Accounting Trends 2018 that Business SMEs Should Know

The accounting field in the Year 2017 becomes its milestone. Since this year, accounting began to be applied with technology and automation processes. Application of special software such as Quickbooks Accounting Software, Sage 50 Quantum Accounting, Invoice2GO, XERO or MyOB with all its features by most SMEs companies.

Let us review each feature of accounting software above.

  1. QuickBooks Accounting Software has the following features:

Expense Tracking: Record cost for tax time. You can even take and save your receipt with the QuickBooks Online mobile app. Invoicing: Create custom, professional invoices, sales receipts, and estimates you can send in minutes. Accounting Reports: Instantly see how your business is performing with customizable reports and dashboards. Cash Flow Management: Enter a bill from the vendor, and pay them only when they are due. Periodic payment schedule to save time. Accountant access: Accountant You can manage your records from anywhere, anytime so it’s easy to work together. Automatic backups: QuickBooks Online backs up data every day, so your numbers are always up-to-date. Data security: The bank security level (128-bit SSL encryption) ensures your data is secure. Free unlimited support: If you need help, support is available from Monday to Friday at 7:00 am – 12:00 am (GMT + 8).

  1. Xero Online Accounting Software has the following features:

Easy invoicing: Create regular invoices and get updates when opened. Go mobile: Xero mobile app works with iPhone and iPad & Android phones and tablets. Inventory: Inventory items accelerate invoicing when tracking sales and purchases. Multi-currency: Reconciliation of foreign currency accounts, with exchange rates updated hourly. 700+ third-party apps: Inventory, invoices, time tracking, fees, and more are all integrated with Xero. Attach files to data: Attach source documents to almost anything in Xero – invoices, bills, and more. Create purchase orders: Create and email custom purchase orders and copy them to bills for payment. Claim those expenses: It’s easy to handle personal expenses – just review and approve receipts. Pay bills: Manage your cash flow by scheduling payouts and paid payment suppliers.

  1. Invoice2go has privileges:

Professional invoice templates: Create custom invoices with our various templates. You can easily upload your own business logo, or create it in minutes using our logo designer. Expense Tracking: Say goodbye to digging hours through files and boxes for receipts. Just take a photo to save it securely. You will thank yourself at tax time, when you can export all your expenses in seconds. Time Tracking: Never miss another moment that can be billed again. With Time Tracking you can record your time right from the field or job site, and easily add it to your invoices. That way every hour, minute, and second are counted. Accept debit and credit cards: Eliminate money headaches and check payments. Instead, let the customer pay you online with a debit or credit card. Invoice Tracking: See when your clients see your invoice. You do not have to worry about missed emails. And you can choose the best time to follow up. Payment Reminders: Spends less time on tracking unpaid invoices. Set up automatic payment reminders to remind clients gently when payments are due, due, or late.

  1. Sage 50 Quantum Accounting has the features:

Value: Sage 50 Quantum Accounting is a total business management system that offers the right amount of functionality at an affordable price. Performance: You will experience greater performance, capacity, and scalability to support your business success. Peace of mind: Run your business with confidence because of the flexibility, security, and strong support that comes with your Sage 50 software, including: Sage 50 Quantum Support, Peachtree Support and Sage 50 Support. Insights: Make informed decisions with 50 Sage Business Reporting Reporting, custom reporting and analysis tools using the familiar interface of Microsoft® Excel® and Sage 50 real-time data.

Then, what about 2018? Is the use of accounting software as one of the automation process will still be the accounting trend? In addition, what other trends will dominate this year? Here are some predictions and reviews you should know.

Automation Will Still Dominate

Yes, most likely automation will still dominate the accounting trend in 2018. One form of automation is the use of special software such as Sleek Accounting. This technology allows you to perform data entry, from financial statements, cash flow, to tax even once. That means you do not have to do everything manually.

Not only reducing paperwork, work automation will also save you a lot of time so you can use it to do other things that are more important. Moreover, most accounting software is now present in the cloud system, allowing you to collaborate with team members even when you’re in a different place. As a result, productivity and work effectiveness also increased.

Better Financial Data and Accounting Visualization

During this time, financial data is very attached to the image boring. According to the Capterra.com website, this is one of the reasons why many SME businesses have failed. The reason, most financial data is present in the form of tables or rows. In fact, as many as 65% of people are visual learner. That is, financial data that has good visualization can help SME businessmen to make better decisions as well.

Therefore, by 2018, financial data is predicted to be present in more interesting visuals, such as the use of diagrams and eye-catching color choices. In this way, mistakes in financial data analysis can be minimized, thereby reducing the mistakes of SMEs in making important decisions.

Use of Outsourcing Services

Using outsourcing services is an accounting trend that has been done for many years. But this trend is likely to continue until 2018. Outsourcing services enable businesses to focus on their core business while optimizing existing resources. Even now there are many providers of outsourcing services that are end-to-end. Not only do they support accounting functions, they also use integrated accounting software to provide a scalable and consistent service.

Focus on Data Analysis

Information is the key to decision making. Therefore, in business, the information required must be accurate and should be real-time in order for the businessperson to make decisions that are appropriate to the current conditions. Well, in 2018, data analysis is predicted to be a booming accounting trend along with the popularity of big data. Accounting data shows the company’s financial condition that can be a strong base for you and your team members to make the best decisions for business progress.

More Attention to Data Security

Data leakage became one of the most prevalent security issues during 2017. Big companies like PayPal were even hit by data leakage problems of 1.6 million subscribers. Therefore, data security is predicted to be one of the booming trends in 2018. As a businessman, accountant, or bookkeeper, it’s important to know that you have access to sensitive information that is mandatory for protection. Instead, from now on consider investing in data security software for your company’s crucial information.