We are living in a digital era where technological advances are coming at us every day. For businesses to keep up with their competition and stay on trend, there needs to be acceptance of these changes –even if some are reluctant to adapt.
For accounting and finance professionals, many of the changes can help ease processes by automating repetitive tasks or programs. However, others like data analytics call for a new level of skill resulting in the need for training in a whole new field of study.
No matter the industry or profession, it’s important to have a plan so that you move in the right direction, and help your business grow and succeed.
In corporate accounting there are many do’s and don’ts related to the accounting function, especially with the major regulations and standards you must adhere to. It’s important to make sure you are always diligent so that you remain compliant.
I recently came across an article on Accounting Today article that discusses the do’s and don’ts of new age accounting and I wanted to share some of the take-aways with you. Check out the 4 Ways to Approach New Age Accounting below.
1. Provide value beyond accounting
When it comes to preparing reports, accountants can go above and beyond the numbers on the spreadsheet if they utilize more advanced technology. They can tailor or even personalize reports to provide cost-benefit analysis, aging reports or financial ratios. They can also create a narrative from the data to tell a story to the accounting and finance leadership. This will allow for more dimension to the accounting function, beyond the reporting of numbers.
2. Leverage the cloud
The cloud has transformed the way professionals access data in a tremendous way and for accountants it’s no different. No matter where you are or what time you need something, the cloud is accessible through various vehicles, often even from your mobile device. This allows for accounting professionals to have their data at their fingertips at any time and from anywhere. It also enables individuals to work remotely and not be tied to the office. Be sure to maintain your books and reports through the cloud so all appropriate parties can have access to the information when they need it.
3. Manage your team
Depending on the size of the business, the accounting team can have several layers of individuals from bookkeeper to staff accountant to controller. Be sure to organize projects in a way that makes sense for the business as a whole, including who is responsible for supporting various departments. If there are any changes on your team, be sure to communicate those out so that individuals know who is responsible for what and who they need to reach out to for certain information.
4. Show ROI
Similar to my first point, going beyond the numbers or tax savings can show the progressiveness of the accounting function. If you look for a higher return on investment, that can set you apart as an accounting professional or manager. If you can identify an area for obtaining better yields on capital, that will help the business out in a major way. Everyone prefers better returns on their wealth and that includes your business as well.
What are some other ways to embrace New Age Accounting? Share your comments in the section below!
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