The Latest Trends in Accounting Software
We like to think we have our finger on the pulse of today’s software industry. But every now and again we will find ourselves in awe of a new innovation or solution.
The truth is, this is an industry in a constant state of evolution. The rate of change means keeping up with the latest trends can be a job unto itself.
And as the accounting industry has reaped the benefits of so many of these changes, we thought we’d bring you a brief overview of the accounting software trends you need to know about in 2017.
To The Cloud
For many accountants, the shift to the cloud couldn’t come soon enough. Enabling the full availability of key pieces of software, anytime, anywhere was like manna from heaven for those still relying on locally-installed desktop software or dedicated servers.
Today, all you need is access to your favourite web browser and – as if by magic – all your data is available, regardless of the device used.
This makes cloud-based platforms particularly perfect for remote work and real-time collaboration with co-workers.
Data On The Go
Another trend that we expect to gather pace in 2017 is the digitization of processes and data exchange.
By using a combination of apps and software solutions, you will be able to streamline your accounting processes and deliver real value and insight to your clients.
For example, instead of being swamped by paperwork, you can turn print material into digital data by scanning bills, invoices, POs, and receipts using an Optical Character Recognition (OCR) app on your smartphone.
This means all your data can be stored in the cloud and accessible on any device, no matter where you are.
Cheaper, Faster, Easier
The final trend we’re going to look at is probably one of the biggest we’ll see in 2017, with its impact felt far and wide: low-code applications.
As the name suggests, these are applications that require little to no technical know-how from the end user. The onus is on ease of use from the outset, meaning they’re easy to setup and use without the help of an expensive IT expert.
These low-code apps have introduced more automation (and less paperwork) into the workplace, while small and medium-sized businesses can no avail themselves of software that would have once been out of reach, both technically and financially.
With so much variety, there’s no need to fall back on a ‘one-size-fits-all’ solution, and there’s no waiting around for long IT development cycles to add the functionality you so desperately need.
And just as there’s a low barrier to entry skill-wise in using these apps, you can also ‘try before you buy’ with many offering free trials. This makes finding the ideal software solution for your accountancy firm a less riskier endeavour than in years gone by.
Low-code apps are ideally placed to grow as your business grows, and they have also contributed to important third-party app ecosystems, such as the Xero Marketplace. You now have your pick of apps that will complement and add value to existing software solutions, helping you improve process efficiency and team productivity.
Create Seamless Approval Workflows with ApprovalMax
ApprovalMax is a cloud-based financial workflow platform, available on both the web and mobile devices. We have also developed it with ‘low-code principles’ in mind, making sure it’s easy to use and effective from the word go.