{"id":45709,"date":"2020-12-10T15:45:18","date_gmt":"2020-12-10T15:45:18","guid":{"rendered":"\/us\/en\/blog\/?p=45709"},"modified":"2025-03-13T06:22:04","modified_gmt":"2025-03-13T13:22:04","slug":"accountant-technology","status":"publish","type":"post","link":"\/us\/en\/blog\/accountant-technology\/","title":{"rendered":"Top 8 accountant technology trends for small businesses"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Accounting technology has always played a role in making the accountant\u2019s life that little bit easier. It\u2019s one of those professions that involve a lot of numbers, paper, and thinking. However, technology has enabled accounting firms to take their pursuits to the next level with enhanced analytics and more effective data interpretation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In today\u2019s age of digital transformation, we\u2019re all pretty used to technology rapidly advancing right before our eyes. It\u2019s essential for accounting professionals to be familiar with the biggest trends in accounting technology.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/unified-communication-platforms\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">cloud-based communications solutions<\/span><\/a><span style=\"font-weight: 400;\"> to mobile accounting, leveraging the power of such technology can not only boost productivity and efficiency, but streamline the entire process of corporate finance management.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we\u2019ll examine the top eight essential technologies for accounting businesses and how they can benefit firms. <\/span><span style=\"font-weight: 400;\">Skip ahead if you&#8217;d like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"#tech\"><span style=\"font-weight: 400;\">Technology for accounting businesses: A quick primer<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"#eight\"><span style=\"font-weight: 400;\">The top 8 essential technologies for accounting businesses<\/span>\u00a0<\/a><\/li>\n<\/ul>\n<hr \/>\n<p class=\"p1\">\ud83e\udd14\u00a0 How can RingCentral&#8217;s advanced technology help position your accounting business for success? Find out with our free accounting brief.<\/p>\n<p class=\"p1\">\n<div class=\"download-form-widget standart-download-form\" data-url=\"http:\/\/netstorage.ringcentral.com\/brief\/accounting_solution.pdf\" data-id=\"69d0e5d58e15d\" id=\"69d0e5d58e15d\">\n\t\t<button tabindex=\"on\"  on=\"tap:69d0e5d58e15d.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83d\udcdd Get brief<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">\ud83d\udc40 \u200a Get this free brief made for accounting businesses. <\/div>\n<form class=\"download-form SMB\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d0e5d58e15d.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Enjoy! <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<hr \/>\n<h2><span style=\"font-weight: 400;\"><a id=\"tech\"><\/a><br \/>\nTechnology for accounting businesses: A quick primer<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Technology has always played a role in accounting. Before we dive into our top eight accounting technology trends, let\u2019s take a look at how those technologies have developed, to better understand what accountant technology means today.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">How accounting technology changed<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">From the invention of the abacus to the debut of the calculator, accountants and technology go way back. As technology became more advanced, so too did accountants.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technological developments enabled accountants to work faster, more efficiently, and with increased abilities. Still, accountants had to produce meticulously detailed records featuring strings of numbers and written statements. Financial matters were identified, measured, and communicated using paper. (And there was a lot of it.)\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It wasn\u2019t until the end of the 20th century that the accounting profession began to reach increased levels of functionality. With computers and novel accounting software, account technology took on a whole new meaning. We\u2019re sure the employees at the <\/span><span style=\"font-weight: 400;\">IRS<\/span><span style=\"font-weight: 400;\"> were over the moon!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Microsoft Excel<\/span><span style=\"font-weight: 400;\">\u2019s electronic spreadsheet empowered accountants to work electronically. Calculators, ledgers, and stationary no longer cluttered accountants\u2019 desks! The work was simplified and more efficient. <\/span><span style=\"font-weight: 400;\">Accountant technology<\/span><span style=\"font-weight: 400;\"> has certainly sped up the process of bookkeeping and interacting with clients, but it doesn\u2019t stop there!