Accounting Technology Trends 2016

Business owners are always looking for customers who buy their stuff and they continuously strive for customer satisfaction. And the same theory prevails when we enter the world of accounting software. What accounting software companies want is to sell products or services that make their customer’s life convenient. In 2016, this trend will continue.

The evolution of accounting technology toward Software as a Serviceis ushering in a new era of delivery and storage of client information. The systems are all designed to make customer’s life easier while keeping them closer to software companies.The systems will provide accounting firms, as well as other businesses, the flexibility of location, access device while eliminating much of the technology maintenance responsibility off from the company’s shoulders.This year looks like it could be the year when accounting will finally get things in the fast gear! But before that let’s have a look on the latest trends in accounting technology that are likely to catch up in 2016.

Trend #1 Cloud Based Solutions Are Rising High

2016 is going to be the year that accounting starts to ascend pretty high, into the cloud. The trend includes using intelligence data to make informed business decisions. Software companies are looking to collect actionable information in order to drive business growth and provide their customerswith information that will enhance the company’s value.They are alsomaking drastic moves to get more and more people into the cloud. Putting information in the cloud makes business sense as an accountant can access the customer’s files more easily, saving both the parties time. In turn, the customers can also access their own accounts from anywhere, making it easier to enter expenses and revenue on-the-go.

Trend #2 Get Introduced To App-Solute Delight

We live in a world where applications in smartphones play a major role in making life easier for us. So why it be any different when it comes to accounting activities?Sales, purchases, and other accounting records can be entered into SaaS based accounting apps like Sage One or QuickBooks online and then sent as a packaged file to an accountant for further processing for taxes. Accounting technology tends to be the core of the application suites in the market today, from small to medium sized businesses using QuickBooks tools, to larger businesses using solutions like SAP and NetSuite. All this makes accounting activities easier to perform by any business firm.

Trend #3 Let Your Computer Do All The Reading

Get introduced to one of the many wonders of the accounting world - the optical character recognition or the OCR. Thanks to this technology which can put your scanner for better use besides photocopying. What’s its exact use? Well, it turns images into readable and editable text. That means one can take a picture of his whiteboard after a meeting or discussion and he can get a ready document with all the handwritten notes typed instantly. It basically eliminates the process of hand-entered receipt for accountants thus saving a lot of their time. The technology is already makingnews, but there’s plenty of room for process improvement.

These are few trends that we are going to witness this year. At Gapeseed Consulting we follow the latest trends and have solutions to all your accounting requirements. If you have found this post fruitful or you want to add something to it, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444630.