Find out how the latest technologies can help you save time in the New Year
December 17, 2015

As you turn your calendar over to 2016, you need to prepare your accounting practice for an efficient new year. Technology can help you maintain visibility of clients and simplify data processes if you know which innovations to invest in.

1. Time to go paperless and online
If you want to take advantage of technology, you can't have stacks of paper hanging around your office. Physical documents won't provide the flexibility and convenience of digital forms, so you need to take time in January to make sure your entire operation runs a lot faster through the rest of the year.

You should make it a priority to scan your existing documents and turn paper information into data you can share, edit and integrate in a convenient centralized accounting software solution. Employing data processes through a cloud-deployed hosting service allows you to access the data anywhere on your preferred device.

2. Digital currency
As of October 2015, US businesses have to take payment through EMV cards or be held liable for fraud. According to the White House, EMV technology is designed to reduce fraudulent behavior and improve the accuracy of financial transactions, so companies don't have to waste time tracking down problematic payments.

You are less likely to see paper money or payment through checks in the coming year as secure electronic transactions become more popular. Accounting businesses need to stay on top of payment trends and do their part to encourage quick, easy and safe solutions.

3. Tax software
Accommodating to changes dictated by the Affordable Care Act and new overtime pay laws could bring normal reporting activities to a standstill as accountants and offices double-check normal procedures against new regulations.

Financial management software with automatic tax compliance features should be in high demand in 2016. If you implement a solution with automated data collection and reporting functions, you should speed up tax filing and prevent errors with alerts. Every time there is a new regulation you can install changes across your system instantly.

4. Asset auditing
As office documents become digital forms and cash becomes credit, so too can physical assets be turned into data in a centralized software solution. Utilizing tools like barcoding systems allows accountants to scan information instantly and track depreciation with the click of a button.

Cloud hosting solutions and advanced mobile devices take the place of traditional barcode scanners, so companies and accountants can collect the necessary data from physical assets and daily procedures using their mobile phones and tablets.

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