If you are in the process of choosing a cloud-based accounting software for your business, you need the one with features that help make your work easier. The software you choose is going to be an integral part of how you and your staff perform at your jobs in the future, which is why attention to trends is imperative.
We’ll be looking at the three important innovations in the accounting software market to help you make an informed purchase.
1. Machine Learning (ML)
An accounting software will machine learning features is not only able to record transactions, improve the process. Machine learning is the software’s ability to optimize its algorithms to better cater to users.
We’re talking automatically sorting transaction statements, making suggestions for recurring data based on the instructions it received in the past, and eliminating repetitive, tedious tasks.
To sum it up, machine learning is what you need to make better decisions, because the accounting system records and recalls data with the kind of precision often lacking by the human mind in an accounting and sales teams. Plus, look forward to experiencing more accurate data insights and increased productivity.
2. Artificial Intelligence (AI)
Machine learning can be translated to automatic decision making, a task that pretty much describes what artificial intelligence.
Essentially, AI enables the software to automatically carry out administrative tasks without the need for receiving repeat instructions. Based on past data and integrated algorithms, the accounting system is able to streamline processes such as inventory management, tax calculation and processing payrolls with impressive speed and accuracy.
Artificial Intelligence can also assist in tasks of recording and auditing expenses, managing client feedbacks and assessing and scheduling team tasks based on automated risk assessment.
Integrating accounting systems with extensions enables flexibility. For whom? For the employees, who can work more efficiently; for small business owners, who can substitute as technical experts; and for the actual technical experts and software developers, who can assess business needs and implement solutions based on their own cost and risks assessment in lieu of developing a brand-new project.
Bottom line: if you’re looking for a complete payroll and inventory software, you need to consider these three trends. CRM system OfficeSweeet includes an easy-to-use accounting software, perfect for both small and large businesses who need to improve flexibility across various departments.
Check out what other features OfficeSweeet has to offer.