<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Why it\u2019s important to keep up with shifts in <\/span><span style=\"font-weight: 400;\">accountant technology<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In today\u2019s digital world, <\/span><span style=\"font-weight: 400;\">information technology<\/span><span style=\"font-weight: 400;\"> is constantly evolving to offer improved <\/span><span style=\"font-weight: 400;\">functionality<\/span><span style=\"font-weight: 400;\">. As <\/span><span style=\"font-weight: 400;\">accounting firms<\/span><span style=\"font-weight: 400;\"> become more efficient and productive, client expectations continue to grow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Clients expect accountants to provide automated services that meet their needs in the least time possible. They expect robust <\/span><span style=\"font-weight: 400;\">information systems<\/span><span style=\"font-weight: 400;\">, excellent communication, and an online presence just like any other business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To stay on top of client expectations and stand out among competitors, anyone in the <\/span><span style=\"font-weight: 400;\">accounting profession <\/span><span style=\"font-weight: 400;\">must ensure they stay on top of <\/span><span style=\"font-weight: 400;\">accounting technology<\/span><span style=\"font-weight: 400;\"> trends and learn the <\/span><span style=\"font-weight: 400;\">new skills<\/span><span style=\"font-weight: 400;\"> required to use the new technologies effectively to achieve <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/how-to-organize-a-business\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">long-term success.<\/span><\/a><\/p>\n<h2><span style=\"font-weight: 400;\"><a id=\"eight\"><\/a><br \/>\nTop 8 essential technologies for accounting businesses<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">1. Cloud-based communication platforms<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Cloud-based communication platforms allow for not only a better way of communicating with clients, but also a less clunky way to store and <\/span><span style=\"font-weight: 400;\">access an ever-growing amount <\/span><span style=\"font-weight: 400;\">of data online in \u201cthe cloud.\u201d <\/span><span style=\"font-weight: 400;\">The cloud is essentially what allows you to work from anywhere.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Don&#8217;t want to be stuck at your office desk all day? Have clients that live outside your immediate local area? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then having a good communication platform that&#8217;s on both a desktop and mobile app is key. This will let you take client calls, set up sophisticated call forwarding routes, save call recordings, and even share your screen\u2014<strong>from anywhere<\/strong>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This not only allows you and your team to be more flexible and mobile, but also creates a more <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/wfh\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">connected remote workforce culture<\/span><\/a> for your accounting firm.<\/p>\n<p><span style=\"font-weight: 400;\">For example, RingCentral integrates messaging, video conferencing, a phone service, and file sharing\u2014all in one convenient app:<\/span><\/p>\n<div class=\"rc_custom_video\"><a class=\"rc_custom_video__link\" href=\"https:\/\/www.youtu.be\/9xaL89hYeFs\">\n\t\t            <picture><source srcset=\"https:\/\/i.ytimg.com\/vi_webp\/9xaL89hYeFs\/maxresdefault.webp\" type=\"image\/webp\"><img decoding=\"async\" class=\"rc_custom_video__media\" src=\"https:\/\/i.ytimg.com\/vi\/9xaL89hYeFs\/maxresdefault.jpg\" alt=\"\">\n\t\t            <\/picture>\n\t\t        <\/a><br \/>\n\t\t        <button class=\"rc_custom_video__button\" aria-label=\"Play video\"><svg width=\"68\" height=\"48\" viewBox=\"0 0 68 48\"><path class=\"rc_custom_video__button-shape\" d=\"M66.52,7.74c-0.78-2.93-2.49-5.41-5.42-6.19C55.79,.13,34,0,34,0S12.21,.13,6.9,1.55 C3.97,2.33,2.27,4.81,1.48,7.74C0.06,13.05,0,24,0,24s0.06,10.95,1.48,16.26c0.78,2.93,2.49,5.41,5.42,6.19 C12.21,47.87,34,48,34,48s21.79-0.13,27.1-1.55c2.93-0.78,4.64-3.26,5.42-6.19C67.94,34.95,68,24,68,24S67.94,13.05,66.52,7.74z\"><\/path><path class=\"rc_custom_video__button-icon\" d=\"M 45,24 27,14 27,34\"><\/path><\/svg><br \/>\n\t\t        <\/button>\n\t\t    <\/div>\n<p><span style=\"font-weight: 400;\">This allows accounting firms to stay accessible to their clients efficiently and securely. And more importantly, it allows you to do this, even if you have a small team. Only have one or two people? Not a problem. The RingCentral app has features like these that are specifically designed to make your job easier:<\/span><\/p>\n<ul>\n<li><a href=\"https:\/\/www.ringcentral.com\/office\/features\/voicemail\/overview.html\" target=\"_blank\" rel=\"noopener noreferrer\">Voicemail<\/a>\u00a0\u2014 This isn\u2019t just your average phone voicemail. With RingCentral, you can have visual voicemail (for when it\u2019s more convenient to read your voicemails instead of listen to them) and even get your voicemails automatically sent to your inbox.<\/li>\n<li><a href=\"https:\/\/www.ringcentral.com\/solutions\/professional-services.html\" target=\"_blank\" rel=\"noopener noreferrer\">A business caller ID<\/a>\u00a0\u2014 Using your personal phone to make client calls? This will shield your personal number and display your <a href=\"https:\/\/www.ringcentral.com\/business-phone-numbers.html\">business number!