your financial management system, providing confidence that your data is accurate and current.

Additionally, Flexi products help your team:

  • Gain Efficiency – Flexi solutions allow you to streamline the accounts payable process by reducing time-consuming, error-prone manual processes, and converting them into electronic “touch-it-once” automated events.
  • Empower Management with Information – Flexi solutions securely distribute reports to management, providing the specific data needed to effectively and efficiently run their departments.
  • Analyze Your Business – Flexi provides clean data to analyze, allowing your team to view business performance by business line, geography, and account.
  • Identify Trends – Flexi enables you to identify past trends that showed success and to recognize areas of improvement in your business.

The bottom line

Flexi is an industry leader for a reason. With expertise in all aspects of accounting and 25 years experience, the Flexi team can offer the best of the best. Even better, Flexi offers cloud-based web services that not only streamline processes, but also make data accessible 24/7 from any device with an internet connection.

Learn more about Flexi’s accounting reporting capabilities and see how Flexi can partner with your business today.

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Why Flexi.com White Label Accounting Software has the Right Applications for All Accounting Tasks

In addition to a direct sales effort, Flexi white labels its solutions with companies such as Allscripts, StoneRiver (formerly Fiserv), MajescoMastek, and Molina Healthcare (formerly a division of Unisys). Flexi.com white label accounting software has the right applications for all accounting tasks.

 

To learn more about our white label program click here.

 

Benefits of white label accounting software

A “white label” solution is a fully supported product or service that is created by one company but sold without branding, allowing the purchasing company to brand it as their own and resell the product.

Opting for a white label solution means that your company doesn’t need to reinvent the wheel to provide an excellent accounting solution. This results in no time or money wasted producing the best software solution when one is already on the market, ready to be branded as your own. This way, the reseller can customize the product with their own branding, allowing customers to associate the product with the reseller.

White label accounting software from Flexi

White label accounting software from Flexi is quick and easy to brand. As a reseller, you will not need to focus on spending time or money on development. You can simply slap on your logo and the solution is already fully integrated.

Developing a solution from scratch takes time and money, and if you’re under the gun, you might be tempted to cut corners—leading to a poor customer experience when using the product. Rather than taking the time to design, build, and test the solution, opt for Flexi white label accounting software. Flexi takes the guesswork out of the equation.

Lastly, prepackaged solutions provide assurance that you are relying on experts in the field. Don’t stretch your resources reaching for the stars when white label software is ready made.

The bottom line

Flexi has years of experience in the accounting software space and has employed a team of experts to make the most flexible, cost-effective, efficient accounting software on the market. Flexi software allows you to manage your accounts anywhere, anytime, from any device. And, Flexi’s cloud-based management reporting and financial analysis software helps you assess your business performance.

Let Flexi’s 25 years of experience speak for itself. There is a reason why Flexi solutions are installed at more than 800 locations worldwide. Flexi has a long and successful track record that businesses in all industries can count on for their accounting need—even the most complex environments.

Contact Flexi about white label accounting software options today.

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