Imagine running your small business with the same real-time financial insights that your much larger competitors use – automated processes handling tedious tasks and data flowing seamlessly across all your systems. This isn't a far-off dream. It's the reality with modern accounting technology and processes, and Hiline is at the forefront of this revolution.
I sat down with Eric Cohen, Hiline's Head of Technology, to pull back the curtain on how cutting-edge tech is reshaping the accounting landscape and empowering businesses to thrive in a digital world.
From cloud-based solutions to robotic process automation, Cohen reveals the game-changing tools that turn accountants into strategic powerhouses and give small business owners control over their financial destinies. Buckle up as we dive into the future of accounting — where numbers come alive and data drives success.
How Accounting Has Changed With Technology
With today’s accounting technology, accountants can put their skills and energy into more valuable places instead of spending time crunching numbers. Here are some ways we found that technology is changing the game.
Access to Real-Time Data
The days when businesses had to wait for monthly financial statements, uncertain of their financial standing until it was too late, are over. With integrated cloud-based accounting software, companies can access financial data from anywhere in the world, collaborate seamlessly with their team, and ensure that data is always secure and backed up.
"Real-time data access has become the backbone of modern accounting," explains Cohen. "It allows businesses to make informed decisions quickly and efficiently, without the delays inherent in traditional accounting practices."
Automation and Efficiency
Accounting automation transforms tasks that once took hours into processes completed in minutes. Instead of spending time crunching numbers in spreadsheets, accountants can use powerful next-generation tools to get the job done faster and more accurately.
Data shows that 45% of accountants say technology has improved client services and satisfaction, while 54% say it helps them provide faster customer service.
For example, Hiline employs Robotic Processing Automation (RPA) and Application Program Interface (API) technologies to automate tedious, repetitive tasks, significantly reducing the risk of human error and freeing up valuable time for small business owners and their teams.
"RPA and API technologies unlock unprecedented efficiencies," Cohen notes. "Not only do they save time, but they also ensure accuracy, enabling businesses to scale more effectively."
From Manual to Tech-Enabled Accounts Payable
Moving from manual accounting methods to tech-enabled systems can dramatically improve efficiency. Cohen shares insights on this transformation, particularly in accounts payable (AP) processes.
"Manual AP processes are outdated and inefficient," he explains. "By transitioning to a system like Bill.com, businesses can automate invoice processing, achieve faster payments through ACH systems, and manage financial data virtually."
CFO Level Work
With today’s accounting technology, even basic accounting departments or fractional CFOs can perform more time-consuming and complex – yet critical – work with more speed and accuracy.
For example, with the right technology, accountants can execute advanced financial analysis and can do things like assess profitability, evaluate cost structures, and identify any operating weaknesses and strengths. They can get better financial insights to build strategic plans and forecasts to help small businesses make more informed decisions. Accountants can also seamlessly monitor performance and KPIs and get uninhibited insights into the organization’s financial performance.
Can Technology Replace Accountants?
Accounting has historically been a human-first job, with talented people at the helm of accounting services. But as we’ve just shown, game-changing accounting technologies are overhauling the landscape as we know it.
But, technological accounting advancements shouldn’t leave you or your accounting department shaking in your boots. Tech and human services should go hand in hand. When skillful and knowledgeable accounting professionals leverage new technology, they can provide better, more accurate, and comprehensive accounting services.
Think back to 1967 and the invention of the electronic calculator. Where would accountants be today if they had never embraced this tool?
Today’s accounting technology is similar. Instead of fearing how it will transform the landscape, we should be excited about it because accountants today have far more tools at their disposal and are advancing incredibly fast.
Challenges With Implementing New Technology into Small Businesses
Adopting new technology can be daunting, which is why you need a partner who supports its clients every step of the way. Our expert team of accountants and onboarding specialists simplifies the transition process by providing targeted education tailored to client needs.
"Clients don’t need to understand all the intricacies of complex technologies," says Cohen. "We handle the heavy lifting, ensuring that they know how to use tools like mobile approval of bills while we manage the background processes."
Scalability and Training
As businesses grow, their technological needs expand. Choosing the right solutions that can scale with the company is critical. Incompatible software systems can lead to costly inefficiencies.
"Scalability is key," Cohen emphasizes. "Our team ensures that technologies integrate seamlessly, providing continuous training and support so businesses can leverage their tech stack to its fullest potential."
Why Accounting Technology Solutions Are Important
Accounting is far more than just bookkeeping; it is the lifeblood of any business. Accurate and timely financial data is crucial for making informed decisions that drive growth.
"Accounting touches every department," Cohen states. "It provides the insights to understand financial performance and make strategic decisions. In a tech-driven world, accounting also involves maintaining and integrating data from various sources to ensure seamless operations."
How to Use Accounting Technology & Find a Partner in Progress
Accounting technology and automation are the future of accounting, plain and simple.
Looking ahead, Hiline aims to continue leading the charge in accounting technology, providing unparalleled services and support to clients. Our financial experts do that by making it their business to know the ins and outs of the top technology solutions to support your specific industry and business needs.
Let us show you how much human expertise combined with accounting technology can help your small business grow.
Interested in learning more? Let’s chat.
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