Tired of spending hours making manual entries on spreadsheets? Well this article might just be the lucky charm for you.
The financial management system in businesses has undergone a major transformation with the introduction of accounting software. Even traditional accounts have been influenced by this modern technique once they’ve experienced it. Some have even sworn to never return to pen and paper methods. This software offers endless benefits to companies. They assure the highest degree of accuracy in calculations combined with a fast user interface. Businesses can not only keep authentic records of their accounts, but at the same time view real-time analysis of where their company stands in terms of competition.
Regardless of whether you are the owner of a well-established business or a newcomer in the market, maintaining the accounts can be quite a challenging and hassle some activity for any business. Numerous organizations depend on their accounts for everything. By utilizing accounting software in your business, you can save up money and spend more quality time looking after other prospects of your business.
Your business may be in dire need of accounting software but it is extremely important to pick the right software to ensure that you are exactly getting what you need from your accounting software. From Bangladesh’s perspective, choosing the right accounting software for business is a difficult job. Not all organizations will gain profit by picking just any kind of accounting software for their respective businesses.
The requirements of your accounts software package will vary depending on the type of business and the way it’s run. So when you are looking for the best accounting software in Bangladesh, first make a list of the top priority services that you will be needing and then begin the search based on your list.
Here are some common features that all businesses look for in any accounting software in Bangladesh:
- Inventory management
- Accounts receivable
- Accounts payable
- Payroll processing
- General ledger
- Purchase management
- Sales management
- Billing
That being said, here is some noteworthy insight about the top 5 accounting software trends in the year 2020
1. Switching to Cloud-based accounting solution
Cloud-based computing has already made a prominent place in the field of accounting. You can now establish your company as a leading brand that provides top-notch accounting services by adopting this trending technology. A recent study revealed that about 80% of accountants prefer and rely on cloud accounting. Starting from asset management, payroll, multi-currency handling to purchase orders, all of these tasks can easily be conducted efficiently through cloud-based accounting service. All you are required to do is get an authorized subscription agreement which then allows you to access data and resolve financial issues. The employees and clients can use the cloud server as a medium to exchange information and collaborate. The maintenance cost can also be reduced since you can cut down subscriptions anytime based on your requirements. By 2020, cloud-based accounting will gain even stronger momentum.
2. Adoption of automation in accounting functions
Manual accounting practices can hardly be found ever since the emergence of automation. Fueled by software enhancement, automation is a latest trend that doesn’t require extreme physical intervention. Automation is transforming the accounting industry in so many ways. The automation technology increases efficiency by enabling your business to handle a handful of tasks on time. It’s a great opportunity for accounting professionals seeking modern solutions for their organization. The amount of time you spend on tasks such as bookkeeping, invoice, tax preparation, etc. will be significantly reduced by the automation process. In this way by minimizing manual data entry, you can utilize your capital more efficiently and manage your resources well.
3. Changing accounting standards
In order to keep up with the current times, accounting standards are continuously being updated. The new business models demand higher standards of accounting compared to just the traditional approach. The accounting professionals must synchronize their pace with the changes occurring every single minute. Usually accounting functions were only known for recording previous transactions. However, due to the increasing role of accounting in business decisions, it has taken a more proactive role in understanding business implications. This allows businesses to operate more smoothly and reduces the effort spent on fixing accounting errors. This trend is likely to continue for 2020 and beyond.
4. Integrating social media platform
Social media communication was considered as being unprofessional just a few years back. Nevertheless, many accounting firms are now utilizing various social media platforms for multiple purposes in the business. LinkedIn is known as a very famous social media platform for both job seekers and employers nowadays. This platform allows companies to market their services more inclusively and helps maintain connections with colleagues and clients. They are very useful for staying updated with the latest trends in the business and accounting development sector and determine how they impact their work. Many accountants find comfort in using several data conversion and data presentation apps to accurately manage their financial data. This highly boosts the overall accounting system.
5. Future prospect of accounting software
Now that the paperless accounting system has already taken over the market, it is no surprise that the future generation will have higher expectations when it comes to the digitalization of accounting softwares, in the upcoming decades. Young CEOs would highly prefer a more personalized business approach beyond the standard system. And as a result, the clients would also expect better service and transparency in terms of operations. Moreover, the accounting profession is likely to become more competitive with the increasing demands in the upcoming years. More attention would be paid to well-qualified accountants who would ensure high quality of service consistently. Hence, It is high time the companies consider the future scenario when opting for proactive solutions.
The accounting industry has introduced so many technological advancements in the recent years. These were amongst the most popular ones for the year 2020. And that marks the end of the top 5 accounting software trends in Bangladesh for the year 2020. Incorporating these trends into your business will ultimately lead to higher precision, reliability and security in your financial data management.
