Technology advancements over the past five years have changed the business landscape completely—and the evolution isn't slowing down anytime soon. This is especially true in the accounting space, where we’ve seen a large pop in the progression of technology over the last two to three years. With artificial intelligence, machine learning, and robotic process automation being used to take on traditionally laborious work, today’s accounting professionals and business owners now have the ability to complete far more tasks in a much shorter period of time.
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Blockchain technology, along with being a new buzzword, is also one of the most exciting technologies of the 21st century. A universally decentralized ledger system that can share data among an infinite number of users—a blockchain is unhackable. Due to its ability to share data and simultaneously record real-time transactions on every single computer connected to its network, the technology can’t be interfered with. If anyone tries to hack or scam a blockchain, the entire chain takes notice, and the chain will be forked where the hack happened, eliminating the culprit from the chain.
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According to recent statistics, 82% of businesses are failing as a direct result of mismanaged profit and cash flow. While this is a scary statistic for business owners, you'll be happy to know that there are some very simple ways that you can ensure this doesn't happen to you.
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Managing the relationships that your company has with suppliers and vendors is challenging. And the more vendors you have, the more at-risk you are for costly errors in your accounts payable process.
As your business grows, the complications that come with managing your accounts payable process in-house can slow down the growth of your business. If your company handles sensitive financial information, an accounts payable process that isn't high-functioning can even turn into a liability for your business to handle. It can become a bottleneck and slow everything down!
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Every industry is impacted by the rise of technology and automation, and for many, that can be an overwhelming—possibly even scary—thought. So we set out to get to the bottom of how real accounting experts view this ongoing change to the industry. Our friend Jody Padar, The Radical CPA, conducted a series of interviews with accounting industry thought leaders and influencers, and we pulled together this collection of highlights as they relate to select questions.