<\/a><\/li>\n<li><a href=\"https:\/\/www.ringcentral.com\/office\/features\/call-forwarding\/overview.html\" target=\"_blank\" rel=\"noopener noreferrer\">Call forwarding<\/a>\u00a0\u2014 Route incoming calls to any (or all!) of your devices, any department, and any location\u2014ringing them sequentially or simultaneously. You\u2019ll never miss a call again.<\/li>\n<li><a href=\"https:\/\/www.ringcentral.com\/office\/features\/auto-attendant\/overview.html\" target=\"_blank\" rel=\"noopener noreferrer\">Auto-attendant<\/a>\u00a0\u2014 No receptionist? No problem. The auto-attendant acts as a virtual receptionist service, greeting your callers and routing them directly to other people on your team.<\/li>\n<li><a href=\"https:\/\/www.ringcentral.com\/office\/industry-solutions\/professional-services-firms-cloud-phone-systems.html\" target=\"_blank\" rel=\"noopener noreferrer\">And more\u2026<\/a><\/li>\n<\/ul>\n<div class=\"tip\">\n<div class=\"tip-heading\"><b>\ud83d\udca1 Pro-tip:\u00a0<\/b><\/div>\n<p>Cloud storage is an important feature to look for because it allows you to share files and documents with clients and teammates from anywhere in the world. This gives you much more freedom\u2014want to work from home? Or a coffeeshop? Or a beach? As long as you have internet access, cloud storage allows you to access information easily and securely.<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">When it comes to doing business online, security and accessibility are the main concerns for all businesses dealing with client information. This is particularly salient among <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/remote-working-tools\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">remote workforces<\/span><\/a><span style=\"font-weight: 400;\">, where employees can be working from anywhere in the world on multiple internet connections. This need for business continuity is why many of the leading cloud providers feature backup servers to make sure businesses still have access to their information in case the server goes down or a disaster occurs.<\/span><\/p>\n<p><a href=\"https:\/\/www.ringcentral.com\/remote-work-playbook.html\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"alignnone size-full wp-image-42200\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/490719603-WFH-Remote-Work-Playbook-banner-image-1380x490-blog-695x247-1.png\" alt=\"\" width=\"695\" height=\"247\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">By moving to a cloud-based communication solution, you&#8217;ll get benefits like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lower upfront costs with cloud accounting solutions on monthly payment schemes<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Little to no hardware and maintenance costs<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enhanced<\/span><span style=\"font-weight: 400;\"> cybersecurity<\/span><span style=\"font-weight: 400;\">, data transfers with encryptions and backups<\/span><\/li>\n<\/ul>\n<h4><span style=\"font-weight: 400;\">Accounting with a cloud-based communications solution\u2014can it really work?<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The global <\/span><span style=\"font-weight: 400;\">coronavirus pandemic<\/span><span style=\"font-weight: 400;\"> that shaped 2020 resulted in a sudden shift towards remote working. B<\/span><span style=\"font-weight: 400;\">usinesses had to learn quickly how to continue business operations outside of the office. Luckily, communications technology made this possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, more businesses than ever before are operating with a distributed workforce.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/video-conferencing-telehealth\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Doctors are treating<\/span><\/a><span style=\"font-weight: 400;\"> patients online. Marketing teams are dispersed across time zones and countries\u2014and still running campaigns just as efficiently as they used to\u2014thanks to cloud-based <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/communication-channels\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">communication channels<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/project-management-tools\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">project management tools.<\/span><\/a><span style=\"font-weight: 400;\"> It&#8217;s safe to say that the<\/span><span style=\"font-weight: 400;\">\u00a0accounting profession<\/span><span style=\"font-weight: 400;\"> is heading in the same direction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, when it comes to discussing finances, we&#8217;re used to an in-person approach. That being said, accounting clients are becoming more comfortable with virtual meetings and consultations\u2014and the convenience of doing a tax return online is hard to deny. <\/span><span style=\"font-weight: 400;\">Then there are the benefits of having a distributed team. