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. …
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…
Bitcoin prices went up in May 2019, and 8 out of 10 panelists interviewed by Finder believe the surge was due to announcements made by companies like Microsoft and Bakkt at Consensus 2019 in New York. Fifty percent cited factors such as the U.S.-China trade tensions. Prices are expected to continue to climb, with a…
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…