Technology in 2022 is changing how both large and small businesses handle accounting.
The latest advancements in data analytics, automation, and cloud computing software for large-scale companies to single-person entrepreneurship are finally making accounting more manageable.
It has even reached the point where accounting firms don’t automatically need everyone to be busily working in the office. Instead, they can simply download Microsoft 365 Business, QuickBooks, or any number of cloud-based programs to streamline their office operations and work virtually from anywhere.
To appreciate the scope of how technology is changing accounting, check out these 5 examples.
1. Big Data Is Informing More Profitable Accounting Strategies
The name of the game in accounting, marketing, and every level of business is big data. Big data, processed by artificial intelligence-powered (AI) programs, is the all-important factor that helps companies in 2022 make crucial decisions, from budget restructuring to client relationships to ad placement.
Strategizing is possible because big data provides analytics on all types of information. It analyzes past trends in thousands of categories, including accounting, and predicts future ones. It highlights the superfluities in your budget and offers insight into where your money could be put to better, more cost-efficient use. It can even tell you which clients may provide bigger profits to your business.
Big data analytics are the key to knowing where and when to grow parts of your client’s business from an accounting perspective. That’s why most accounting software comes equipped with analytics technology to inform more profitable accounting strategies.
2. Automation Is Taking Over Tedious Accounting Processes
There is no doubt that traditional accounting is fraught with tedious processes. These processes waste valuable time and energy.
Automation is taking care of that problem. Accounting software and Microsoft 365 Business in 2022 can automate simple, time-consuming, and monotonous tasks that eat away at speed and efficiency.
Some examples of tasks that you can delegate to automation software include:
Keep in mind that in addition to only having to click a few buttons to start these automated processes, once they start, they typically take only seconds to produce the desired results. This speed and ease of generation saves the accountant or business owner hundreds of hours of work and makes it easier for them to succeed financially.
3. Cloud-Based Software Is Streamlining Accounting Work
In 2022, the best and easiest to use accounting software will be cloud-based.
Cloud technology revolutionizes and streamlines how businesses can conduct their accounting work. Not only are all the tools you need located in one program or suite of programs accessible from any authorized device, but you don’t have to worry about backing your data up to a hard drive. It saves instantly to the cloud, where you can easily access it anywhere through a secure internet connection.
Another benefit of cloud technology software is its flexibility, particularly for business owners and entrepreneurs who work remotely or from various locations around the world. Even in trying times, such as a global pandemic where working in public is not a safe option, you can still operate the financial end of your business as long as you’re using a program like Microsoft 365 Business that is connected to a cloud service.
4. Cloud Computing Power Is Shaving Hours Off Accounting Data Research
Technology has significantly changed how fast and easily accounting research occurs. Where once researching data took hours of poring over reams of paperwork stored in file drawers, it now takes just a few seconds and a couple of mouse clicks.
In 2022, accounting and financial data will be stored in computer databases such as Microsoft Excel, many of which are cloud-based for easy access from any location. Cloud computing power can handle immense amounts of information and pull out specific data points in a matter of seconds, making it a convenient resource for businesses when they need to perform in-depth accounting research.
5. Cloud Computing Power Is Speeding Up Accounting For Less Cost Than A Back-Office Infrastructure
Cloud computing software is fast because it is on-demand, runs on multiple servers, and has unlimited storage space. These factors make using cloud-based accounting programs a speedier alternative for businesses than buying or building an entire back-office infrastructure.
Cloud-based accounting software is also more cost-efficient because businesses only need to pay for the modules they use. The cost difference between using a cloud server vs maintaining a back-office infrastructure is stunning: the former costs an average of $400 a year, while the latter can cost up to $15,000 monthly.
This cost differential is an easy decision from a purely financial perspective: cloud-based software like Microsoft 365 Business is the superior alternative.