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of what is driving your remote-working accounting firm to the cloud, you&#8217;ll still need a reliable solution in order<\/span><span style=\"font-weight: 400;\"> to maintain personal connections with clients when dealing with money matters. This is where <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/unified-communication-platforms\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">UCaaS platforms<\/span><\/a> come in.<\/p>\n<h4><span style=\"font-weight: 400;\">How can cloud-based communications solutions and related technologies improve accounting operations?<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">These types of <a href=\"https:\/\/www.ringcentral.com\/office\/how-it-works.html\">solutions<\/a> are designed to<\/span><span style=\"font-weight: 400;\"> integrate different communication channels for enhanced<\/span><span style=\"font-weight: 400;\"> and cohesive functionality<\/span><span style=\"font-weight: 400;\">. As opposed to having one app for video conferencing, another for messaging, and so on, <strong>a unified cloud-based communication platform<\/strong> <strong>should be versatile<\/strong>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fo example, the RingCentral desktop and mobile app includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.ringcentral.com\/solutions\/office\/call.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">A cloud phone system<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/audio-and-video-conferencing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Video conferencing<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.ringcentral.com\/teams\/overview.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Team messaging<\/span><\/a><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-42966\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/08\/team-messaging-app-e1606751088883.png\" alt=\"ringcentral team messaging app\" width=\"850\" height=\"494\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">File sharing<\/span><\/li>\n<li>Task management<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-45695\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/12\/ringcentral-app-for-real-estate-new.png\" alt=\"\" width=\"1000\" height=\"539\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Integrations with other business apps like <a href=\"https:\/\/www.ringcentral.com\/apps\/ringcentral-salesforce\">Salesforce<\/a> and <a href=\"https:\/\/www.ringcentral.com\/apps\/call-with-ringcentral-for-hubspot\">HubSpot<\/a><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With a UCaaS solution, you<\/span> <span style=\"font-weight: 400;\">can integrate financials, project management tools, and client relationship information all in one place. Over the long run, this will streamline operations, and ultimately save you time and money.\u00a0<\/span><\/p>\n<p>Regardless of where the accounting industry is headed though, the phone isn\u2019t going anywhere\u2014clients will expect to be able to call you. UCaaS has that covered too. Most use a <a class=\"waffle-rich-text-link\" href=\"https:\/\/www.ringcentral.com\/office\/features\/voip\/overview.html\">VoIP phone service<\/a> to give you voice and video conferencing, so that you can do your account tasks and connect with clients anywhere in the world, on any device. If you\u2019re planning to make a long-term shift to working remotely, it\u2019s a critical tool.<\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><b>\ud83d\udca1 Pro-tip:\u00a0<\/b><\/div>\n<p>See how Mowery &amp; Schoenfeld, LLC, an accounting firm, <a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/mowery-schoenfeld-customer-story\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">switched from their legacy phone system to a cloud-based solution\u2014<\/span><\/a><span style=\"font-weight: 400;\">and were rewarded with the freedom and flexibility they need to better serve clients. <\/span><\/p>\n<\/div>\n<p><a href=\"https:\/\/www.ringcentral.com\/apps\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">RingCentral integrates with hundreds of popular apps<\/span><\/a> for accountants, <span style=\"font-weight: 400;\">including automated accounting software and CRMs. What\u2019s more, it\u2019s a secure solution that meets the regulatory and compliance requirements set forth by the American Institute of Certified Public Accountants (<\/span><span style=\"font-weight: 400;\">AICPA<\/span><span style=\"font-weight: 400;\">).<\/span><\/p>\n<hr \/>\n<p class=\"p1\"><span class=\"s1\">\ud83d\udd79\ufe0f<\/span> Get a hands-on look at how RingCentral works by booking a product tour:<\/p>\n<p class=\"p1\"><button data-href=\"#leadform-popup\" class=\"js-open-popup-activator btn primary\" >Choose a time<\/button><\/p>\n<p class=\"p1\"><span class=\"s1\">\ud83d\udcb0<\/span> You can also <a href=\"http:\/\/www.ringcentral.com\/roi-calculator\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"s2\"><b>use this calculator<\/b><\/span><\/a><b> <\/b>to see roughly how much your business could save by using RingCentral to support your team&#8217;s communication with each other\u2014and clients.