#049 Cloud and accounting trends

Cloud technology, automation, machine learning and artificial intelligence are increasingly influencing business practices. They democratize access to data for businesses of all sizes. They encourage exploitation in ways that were rarely accessible a few years ago.

In the accounting sector, major accounting trends are changing not only the way you work with your numbers, but also your relationship with your accountant or chartered accountant.

Let’s look at some accounting trends and the great opportunities they present.

Accounting in the cloud

A large majority of SMEs use a cloud accounting system, whether it's QuickBooks Online ®, Xero ®, Sage ® or others. These platforms, offered in the form of a subscription, allow all data and accounting operations to be stored securely online.

Software updates are done automatically without having to initiate an upgrade. The wonderful thing about this is that as the platform evolves, you automatically have access to new features and the opportunities they present. For example, new features leveraging artificial intelligence or machine learning could automate some regular tasks for you and alert you to events that could affect your cash flow.

Financial technology

Another accounting trend: accounting platforms. Cloud accounting platforms offer a range of features. What makes these platforms infinitely relevant is their “open” structure. Using APIs, those intermediary links that allow two apps to talk to each other, they can integrate a growing number of apps to make your life easier. For example, the Helm app connects to QuickBooks Online (also Xero) to extract information to forecast your cash flow. Plooto lets you send and receive payments from one place, and Dext, formerly Receipt Bank, extracts information from your paper invoices and receipts and imports it directly into your system's expense accounts.

The QuickBooks Online App Store has over 500 apps, and the Xero App Store has over 700. With hundreds of highly specialized apps, you can create a tailor-made ecosystem to meet all your needs.

The relationship with your accountant

Technological innovation is transforming the world of accounting. Many of the tasks performed by your accounting service provider can be automated, and the growing integration of artificial intelligence (which is constantly evolving) can provide you with insightful insights to inform your decisions.

Accounting service companies that recognize and embrace this new reality can offer innovative services to propel you further and remain a real accounting trend for years to come. For example, the 6DT team collaborates with several technology partners and its expert champions are trained to help you adopt, customize and operate different applications.

By guiding you to enhance your accounting capabilities, your 6DT partners can implement ultra-productive practices with you to improve visibility of your business.

The world of accounting is in full technological expansion. The solutions currently available on the market, and those coming very soon, allow SMEs to work with their figures as if they had access to a complete team of specialists, with a minimum of resources. We encourage you to explore these new ways of operating.

Do not hesitate to contact a member of the team to discuss this.