Accounting is all about finding the best ways to reduce costs and maximize profits. Therefore, it is only fitting that the 5 technological advancements we discussed above enable businesses to perform accounting for reduced costs and maximum profits.
Overall, it’s clear that automation and cloud computing software, in particular, are driving accounting productivity in 2022. Using tools such as Microsoft 365 Business and other such cloud-based programs, businesses from large to small scales can harness the power of big data, automation, data research, and cloud processing to streamline their accounting services. Want to learn how to automate your business and adopt cloud-based Microsoft 365 Business. Join our community today!
Like many accounting and bookkeeping professionals, Microsoft 365 Business has become a staple in both home and office for workers worldwide. To put it simply, Microsoft gives finance professionals the ability to do their work more efficiently. From the ability to access your data from anywhere, which is a significant advantage for hybrid workplaces, to the integrations that Microsoft cloud computing makes possible, those companies and professionals adopting the Cloud have gained a significant competitive edge. Additionally, Microsoft 365 Business offers a significant upgrade from standard Office 365, helping you achieve efficiencies in multiple areas that span not only overall office and individual workflows but also device management.
Today, the team at CSB will be looking at three ways to improve efficiency in your organizational efforts by using Microsoft 365 Business. Enough with the small talk, let’s dive in!
1. Microsoft 365 Business Offers Cloud-Based Services
Do you ever get frustrated with not being able to complete work from home? In a digital era that relies on employees to be adaptable, Microsoft 365 Business is a unique cloud-based service. This means removing your reliance on local office servers and devices when using Microsoft 365 Business. All your data is conveniently stored securely in the Microsoft cloud and can be accessed from any device and any location with an internet connection. Did we hear you say “tax season from the beach?”
The cloud-based advantage that Microsoft provides not only makes your business more resilient in the case of a natural disaster or other types of local outage but also gives remote workers the same opportunities as office dwellers. Remote workers can access their “virtual office” from any location, at any time and can stay as connected with coworkers as if they’re in the next cubicle.
2. Use your Tools… Like Microsoft Planner!
Do you feel like you could use a little bit of organizational help? Microsoft planner is an application included in Microsoft 365 Business, and it works wonders! With Microsoft Planner, you and your team can collaborate to create plans, assign tasks, chat about tasks, and see charts of your team’s progress. You can also use Planner from within Microsoft Teams and Microsoft SharePoint. It is an excellent resource for helping your team stay organized and on the right track!
3. Have you heard of Microsoft Power Automate?
Okay, Microsoft superstars, have you ever heard about everyone's little secret… Power Automate! Power Automate is a Microsoft 365 Business service that helps you create automated workflows between your favourite apps and services to synchronize files, get notifications, collect data, and more.
Here are a few examples of what you can do with Power Automate.
Just think about the glorious time you and your business have saved once you automate repetitive manual tasks simply by recording mouse clicks, keystrokes, and copying paste steps from your desktop! Power Automate is all about automation, and we love using this application.
Are you looking for a more in-depth crash course in all things Microsoft 365 for Business? Join our community HERE, or do you want a deep dive? Check out our 12-week intensive Microsoft 365 Business Course For Accounting Professionals. We would love to have you!
It is essential to set yourself apart from the rest of the pack in a world where finance and accounting professionals can practically work in and with any business sector. Obtaining an accounting position or securing new clients can be challenging, especially when many other candidates have the same qualifications.
In our modern times, especially with internet businesses taking more and more of the accounting market share, you must find a way to brand your accounting practice to set yourself apart from the rest. So how can you gain a competitive advantage in a flooded accounting job market? Is this even possible in the first place?
Luckily, it is possible to make yourself stand out whether you are a recent graduate just entering the workforce or a seasoned professional hoping to gain more experience and clients. To help you do that-- set yourself and your brand as an accounting or finance professional apart from the rest of the individuals in the industry—here are some helpful tips:
1. Be Innovative
We get it: being innovative seems way harder to do than to say. But, being innovative doesn't have to be an expensive and timely venture… a lot can be done by some simple road mapping and understanding your values as an accounting professional.
