Accounting & Finance Roundup: What did you miss in October 2018?
Hello, and welcome to the roundup for October 2018. In this edition, we feature stories about cloud accounting, the difficulty of filling accountancy jobs, the fear of fintech, small business CFOs, accounting in an IoT world, and the big issues facing accounting firms. Enjoy!
A caveat: These are the opinions of the writers themselves. We don’t always agree with every argument presented in these articles, but we do think you’ll find the stories interesting!
- Cloud Accounting: Key to Keeping Business Reporting on Solid Ground
In this article for The Scotsman, Hilary Dyson tackles the potential impact that cloud-based solutions can bring to your business. She discusses the potential for short-term disruptions, but it is outweighed by the benefits of making the switch. Change is disruptive: that’s a fact.
Aside from the efficiency of tracking accounts information and ease of approval, Dyson cites cloud-based accounting as helping businesses gain critical insights. Using these insights, you can simplify the decision-making process within the organisation. In the article, you can find more examples which highlight the efficiencies brought on by cloud accounting.
- Why Are Accounting Jobs So Hard to Fill?
Jennifer Wadsworth writes this piece for PayScale, citing a recent report published by the website that indicates accounting and finance as the third most difficult jobs to fill. The changes in expectations about the roles of accountants add to the challenge. Accountants are no longer expected to just crunch numbers. Instead, they now play a more strategic role.
In particular, Wadsworth quoted Jeff Thomson from the Institute of Management Accountants claiming that accountants are expected to provide “analysis, forecasting, internal controls and decision support”. For this reason, it takes more than just skill for businesses to consider accountants as a valuable addition to the team.
- Fear of Fintech: 5 Misconceptions Keeping You from the Future of Finance
Andrew Boyajian talks about the reasons behind the reluctance to embrace fintech, in this TechRadar article. He cites fear as the primary reason for this reluctance – this is a major change that makes people and firms cautious. However, he believes that this fear is preventing access to new products and services that foster growth.
His hypothesis is that the fear of fintech stems from the lack of understanding of fintech itself. Other concerns and misconceptions include fear about security and lack of regulation. You can read more about the common misconceptions associated with fintech in the full article.
- How Small Business Owners Can Become Their Own CFOs
By Alan Crystal for Forbes
CFOs play a vital role in a business organisation. They handle the financial reports, foresee financial projections, manage investments, and more. The problem is that not all small business owners can afford to hire a CFO. In this article by Alan Crystal for Forbes, he believes that the access to modern financial tools and technology provide small business owners the expert insights they need without the cost of hiring CFOs.
Finding the right software or accounting tool is the first step to helping small business owners stay on top of their finances. Crystal recommends choosing finance tools and technology based on the following capabilities: expense management and control, budgeting, reporting and record-keeping… to name a few.
- Wolters Kluwer Names Five Key Issues Facing Firms
Wolters Kluwer Tax & Accounting recently held its annual CCH Connections user conference. Michael Cohn provides a detailed report on the highlights of the conference, which was attended by accounting professionals.
The firm’s North America CEO, Jason Marx, was one of the keynote speakers at the event. He talked about disruptive technologies and regulatory changes and their impact on how businesses operate. There are also five issues affecting firms that were discussed in detail at the conference. To get a glimpse into what these issues are, read the full article.
- How Accounting Will Transform in an IoT World
By Michael Armstrong by Forbes Middle East
In this article for Forbes Middle East, Michael Armstrong looks at how the internet has revolutionised various industries, including the accounting industry. The internet has been around for some time now and it has impacted the way people communicate, live, work, and play. For accounting professionals, the internet has enabled them to optimise operational processes, mitigate issues, and limit expenditures.
If you want to learn more about how the Internet of Things (IoT) will continue to change accounting, and what challenges to expect, you can read the article in full.
Have we missed any great articles? Please do let us know, and if you’d like to submit your article for consideration, get in touch with firstname.lastname@example.org.