Accounting policies and best practices are constantly changing with technological advancements, stay ahead to promote business growth and resiliency. 

 

Switching to a Remote Workforce

The recent pandemic shifted the way the workforce conducted business. Many businesses were forced to close doors and switch to a remote workforce, calling on the need to have technology available for the transition. Before COVID-19, only 7% of the workforce was remote, but recent statistics from Quantum now show that close to 35% of the workforce is now working remotely. Some industries make it nearly impossible to switch to a remote workforce, such as manufacturing and construction industries, but other businesses that involve desk jobs should have the capability of remote work. No one knows what the next few years or months will hold, making it essential you reach out to Adeptus CPA to discuss your remote workforce options. 

 

Utilizing Cloud Based Software Programs

One aspect that can help with the implementation of remote workforce capabilities is utilizing cloud based software programs. An estimated 45% to 60% of businesses have begun the conversion to a cloud based software according to Ottawa University. Many businesses have transitioned from a desktop version of software programs to one that is on the cloud. Cloud based software programs give you the ability to access the program anywhere and at any time with no worries of data not backing up. One of the worst case scenarios is having your computer crash and losing sensitive accounting information, leading to cloud based software programs appealing to business owners. Common cloud based software programs include QuickBooks Online, Xero and Freshbooks. Choosing the right one for your business will take some research, but it is crucial you find the best fit based on your company needs. 

 

Automating Accounting Processes

The next accounting trend that is gaining popularity among business owners is the automation of accounting processes. New technological advancements make automation easy with most accounting software programs giving users some form of automation ability. Common automation processes are found in the accounting service aspect of bookkeeping, allowing users seamless integration of bank and credit card statements. This takes a bulk of the time-consuming bookkeeping processes out and leads to less time spent with data entry. One of the top accounting tips you can implement into your business is the automation of simple bookkeeping tasks. 

 

Implementing Data Security

Another accounting trend on the rise is the increasing need for data security. Technological advancements have been great for automation of accounting processes and the ability to store data on the cloud, but it has also created a risk of data security. Hacking companies are becoming increasingly more popular as advancements have made it easier to gain access to confidential information. You should look into implementing more data security policies and procedures to protect your data. Purchasing more virus hardware and software programs, adding security checks and frequently changing passwords are all aspects of data security you should add to your business. 

 

Developing the capability of a remote workforce, switching to a cloud based accounting software, utilizing automation of accounting processes and implementing data security measures are all accounting trends that should be considered for your business. Adeptus CPA is your trusted CPA to help you navigate these new changes. Don’t wait until your data has been hacked or government regulations force businesses to shut down again to make these critical changes.