Small and medium-sized businesses (yes, this includes start-ups and small companies) can't always afford the big financial services firms. Think of your local mom-and-pop corner shops- these businesses, no matter how small, need accounting professionals too! As an accounting professional or firm, this is an excellent market to tap into to get your feet wet or become your specialty. A good tip from the CSB professionals is to offer free mini-assessments to small businesses and then give them a quote after. Providing this service will help the business owner understand what services you are offering and how working with you can benefit their business in the long run.
2. Get Creative with Using Technology
Are you looking to ditch the millions of apps that don't work together? We recommend using Microsoft 365 Business! Bouncing around from app to app takes time out of your day, and when running an accounting practice, that is valuable time you just don't have to waste. Properly implementing Microsoft 365 Business in your accounting practice will allow you to manage all of the features and tools you need in one place, cutting your time wasted on administrative duties significantly. Using one platform for collaboration, storage, and connectivity makes working with team members and clients more straightforward and more secure. Microsoft 365 Business offers a one-stop solution to access your email, collaboration tools, and so much more.
3. Recognize Your Clients and Build a Lasting Client Base
A lot of accounting focuses on data entry and running reports, but to be the most successful, you need to handle your clients respectfully. Surprisingly, being approachable and relating to other people while staying professional and well-mannered is a skill that not everyone in the accounting industry has. Plus, operating on a human level instead of focusing only on business is a nice change of pace during the day for clients and co-workers alike!
At CSB Creative Business Solutions, we have a team of professionals ready to help your business save more money and overall time, allowing you to spend time on what matters: giving your focus to your clients.
Our Microsoft 365 Business For Accountants and Bookkeepers community gives you a powerhouse of resources to increase your business's efficiency and effectiveness. Learn necessary industry skills that are not typically taught, like best practices and practical ways to systematize processes and elevate your business using Microsoft 365 Business.
Contact us today at firstname.lastname@example.org to learn about our course and how we can help you streamline your bookkeeping or accounting practice with Microsoft 365 Business.
Let’s face it, no matter what comes at your business, you are always looking for growth that trends upwards. In many cases, growth can come sporadically, leaving you with no clear direction on continuing to attain this goal. A mainstream trend that we often see over here at CSB Creative Business Solutions is that businesses want to maintain growth while still having a conscious grasp over fiscal components to their business.
More often today, businesses are using cloud technology to help automate, integrate, and re-engineer most of their core operational processes and systems. This course of action has led to better-streamlined processes, reduced overall company operation costs, and increased staff production times. When this technology is harnessed correctly, it has the potential to increase your organization's success significantly.
First off… Let’s start with the Basics
What is a business growth strategy?
A business growth strategy allows companies to expand their business to a different level than before. Growth can be achieved by critical practices like adding new business locations, investing in customer acquisition, or growing a company’s product line. A company's industry and target market influence which growth strategies it will choose. This can be a big change that leads to even bigger rewards!
In today’s blog, our team is looking at 3 ways to use technology in your business growth strategy.
1. Manage Projects More Easily, Effectively, and Efficiently
The work world has changed from a once entirely in-person setup to a hybrid model. As of late, we have seen more companies recognize the industry value of a centralized experience for employees, which in the long run, contributes to growth in the company. Platforms combining the best personal business management tools and department-wide collaborative resources make work available for individuals globally. Microsoft 365 Business is an excellent resource for businesses just starting out to seasoned professionals looking for a change in how they streamline their processes.