<\/p>\n<hr \/>\n<h3><span style=\"font-weight: 400;\">2. Blockchain\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Blockchain is a technology that\u2019s rapidly gaining traction in the accounting business. If you know how to use it, it can be a powerful tool to help you stand out among your competitors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain refers to the distribution and decentralization of database technology and protects encrypted data while recording and adding transactions to participants\u2019 ledgers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Contemporary accounting functions via a double-entry bookkeeping system, where the accountant and auditor manually input and verify a company\u2019s transactional history. When more than one party is involved in a transaction, and all keep their own records, the process becomes convoluted and inefficient, often resulting in disparities between records.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain technology mitigates these issues, as the data can be verified without another party\u2019s involvement. It allows complete and automated <\/span><span style=\"font-weight: 400;\">auditing<\/span><span style=\"font-weight: 400;\"> for each and every transaction in a shared ledger. That\u2019s even as individual accountants, auditors, and companies keep their own records in a private database. <a href=\"https:\/\/webisoft.com\/blockchain\/blockchain-development-services\">Blockchain development services<\/a> can help businesses streamline these accounting processes, reducing errors and increasing transparency across all transactions<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So how might an accounting team implement blockchain into their day-to-day work?\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain software is a third-party cloud infrastructure that allows companies to build and operate blockchain apps. By integrating blockchain software with business operation systems, accountants will see big changes in their everyday operations. By automating recordkeeping processes with blockchain, CPAs will see changes in:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How transactions are processed, authorized, recorded, and reported<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Back-office tasks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Their role and skillsets as traditional processes give way to blockchain techniques and procedures\u00a0<\/span><\/li>\n<\/ul>\n<h4><span style=\"font-weight: 400;\">Benefits of blockchain<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Blockchain provides the potential to enhance accounting with reduced costs and improved certainty over history and ownership of assets. Accountants can gain increased clarity regarding the resources and obligations required by their organizations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What\u2019s more, by removing redundancies, blockchain can free up resources and enable<\/span><span style=\"font-weight: 400;\"> CPAs<\/span><span style=\"font-weight: 400;\"> to focus on planning and valuation instead of repetitive, time-consuming tasks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When implemented along with other tech trends like machine learning and integrated with a <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/what-is-pbx-telephone-service\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">cloud PBX<\/span><\/a><span style=\"font-weight: 400;\">, blockchain opens up space for transactional accounting to be carried out autonomously. This means that accountants can focus on the economic interpretation of blockchain transactional records and aligning them with economic reality and valuation.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Automation and machine learning<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As the business world grapples to <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/podcast-balancing-artificial-intelligence-gains-with-employee-expectations\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">balance employee expectations with artificial intelligence<\/span><\/a><span style=\"font-weight: 400;\">, it\u2019s the right moment for CFAs to consider how the two can work alongside each other to streamline business operations. Accounting is moving towards being codeless, which means that soon enough, time-consuming data-entry tasks will be redundant.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accounting automation systems make accountants\u2019 lives much more efficient. With manual <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/task-automation\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">task automation<\/span><\/a><span style=\"font-weight: 400;\">, businesses can cut down time spent on manual data entry and let machines handle the number crunching and transaction handling. Not only does this mean more productive employees, but it also results in cost-savings and reduces the possibility for human error.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Where some might see automation as a threat to the accounting profession, we consider it to be role-redefining. When balancing humans and machines, it\u2019s important to consider the lucrative potential of <\/span><span style=\"font-weight: 400;\">artificial intelligence<\/span><span style=\"font-weight: 400;\"> and machine learning in automating common tasks like tax preparation, <\/span><span style=\"font-weight: 400;\">auditing<\/span><span style=\"font-weight: 400;\">, and payroll. Then, to imagine where all that extra time can go.