What's New in Technology Archives | Page 2 of 5

What Does the Metaverse Mean for Businesses

Metaverse has become a buzzword with much debate on its potential implications once it is fully realized. As far as businesses are concerned, the metaverse presents new opportunities and challenges, especially for marketing, branding and communication professionals.Understanding MetaverseMetaverse became a hot topic thanks to Facebook announcing its rebrand to Meta in October 2021. However, the metaverse is not new and can be traced back to 1992 in the fiction novel “Snow Crash” by Neal Stephenson. Stephenson used the term to refer to a virtual world where people can do different [...]

Importance of Cloud Accounting Certification

Certifications are not a new thing in the accounting industry. However, with new technology trends, accounting departments are faced with the challenge of taking courses in technology in order to carry out their tasks. Many businesses are ditching desktop-based accounting software and turning to cloud-based software. This requires that the users be well-versed with necessary skills to use the cloud accounting solution.What is Cloud Accounting?Among the cloud-based solutions that businesses have adapted is cloud accounting. Cloud accounting has all the functionalities of desktop accounting. However, in cloud accounting all processes [...]

2022 Technology Trends for The Accounting Industry

Technology has had a major impact on the accounting industry. Gone are days when technology was a second thought and accountants preferred the traditional methods to which they were accustomed. As we start another year, technology is also progressing rapidly. The recent business disruption by the COVID-19 pandemic also has contributed to the acceleration in tech adoption. A major lesson learned from the events of the past two years is the need for digital transformation and prioritizing technologies that will help businesses remain relevant.Since the accounting industry plays a crucial [...]

Considerations When Automating Accounts Payables

Accounts payables (AP) is a process in the financial department that can be inconsistent and burdensome. However, today’s workforce has driven AP transformation – especially with remote working. Some businesses do not have much choice but to accept automation while others may have realized the need to automate accounts payables due to the numerous benefits that come with it.Before hastily choosing automation, it’s important to make some careful considerations to avoid mistakes that come with the improper implementation of any business accounting technology. Here are a few guiding considerations:What is [...]

Why you should automate your accounts payables

Accounts payable (AP) is a crucial function to any business, as errors in the process put a company in problems. Although many businesses still use manual methods as they find the system to work fine, it requires a lot of precision from the accounts payable team. There are better – and more efficient – ways to manage AP through automation.Challenges of the Process An AP team is responsible for receiving invoices, reviewing invoices, approving invoices, and paying suppliers and vendors. Some AP departments also handle other functions, depending on the nature [...]

Mistakes to Avoid When Implementing Business Accounting Technology

Choosing to implement new technology for your accounting needs is a big step toward improving your business. Accounting technology helps streamline the accounting system, thereby offering various benefits. However, poor implementation can impact your business negatively. To make your implementation a success, there are several mistakes that you must avoid.Importance of New Accounting Technology Before looking at the potential mistakes, it is important to understand why businesses implement new technologies. Technology advancement has played a great role in various life and business aspects. In businesses accounting, technology such as computerized systems help [...]

Is Your Business Ready to Outsource Accounting?

Accurate and timely accounting is critical for any business’ survival. At the same time, it’s important for entrepreneurs to pour their energy into core business activities and not waste time on day-to-day bookkeeping. Unfortunately, the cost of setting up a full-time accounting department is prohibitive for small and mid-sized businesses. Thankfully, there is an option to outsource functions such as bookkeeping, payroll, tax services, financing, budgeting, chief finance officer services, and more to a third party.In this article, we discuss how to know if you are ready to outsource, the [...]

Technology Driven Accounting: How to Prepare Staff for a New Age in Accounting

Technology has no doubt changed the traditional way of doing things. Businesses and professionals are left with no choice but to adopt new technology to remain relevant in a changing environment.However, the successful adoption of this new age in accounting can happen only if you prepare your staff in advance.Why it’s Necessary to Prepare for the New Age AccountingTechnology offers many benefits; however, the constant rapid changes in technology create a major challenge to organizations and even to the professionals/employees. Some decide to stick with systems with which they are [...]

Audits in Accounting: Improving Audit Quality with Data Analytics

Auditing is crucial to ensure the accuracy and fairness of financial information. However, one of the biggest threats to audit reputation today is data quality. This is because of the large volumes of data that businesses produce today. To deal with so much data, auditors are now turning to data analytics.Data Analytics and AuditsTechnology has played a major role in business growth as it aids in reducing operational costs and improving customer service. As such, many businesses have adopted enterprise resource planning (ERP) systems. These systems result in huge volumes [...]

How to Choose the Right Accounting Software for your Business

Business accounting activities can be tedious when performed manually and are prone to errors. For these reasons, many businesses have shifted to accounting software that offers numerous benefits, including data accuracy, time savings, easier auditing and on-demand reports.With so many available options, it’s overwhelming to choose the right fit for a particular business. As more software vendors join the market with different enticing offers, it’s wise to be equipped with the right information.Making a Decision Between Different Accounting SoftwareEach business is different and varies with industry. For efficient accounting operations, [...]