We offer you the latest and most advanced fintech solutions that can facilitate and simplify the difficult accountancy process

International Accounting Day: The best fintech solutions for accountants. Source: shutterstock.com

Today, 10 November, is International Accounting Day. We would like to join in the congratulations extended to all accountants and wish them luck and patience in their difficult but so important task – bookkeeping.

PaySpace Magazine invites everybody concerned to commemorate and celebrate International Accounting Day. Moreover, we offer you the latest and most advanced fintech solutions that can facilitate and simplify the difficult accountancy process.

Software to improve performance

Nowadays we live in a world run by software and technology. What did humanity do before the internet, GPS, social media (Facebook, Instagram, etc), email, or Uber? The list of convenient novelties (some of them have even become almost an integral part of people’s lives) is endlessly long, so you can clearly see the actual impact of tech and software on our lives.

Technology advancements prove themselves in different ways. Now, multiple startups and small/medium-scale businesses have made up their minds to consider the possibility of running their firms within a cloud. Furthermore, most of them have benefited from cloud technology. Today, advanced technologies give us none other than affordable, easy-to-use, and user-friendly financial and business tools. Why not use it to ease various processes facilitate many areas of life? fintech is here to help.

Online accounting

Online accounting is a cornerstone of the fintech solutions for accountants. It empowers users with adjustable and well-secured ways to manage their clients’ accounts. Furthermore, it provides a robust financial hub, which would significantly help to integrate with other business solutions if it is needed.

Xero, FreeAgent, QuickBooks Online, and KashFlow are the most popular tools if it is managing accounts without dependence on a desktop computer we are talking about.

Let’s consider the incontestable advantages of online accounting compared to desktop accounting:

The accounting software is just for starters.

Fintech plug-ins and add-ons

Let’s figure out what revolutionizes bookkeeping and has real practical applications for accountants. The answer is third-party fintech solutions. In other words, it is software that streamlines business processes in all possible ways and means.

This kind of software is able, for instance, to speed up a business process, or automate a required process (even a client’s process). There are lots of fintech solutions, so an accountant can easily find one that suits their purposes.

Therefore, by maximizing the use of such fintech tools an accountant can totally transform multiple services they can offer to small/medium-scale business customers.

Time savings

Paperwork takes too much time, as well as manual data entry or any other obsolete way to run bookkeeping. You must agree that most professionals in multiple fields would be happy to find a way how not to spend time and exhaust nerves on things that are not worth it.

• Receipt Bank is one of those solutions, which removes a wasted time problem. If a client uses the Receipt Bank app, they scan their receipts, cash-transfer information, invoices, etc and all this data will be automatically pulled into the accounting package digitally.
• Statistically, this solution saves you no less than an hour per workweek (35-40 hours). Now there is no need to spend this time on boring and tiresome data entry. Use this time to your advantage/business purposes.

Late payments

If you have ever tried to keep clients informed of their outstanding debts you probably know how difficult it is. The slower customers pay, the worse the cash flow forecast will look over time.

Run your practice freely and smoothly

So, let’s assume you have finally decided to move the systems of your clients to the cloud. What’s next? Maybe it is the best time to think about moving your own systems to the cloud too?

• Practice Ignition can move both your management and client systems to the cloud. Furthermore, it makes it possible to integrate everything you need with your accounting software.
• There are also multiple time/project management tools available. Tracking your deliveries and keeping on top of client interactions is becoming even more comfortable.

Create your own unique system/service

Fintech solutions are characterized by versatility, flexibility, applicability, streamlining, and reliability. You can develop the system you require, and it will be tailored to your needs, as well as to those of your clients. Thus, you will use a bespoke platform that is configured the way you want it.

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