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CPAs can use the latest automation technologies to streamline <\/span><span style=\"font-weight: 400;\">accounting processes<\/span><span style=\"font-weight: 400;\">, so they can spend more time analyzing, strategizing, and making human connections.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Financial forecasting<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Financial forecasting is about looking to the future to predict financial outcomes using data gleaned from past results and expected non-financial factors. The forecast enables accounting firms to better understand where they\u2019re likely to be at a certain time down the line. But why are predictive analytics and financial forecasting important?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depending on the scale of your business, financial forecasting can provide valuable insights into whether you\u2019re on track to achieving your business goals. It can identify trends in internal and external data to inform data-driven decisions regarding the business\u2019s financial future.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Client relationship management software programs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A client relationship management solution is an essential technology for accounting firms to organize customer data in one place. By combining CRM apps with accounting software, businesses can maximize productivity and efficiency by centrally storing <\/span><span style=\"font-weight: 400;\">accounting information<\/span><span style=\"font-weight: 400;\"> that can be accessed instantly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to choosing the right CRM for your accounting firm, integrations with the rest of your tech stack are imperative. The data from your CRM can be used to inform strategies and customer interactions across multiple departments, from sales and marketing to customer support. What\u2019s more, it should be intuitive and easy to use.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Integrating your CRM (like HubSpot or Salesforce) is simple with <\/span><a href=\"https:\/\/www.ringcentral.com\/office\/how-it-works.html\"><span style=\"font-weight: 400;\">RingCentral<\/span><\/a><span style=\"font-weight: 400;\">. It&#8217;ll let you use customer data to your advantage by ensuring you&#8217;re are always armed with the client information you need to effectively communicate and manage their finances:<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-44476\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/10\/salesforce-ringcentral-integration-e1603397536245.png\" alt=\"salesforce ringcentral integration\" width=\"1000\" height=\"642\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">6. Enterprise resource planning (<\/span><span style=\"font-weight: 400;\">ERP<\/span><span style=\"font-weight: 400;\">) systems<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">ERP <\/span><span style=\"font-weight: 400;\">system software is used by organizations to manage day-to-day activities such as accounting, risk management, project management, and supply chain operations. Managing everything from financial reports to travel expenses can lead to chaos in an accounting firm, if not done properly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With an ERP system, accounting firms can:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get an overall picture of clients through a unified system<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Easily create reports and analyses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Automate manual processes with <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/the-story-of-artificial-intelligence-and-the-unique-expectations-of-employees\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">AI and machine learning<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Stay in touch with clients and access the same database via the cloud<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">By staying connected across teams, <\/span><span style=\"font-weight: 400;\">accounting departments<\/span><span style=\"font-weight: 400;\"> can dig deeper into company performance to provide fresh insights to clients and make better, data-driven decisions to grow as a business.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">7. Social media<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In today\u2019s digitally connected world, clients expect to interact and engage with businesses across multiple touchpoints. Accounting firms aren\u2019t exempt from those expectations. Social media is one such touchpoint that has become essential for firms that want to engage with current and potential clients while expanding their audience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Social media is a tool that provides those in the accounting profession with a powerful sales and marketing platform to connect them with potential clients. Marketing is just as important to accounting firms as it is to any other industry, after all.