2. Leverage the Power of Cloud Computing for your Business
In the past, businesses would use applications through software downloaded on their computers or servers to complete tasks. This is not meant to say that it was inefficient. For the better part, this worked just fine, but processes were not streamlined, which meant that things could get a bit confusing sometimes. Cloud Technology from Microsoft 365 Business takes things a notch higher for your business. So, if you want to deploy powerful business growth strategies, cloud technology should be a top consideration. Microsoft 365 Business offers a comprehensive set of tools and features that most people don't utilize or even know to exist to streamline their business processes to perfection. Many businesses don’t realize that deleting the apps your business doesn't need increases the overall efficiency, and all Microsoft 365 Business applications integrate seamlessly, making your user experience hassle-free. Ensure that your employees are on the same page, even when they are working remotely! With increased security, you can work on projects from anywhere in the world, helping streamline your processes.
3. Don’t Forget to Track your Overall Progress
During the end of each work period, review your businesses’ performance and your staff performance and determine what’s working and what’s not in your growth plan. There are many different tools that you can use to analyze your growth metrics in real-time and make changes where necessary!
At CSB Creative Business Solutions, we have a team of professionals ready to help your business save more money and overall time, allowing you to spend time on what matters: giving your focus to your team. Our Microsoft 365 Business For Accountants and Bookkeepers course gives you a powerhouse of resources to increase your business’s efficiency and effectiveness. Learn necessary industry skills that are not typically taught, like the best practices and practical ways to systematize processes and elevate your business using Microsoft 365 Business.
Contact us today at email@example.com to learn about our course and how we can help you streamline your bookkeeping or accounting practice with Microsoft 365 Business.
Are you looking to improve your bottom line and streamline your company's communications? The team here at CSB Creative Business Solutions understands that in today's COVID-19 pandemic era, more and more people are working from home and having the option to return to work in a hybrid format. This flexible work environment means that your employees may be working from a wide variety of work environments. From the beaches in Mexico to your administrative assistant's home office, many different organizations and businesses are working extra hard to ensure that their employees are fully equipped with the right tools to enable them to stay productive and deliver quality work for their company even while working remotely.
This blog talks about some of our age-old tips and tricks that can help set you and your team up for success.
1. Use the Smart Lookup Feature.
Need to quickly verify a word or phrase, check a fact, or search for context during your work hours? Stay focused on your work and avoid wasting company time by using Smart Lookup in Microsoft 365 Excel, Word or Outlook.
Smart Lookup allows you to instantly find the info you need, by connecting you to multiple resources, which is an excellent feature for anyone in your business.
First, enable the Smart Lookup feature:
Click Tell me at the top of the screen and type in Smart Lookup.
Now you can select a word or phrase, right-click, and choose Smart Lookup.
2. Keyboard Shortcuts are Here to Stay!
Did you know that Microsoft has keyboard shortcuts that extend beyond the classic apps like Word and Excel? Microsoft 365 for Business offers dozens of keyboard shortcuts in Windows to make your work life easier. While we can guarantee that you won't be able to remember all of them, review Microsoft's keyboard shortcuts and jot down a few that you can start implementing in your business life right away. Trust us; a handy cheat sheet never goes out of style.
3. Lost Your Work? No Problem!
Have you ever worked for hours on a spreadsheet, presentation or document, only to accidentally delete it all? This issue is one of our biggest "hit the head against the wall" moments. Microsoft 365 for Business enables you to restore your last saved copy (and up to 25 previous copies), saving precious time and effort. View and restore files in SharePoint or OneDrive by clicking File > Info and selecting View. You can see previous versions and restore prior content as needed.
At CSB Creative Business Solutions, we have a team of professionals to help you save more money and overall time, allowing you to spend time on what matters: giving your focus to your team.
Our Microsoft 365 Business For Business Owners course gives a powerhouse of resources to increase your business's efficiency and effectiveness. Learn essential industry skills that are not typically taught, like the best practices and practical ways to systematize processes and elevate your business using Microsoft 365 for Business.
Contact us today at firstname.lastname@example.org to learn about our course and how we can help you streamline your business or accounting practice with Microsoft 365 for Business.
Cathy Badry, BComm, CPB