Accounting solution is used by organizations to perform daily accounting tasks efficiently. For our readers to utilize the latest features, we’ve listed down the 5 latest market trends. These trends are influencing the account ecosystem in a positive way.
Moving to cloud:
Cloud technology is being rapidly incorporated as a part of the accounting tools by software manufactures and is quickly adopted by organizations. A study by venture capitalist firm North Bridge found that more than 75% C-level executives and IT managers reported that their company uses minimum one cloud based application.Shifting to cloud software is an ideal choice for companies outsourcing their hardware and software support to minimize costs and improve their core competencies. By moving to cloud, the software features can be accessed by remote users and various branch offices. An added benefit of cloud is the ability to access business data and accounting systems from anywhere irrespective of the time and location.
The subscription model adopted by these softwares is preferred by businesses because the software costs are flexible based on scalability. This eliminates the need to pay an upfront cost.
A wide range of functionalities:
The present day accounting ERP software comprise of a wide range of functionalities and applications. These functions include supporting the supply chain, HR, marketing, sales forecasting and overlooking manufacture. Traditionally these functionalities do not fall in the accounting solutions.
The aim behind introducing such all-inclusive account software packages is to chuck out the inter-module integrations. This helps reduce costs that would otherwise have been utilized in supporting such complicated integrations. A single system monitors multiple data-sets, so that changes in any area show the real time influence on other aspects. There is no duplication of work, greater transparency and interdepartmental errors are reduced. This trend is nowhere close to slowing, with more companies adopting the accounting software packages.
3rd Party application integration:
Business people always looking best account software for their business and 3rd Party application integration – Businesses are opting for ERP account software with added features besides the core functions. Thus a whole new community of developers is evolving who integrate these features in the existing system. The 3rd party integrated software works in sync with the primary accounting management software.
At the other end, the account system developers are extending help to 3rd party software developers by expanding the core functions. The data can thus be exchanged between the 3rd party application programming interface (API) and the accounting management software. This trend of extended API availability is nowhere close to fading.
Virtual implementation assistance:
Account management software are complex to manage, from installation to configuration, assistance is needed at every stage. With the introduction of remote implementation support, the buyers get specialist support for the software irrespective of the geographic location. The account software company assists with the software support virtually thereby extending the number of options for the buyer.
Speedy internet and Virtual Network Computing (VNC) such as GoToMyPC and Remote Desktop Connection from Microsoft has drastically elevated the level of remote assistance companies can offer in terms of software support. Geographic hindrance and local dominance are no more a hindrance, buyers can choose the account software based on the available functions.
The latest advancement in the accounting software is the introduction of intelligence tools. Analytics lead to making better strategic decisions based on real time data.
Businesses are going beyond measuring assets, liabilities, expenses and revenues as financial performance indicators. Dashboards now offer better management modules and a wide range of graphical presentation options for displaying data. The new age software allow creation of simplified reports to convert data into actionable business insights.