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Integrating an effective <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/social-media-best-practices\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">social media strategy<\/span><\/a><span style=\"font-weight: 400;\"> into an accounting firm\u2019s long-term overall marketing strategies can impact business development, generate client leads, and amplify business growth and communication among a digital audience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To remain competitive, accounting firms must leverage the power of social media to achieve business goals by <\/span><span style=\"font-weight: 400;\">reaching audiences on diverse platforms<\/span><span style=\"font-weight: 400;\">. Whether you\u2019re seeking to <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/social-media-for-small-business\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">increase the visibility of your newly established firm<\/span><\/a><span style=\"font-weight: 400;\"> or boost brand awareness, social media is a powerful platform for reaching a massive audience. What\u2019s more, social media can:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Help you to achieve better search rankings and boost organic reach<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Identify industry trends to better understand your client\u2019s expectations and competitors<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Humanize your firm<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With <\/span><a href=\"https:\/\/www.ringcentral.com\/office\/how-it-works.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">RingCentral<\/span><\/a><span style=\"font-weight: 400;\">, all of your business communications and customer interactions are stored in the cloud. What\u2019s more, <\/span><span style=\"font-weight: 400;\">social media integrations<\/span><span style=\"font-weight: 400;\"> ensure seamless management and provide valuable data insights.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">8. Mobile accounting<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As a business in today\u2019s world, you won\u2019t get anywhere without adapting to mobile. Accountants are becoming increasingly reliant on mobile devices to access and share data in real time from remote locations. Mobile connectivity is pivotal for bridging the gap between accounts and clients, and managing operations on the go.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With RingCentral and the necessary software integrations, firms can manage and share data, update tax information, interact with clients, and <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/accountants-working-from-home\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">conduct meetings from a mobile device<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re traveling for work with a tablet or working from anywhere on your smartphone, mobile accounting is made possible with a cloud-based solution. With the right solution, it\u2019s possible to handle finances from anywhere.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This mobility and flexibility give <\/span><span style=\"font-weight: 400;\">CFOs<\/span><span style=\"font-weight: 400;\"> the real-time information they need to stay on top of financial matters and stay in touch with clients whenever, wherever.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re an accountant for a <\/span><span style=\"font-weight: 400;\">small business<\/span><span style=\"font-weight: 400;\">, the <\/span><span style=\"font-weight: 400;\">CFO<\/span><span style=\"font-weight: 400;\"> of a successful accounting firm, or a student completing a<\/span><span style=\"font-weight: 400;\"> bachelor\u2019s degree<\/span><span style=\"font-weight: 400;\"> in accounting, you must stay on top of technology trends and advances.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s a reason why powerful businesses aren\u2019t managing their accounts with a calculator and pencil in hand: it takes <\/span><i><span style=\"font-weight: 400;\">way too long! <\/span><\/i><span style=\"font-weight: 400;\">Embracing technology is the key to enhancing productivity, streamlining communications, and remaining competitive in today\u2019s world.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accounting technology has always played a role in making the accountant\u2019s life that little bit easier. It\u2019s one of those professions that involve a lot of numbers, paper, and thinking. However, technology has enabled accounting firms to take their pursuits to the next level with enhanced analytics and more effective data interpretation.\u00a0 In today\u2019s age &#8230;<\/p>\n","protected":false},"author":29,"featured_media":45711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901,18669,28378],"tags":[],"class_list":["post-45709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","category-verticals","category-professional-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Top 8 accountant technology trends for small businesses | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"How is accountant technology changing\u2014and what can we expect in the future? 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