In the world of automation, where internet-of-things (IoT) seems to be today’s flavour, accounting task still remains pretty much manual. According to MIT economist, Erik Brynjolfsson, jobs that are at risks and will see a downtrend due to software automation are those tasks that are routine and easily defined. He also mentioned that, one of the jobs likely to be affected is bookkeeping.
In that respect, the issue of desktop versus cloud accounting system arises. There are pros and cons between these two programs of course. However, the argument between which system is better is not on today’s menu. The real issue is that accounting practices and businesses need to carefully evaluate what works and what doesn’t in their organisation to move forward.
Typically, most accounting practices and businesses will assess purely on costing point of view. No doubt, that’s a valid assessment point, however more dimensions are needed to evaluate this decision. Due to the emerging of fast and disruptive technology across business spheres, financial industry are currently under much heat and in our case, the accounting profession.
The term “fintech” or financial technology is the ultimate buzz-word among tech-startup for the past 5-6 months. It’s already at our doorsteps and can no longer be ignored by accounting players in this country. We, at eXtracc believe that the cliche of ‘if you can’t beat’em, join em’ rings true if you don’t want to be left out.
Since cementing our vision as a 100% cloud based accounting service, eXtracc has tested a few different applications that can bring your accounting and bookkeeping tasks to a higher level of automation.
Xero Accounting Software. As a full-fledged Xero accounting practice, this view may sound a little bias but this is not without basis. Xero has come a long way since their establishment in 2006. With hundreds of supported third-party apps, Xero makes a compelling eco-system to both accounting practices and businesses. For full Xero review and comparison, make your way here.
Bills, claims and payable system
Part of the journey to accounting automation is to automate your recording of expenses as much as possible. By using tools like Receipt Bank, Expensify and Entryless, you are able to do just that. The process flow for these three apps are pretty much the same; snap a photo of your bills, supplier’s invoices or claims and send it via mobile app or through a dedicated email address. These apps will read over your documents and synchronise it with Xero. For more user resources, click here.
At the moment, only bank feeds with Maybank2u business are connected. In general, it works pretty good but there are times when bank statement lines went missing every once in awhile. Hence, as a good practise, you’re advised to check and verify with your actual bank statement to confirm the correct amount.
Also in the pipeline, CIMB direct bank feeds with Xero. It’s a matter of time before they made it official and we will definitely be sharing this announcement when it’s available. With direct bank feeds, you can easily verify and record your transactions effortlessly and efficiently without the need to wait for bank statements each end of the month. Reconciling bank activities couldn’t get any simpler!
Reporting tools like FathomHQ, Spotlight Reporting or Crunchboard provides financial insight and KPI monitoring capabilities in a single glance mode to both accounting practices and businesses. These reporting tool syncs beautifully with Xero. You can take full advantage of the reporting tools provided here as your financial dashboard for your business or your client’s.
So, there you go! 4 points to assist you in evaluating how cloud based accounting can help you and your client’s business. We also love to exchange ideas. If you find any other hard-to-resist OR cool productivity tools, please share with us via email at firstname.lastname@example.org or through any of our social channels. Until next time!