Accounting technology has completely transformed the average business in the past few years, and continues to have a profound positive impact on a range of tasks and processes therein. With transaction automation, electronic workflows and advanced document management all becoming more feasible investments for organizations of all sizes, efficiency and accuracy improvements have been widespread among adopters.
Small businesses have been a particular bright point in the digital transformation of accounts payable and receivable, and remain at the center of many technological trends within and outside of the accounting department. Now, it appears as though more entrepreneurs are intent on increasing their level of cross-system integration to ensure that accounting, marketing, customer service and other client-focused are all working in concert toward optimal outcomes.
"Accounting software is the second hottest IT investment among small businesses."
Taking the reins
Salesforce, one of the biggest customer relationship management service providers in the world, released a landmark report that revealed some of the trends taking place in the small business technology buying arena heading into 2017. For one, more than half of entrepreneurs surveyed are the primary decision-makers when it comes to technology purchases, and 33 percent of the average IT budget has been devoted to financial software.
The only technology that takes up a greater portion of technology investments today is hardware at 46 percent, and that figure might decrease as more small businesses take the leap into cloud computing, managed and virtualized infrastructure. Notably, most small business owners are looking for technologies that can be easily integrated into their offices and do not come with many interoperability challenges or high price points.
Looking forward, the next big technology push among these firms might be business process automation. According to Salesforce, 49 percent of smaller companies currently employ business process automation, and that number should rise soon. However, of those that have business process automation tools in place, 69 percent were using those solutions to manage billing and finance. This further shows that accounting software remains in the midst of a meteoric rise, and is acting as a primary target of small business investments heading into the new year.
Small business owners still have a way's to go to maximize finance technology's impact.
Modern customers - regardless of whether they are consumers or representatives from other companies - expect a certain level of seamlessness when they are trying to manage their AP/AR obligations to a given product or service provider. This is one of the many reasons why accounting departments need to rapidly adapt if new technologies have yet to enter the equation, and might want to begin with AP/AR automation and electronic workflow implementation.
These technologies have been found to greatly reduce the amount of waste that goes into managing an organization's finances effectively, and are becoming more intuitive and powerful with the passing of each year. When in doubt regarding the selection of the right solution or how to best get it off the ground in the business, managed service providers can be invaluable, as they provide the guidance necessary to maximize the benefits of these technologies.
To learn how WhiteOwl can help your business capture, integrate and automate your business processes, feel free to contact us or call 305-373-0076.