LUTZ BUSINESS INSIGHTS
5 ways technology is changing your accounting
Steve nebbia, tax manager
Technology has made accounting more approachable. Or at least more accessible. Software allows time to be spent figuring out how to accomplish business goals, not on calculating if you have the finances to do it. Forget raking together those scattered files and numbers. Instead, check out how technology is changing accounting for your benefit.
1. Cloud Based Software
Hard copies of financial information are a thing of the past. Financial information needs backups in case of lost or stolen drives. But what if the backup is also lost or stolen? It means trouble. How do we eliminate that problem? Easy. New accounting technology is often cloud based, like Quickbooks for example. Only authorized personnel can log in to, add to, or alter financial data. It’s accessible from any location on multiple devices, and no catastrophe or disaster can break it, because it’s online.
2. Time Saved
Securing your files online is a massive time saver. Because all your information is available at your fingertips, no time is wasted going to the office to get information. You can just log in from home with your phone or computer. It’s all right there for you. Now to put some icing on that cake, many processes can be automated. You can set all your bookkeeping to automatically update including invoices, payroll, expenses, and inventory. You can even use robotic process automation software, such as UiPath, for other repetitive tasks.
Analytics provide real-time, or near real-time, information about your business. This insight is extremely powerful, allowing you to make adjustments sooner and avoid pitfalls. Tools like Power Bi (business intelligence) or Tableau integrate into your accounting software and make sense of your data. This software is available at your fingertips and everywhere. Illustrating complicated data in easy to understand charts and graphs as well as clearly stating Key Performance Indicators (KPIs) affords business owners clarity of performance.
With the advances in accounting software, there’s less stress, increased understanding, and improved accuracy. From a tax perspective, software like CCH autoflow makes sure of that. This program is used to scan all your tax documents and organize the information automatically. New software and advancements will help improve accuracy. However, Lutz has not been totally replaced. You still want to make sure you didn’t miss anything. We won’t miss a beat, and will can help you save even more. Plus, since the software makes it easier on everyone, the whole process is streamlined. As a business owner, you get how nice that is. After all, time is money they say.
5. Money Saved
We said it, but let’s say it again. You save money with the advances in accounting software. That means less stress, and more time, money and energy all poured back into the business. Don’t waste time on confusing numbers. Embrace the changes technology is bringing to accounting. It benefits all of us.
ABOUT THE AUTHOR
STEVE NEBBIA + TAX MANAGER
Steve Nebbia is a Tax Manager at Lutz with over five years of related experience. He provides tax consulting and compliance services to clients with a focus on business income tax for a variety of industries, individual income tax, and trust and estate planning.
AREAS OF FOCUS
- Tax Consulting & Compliance
- Individual & Business Income Tax
- Trust & Estate Planning
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- Master's in Science of Accountancy, University of Notre Dame, Notre Dame, IN
- BSBA in Finance and Accounting, University of Nebraska, Lincoln, NE
- Omaha Parks Foundation, Board Member
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