Posted On - 29-06-2019 admin Accounting
When problems arise, solutions surface themselves. Same is the case with technology. For example, as the need for mobility grew, the cloud technology came out as a remarkable solution. Firms, whether big or small, adopted and adapted to the cloud technology without much ado and more are on their way. Talking specifically about accounting firms, the introduction of tax and accounting solutions such as QuickBooks have replaced the need for firms having budget constraint to hire accounting professionals.
Recently, a countless number of lectures and discussions have been talking about how cloud technology is going to revamp the way we do business. Indeed, the future looks promising for enterprises as a whole. But, what if we say that we are already living in the future? And, the emerging technology has landed in every field possible. So, we are actually not very far from the cloud. Leaves you baffled, doesn’t it?
Do you remember the time when technology was exclusively available only to those who came with money? Probably yes, but the perception that mechanization is a rich man’s game was true until only a few years ago. The advancements in the field today are fairly inclusive. For instance, small firms, as we know them, run on a tight budget. With limited resources, whether capital or human, the rate of technological adoption has been slow compared to the giants in the industry. But, SMBs have responded to the emergence of cloud technology quite positively, hinting towards the fact that technology has grown out of the idea that only the affluent classes can afford and exploit it.
Now, since small firms have all the opportunities to mingle with technology, a fair amount of knowledge of the same is important as well. Here are some of the technological trends that small businesses need to know and live by:
A vast majority of firms have been feeling the need to abandon paper recently. The want to be technologically advanced along with being environment-friendly has been growing by the day. In the era of sustainable growth, digital innovation has played a remarkable role. Digitization has drove business towards adapting technology that replaces paper. The possibility of recording transactions digitally has helped firms of all sizes to reduce the use of paper to an extent which was unimaginable about a decade ago.
Healthy communication is key for successful organization in any firm and desktop communications are playing the lead role. Previously, communication revolved mainly around phone calls and emails that were often left unanswered. The difficulty of keeping track of phone calls, whether received or missed, brought about the need for a more reliable source of communication within the firms. To help with that, several developers came up with desktop applications such as Slack and Skype for Business that bring textual conversations to the table.
Office presentations are more about visualizations than theories. More firms are looking for solutions that help with visualizations such as bar graphs, pie charts, and more. For example, applications like Tableau and the tools on MS Excel are two of the most commonly relied-on sources that have simplified visualization for firms at large.
Every individual and every firm wishes to leverage the power of the cloud. And, why not? The cloud reduces overhead expenditures to a great extent. For instance, it replaces the need to hire technical experts, saves the efforts of training employees for upkeep and maintenance of in-house machinery, and in fact firms that migrate to the cloud no longer need to install IT infrastructure of their own. Everything is provided, maintained, updated, and upgraded by the cloud hosting provider. On the other hand, business owners, CPAs, and individuals can closely monitor the progress of their business on-the-go since everything is on the cloud.
The advent of artificial intelligence has brought about a revolution in the way small businesses are being run. Considering the tight budget of SMBs, the idea of having affordable technology that can perform repetitive and simplified tasks with ease looks attractive. Artificial intelligence helps small firms replace human resources with technology to perform tasks that do not need qualified professionals or a high level of skill. Small businesses, for example, can leverage accounting software such as QuickBooks to perform a series of tasks such as generating payroll, managing accounts receivables and payables, and tracking inventory, etc.
Changes in technology happen overtime. It is a gradual process and is usually easy to keep up with. As consumer demand changes slowly, affected by a number of factors such as economic growth, inflation, weather changes, and innovation, firms feel compelled to introduce the latest technology in their everyday processes. Now, the question is how should firms adopt technology? All at once or slowly with time? The obvious solution would be to go with the flow. Therefore, adopting technology step by step, in easy steps is key to sustainable growth for firms of all sizes.