As we trundle along in 2024, it’s important to reflect on the things that we take for granted in life and interrogate whether we can do them in a better, more streamlined way. For businesses, that means asking whether you could improve your accounting and financial processes.
Such a review could help you in ways that you haven’t considered yet. For example, if you can do your tasks in a shorter amount of time, that’s time that you could spend focusing on your business, clients and team – or yourself.
Alternatively, working smarter could ensure that you have your current financial data always at hand, helping you make quick decisions with more confidence.
But what are some of the tools that you could use to improve your accounting and financial management in 2024? Let’s take a look.
Cloud-based accounting solutions
Cloud accounting software is similar to traditional software that you manually download onto your computer. However, cloud software is stored on the internet, which means that to get access to your data, all you need to do is log in on a device connected to the internet.
With this simple fact, you can do your accounting far easier. For one, the data you see is the most recent version, ensuring you can make decisions based on the real and true nature of your business in the moment.
You can also purchase multiple logins for your team to enhance communication and collaboration. If you work with a cloud accountant, they’ll also be able to work better with you and give you better advice and recommendations.
Integrated financial management
Closely linked to cloud accounting software are integrated financial management platforms that keep all your digital tools under one roof. That way, you only need to login into one piece of software to access all of your data, rather than scrambling around your computer between different programmes.
Cloud accounting software is particularly useful for this, because most providers, including Xero and Sage, host a wide range of apps for various business functions. Here are a couple:
- Expensify: Automates expense management by scanning receipts and generating expense reports.
- Hubdoc: Captures and organises financial documents, such as bills and receipts.
- Stripe: Enables businesses to accept online payments securely and efficiently.
- Shopify: A popular eCommerce platform that allows businesses to create online stores and sell products.
Artificial intelligence (AI)
It wouldn’t be 2024 if we didn’t talk about the power of AI as one of the most powerful accounting solutions for businesses in 2024. But it’s not just image and text generation that AI can do – it can also help you manage your accounting and financial management. How?
It, again, starts with cloud accounting software as its tools, like bookkeeping and bank reconciliation, rely on automation and AI. Taking advantage of this comes with a number of benefits:
- Accuracy: By removing humans from your financial management, you take away the chance of human error. Repetitive tasks are completed with precision, allowing you to work with only accurate data.
- Cost savings: It’s easy to lose track of the hours you spend on repetitive tasks that don’t bring value to your business. By using AI, you get back some time for you and your team that you can spend more productively.
- Real-time insights: Using AI means you won’t have to rely on old or patchy data. Instead, you get real-time insights that can enhance decision-making.
- Enhanced security: Fraud detection is difficult and risky. AI can smooth the process by detecting anomalies in data and notifying the correct person. These tools can also help with fraud prevention.
The power of an accountant
For all that technology can offer businesses in 2024, nothing can match a professional who can analyse your business and make the decisions that make the most sense for you and your situation.
So, while we highly recommend that you make the most of cloud technology and all it can offer, don’t substitute it for a human who understands the nuances of tax, accounting and financial management.
If you’re in search of an accountant or need help with your accounting solutions, feel free to get in touch with us. We’ll do whatever we can to help.