Bookkeeping Trends to Look Out for in the Year 2022
If you’re wondering if you should keep your current bookkeeping strategy or update it, this article will help you decide. It will discuss some emerging trends that will influence how business owners adapt toward scalable, cost-effective and time-efficient cloud-based solutions.
Using Artificial Intelligence in Bookkeeping
The development of Artificial Intelligence (AI) and advanced technology has revolutionised the accounting arena. Now, AI is most commonly used to complete repetitive tasks, such as recording data, sorting transactions, reconciling accounts, inputting and matching data from scanned receipts and invoices to transactions, comparing employee expense reports against company policy and tracking prices.
Its numerous benefits have reduced the need for accountants to do process-driven or repetitive bookkeeping tasks. Are your accounting solutions already leveraging cloud-based technology? If the answer is no, you should consider revisiting your current strategy and investing in tools that utilise artificial technology.
Using Cloud-Based Accounting as Part of Sustainable Bookkeeping Practices
In the future, bookkeeping trends will be advantageous to a company's sustainability and reputation. The use of cloud-based accounting software can be an effective way to reduce the use of printing paper, therefore reducing carbon footprint and promoting eco-friendliness. Using sustainable bookkeeping practices reduces waste and increases profitability over time.
In addition, it also allows companies to control their finances easier using one or more processes when composing financial reports, such as Single Touch Payroll (STP).
Utilising Outsourced Bookkeeping Services
Every business has its own accounting requirements, so bookkeeping strategies vary according to your type of business. If you're running a small business, you probably have too many hats to wear and tasks to complete, and you won't have time to handle bookkeeping and accounting.
That’s where outsourcing comes in. It offers several benefits, which is the reason it has become popular for many business owners.
In a nutshell, your business can avoid costly errors and mistakes, save money on staffing and payroll costs and take advantage of the latest technology. You'll have access to experts and resources that can help you scale your business and make the most of your financial data.
Using Accounting Software for a More Improved Bookkeeping Reporting
Accounting software for small businesses has improved the way businesses do bookkeeping reporting. One example is Xero, an online accounting software designed to provide real-time figures to assess a business's profit, cash flow and tax. Some of the most trending integrations and add-ons by Xero have simplified the bookkeeping mediums, such as:
Receipt Bank for Xero
It’s an all-in-one feature in Xero that allows you to keep records, organise them by category and add receipts and bills to your online accounting software for easy expense tracking. It’s a great way to keep clean records without spending much time using the accounting ledger.
Veeqo Xero Connection
For e-commerce, Veeqo is best to use for inventory and shipping management. It helps businesses promote their products, get paid and cover everything behind the scenes - right down to scanning barcodes.
The Xero + Stripe Integration
Stripe is known as the best modern payments processor on the market. It lets cloud-based businesses accept debit and credit card payments from customers, either one-off or on a recurring basis.
Though repetitive and monotonous, bookkeeping and accounting tasks can also be very tedious and time-consuming. Since the end of the last decade, businesses have continuously adapted to cloud accounting and bookkeeping solutions that have helped business owners save on costs and labour. However, this would only get better over time.
If your business runs on numbers and you don't have time for bookkeeping, why not pass this responsibility over to a professional? New Wave Accounting offers end-to-end accounting and bookkeeping services in Gold Coast to help you grow your business. Book a strategy session today!