Technology has helped companies significantly in the past, whether through marketing platforms, customer databases or seeking out new employees. Another aspect where technology solutions have boosted business operations is through accounting ,as many firms have implemented bookkeeping solutions to maintain effective control over their finances. Accounting software has given businesses more insight into their revenues and expenditures, and it gives organizations the assurance they are remaining compliant with all accounting legislation. In 2013, more companies are planning to implement this type of technology as well as other systems, as these kinds of platforms boost operational efficiency and improve current processes.
Owners taking to technology for greater efficiency
In the coming months, businesses are planning to invest more in technology solutions that help their operations and streamline a variety of processes. According to the "Pulse Survey of Small Businesses" by PaySimple, half of companies surveyed stated they will be implementing cloud-based solutions in 2013. In addition, the adoption of more mobile solutions is also on the horizon, as 53 percent of respondents will be running more functions over mobile devices.
The report estimates that the increasing use of technology will significantly boost productivity for companies, meaning that existing staff members are able to perform more tasks and managers do not need to bring on additional workers to handle the responsibilities.
Another type of technology that businesses are planning to incorporate into their operations is accounting software. The PaySimple report states that 70 percent of respondents currently use or will be using these systems to increase their revenues and cash flow by having greater control over, and insight into, their financial situations.
Should existing solutions be updated?
For companies that already have accounting systems in place, perhaps now is the time to upgrade or switch to better technology for increased financial management. Dynamic Business highlights some of the problems that can plague firms that need to update their accounting software. This includes systems that frequently have errors on financial reports and accounting documents, as well as slow processing times and data loss - all of which can have severe consequences for businesses.
When considering new technology for finances, the source recommends that companies find ones that meet their needs and help improve cash flow and reporting. Systems that produce accurate statements and other materials are vital, as this ensures that firms remain compliant with all regulations. In the end, the software should be easy to use and give firms effective control over their money.