In this article, we’ve teamed up with Airwallex to break down operational efficiency for small businesses.
As technology grows and develops, there are more and more small business accounting trends to keep up with. As an accountant, it's important to understand how to take advantage of these changes so that you can provide the best services to clients. For small business owners, you'll want to look for a trusted accounting professional that can make the most of these innovations.
When I started running my own small businesses almost six years ago, I wanted to learn as much as I could from industry experts and those around me. Don't get me wrong, I've definitely learned plenty from all the people that have helped me along the way, something for which I'll be eternally grateful.
Earlier this month, Facebook started rolling out a new design for Facebook Pages, set to reach all Pages in the coming months. For small businesses, this means new ways to build your brand. The focus is now on building a community. Most noticeably, Facebook has said goodbye to the Like button, favouring followers as a better representation of a Page's reach.
It’s common to think that accountants only manage the books and ensure the accuracy of financial records. In reality, however, accountancy revolves around a wide variety of tasks and responsibilities, and is constantly evolving as technology is starting to play a bigger role in their day-to-day activities.
It might not seem like it at first, but there are some big differences between accounting and finance roles. Accounting and financial advisory are broad business functions that revolve around multiple job opportunities and roles within organisations. What’s more, accounting related roles are continuously evolving with the adoption of cloud accounting and business automation platforms - technology is rapidly transforming accounting and financial advisory, resulting in the creation of new roles in modern companies e.g. accounting technologists.
Although various factors are changing the finance industry, the future of accountants and bookkeeppers is very bright. While some may think otherwise, technology is only improving work practices, making accountants and bookkeepers more efficient than ever. Through the adoption of technology, it doesn’t mean they are less important or less relevant; however, it does mean that they must adapt to the changing landscape and acquire new skills.
Did you know that around 80% of new businesses fail within the first 18 months? Poor financial management is one of the main problems for these businesses. Why? The answer might be surprising - 53% of small business owners don't have an accounting professional, and they attempt to manage their money themselves. Accountants can add value to your business in a variety of ways.