January 26th, 2023

Part 1: 3 accounting technology trends to watch

Part 1: In this series, we look at 3 accounting technology trends and what they mean for you to support your thinking around new tech. First up is trend #1: continued automation.

Introduction: Technology uptake accelerates

Work and life have taken some hits in recent times. At the start of our many lockdowns, finance teams and accountancy firms faced significant challenges. Some staff needed help accessing office-based servers from home, leading to problems accessing reports and work.

According to one of KPMG’s recent Global Economic Outlook reports, the economic climate is unsettling. It describes recent times as turbulent and uncertain with constant challenges and threats: armed conflict with far-reaching consequences, supply chain issues and shortages, tight labour markets, and rising inflation.

As the world finds its way through the economic gloom and returns to a level of normality, digital business transformation is accelerating, something already underway during the pandemic, according to a study by McKinsey.

Now, businesses and accounting firms are actively looking at the best technology for them and how this can fit together to create efficiencies and lead to greater success, such as our consolidated financial reporting platform. Firms are turning to automation, greater data insights and the benefits of a product-led growth approach. Here we take a look at automation.

So, let’s dive into the first trend in our series: continued automation.

“Businesses and accounting firms are actively looking at the best technology for them and how this can fit together to create efficiencies and lead to greater success.”

Trend #1. Continued automation

Over recent years, automation has been a growing trend across accounting and finance teams. Routine administrative and rules-based tasks are automated more and more.

Automation is partly driven by the downward pressure on fees being felt by accountants and rising costs felt by businesses everywhere, who look to be more efficient and claw back time for extra income-generating work.

The time that automation can unlock for accountants allows them to focus on being more strategic and providing advisory services, delivering greater value-added services to their clients. The benefits for businesses generally include higher productivity, increased performance and reduced operating costs.

Joiin is proven to save you time. In a survey conducted amongst our customers, we found that the average Joiin customer saves 8.3 working hours per month by using our consolidated reporting platform, giving them vital extra hours for use elsewhere in their work.

In a survey, Joiin was shown to save its users on average 8.3 hours per month

What does continued automation mean for you?

An increased focus on automating processes by adopting new technology is apace, something many businesses and practices are embracing.

Automation is an opportunity to strip away the burden of manual financial reporting and to benefit from plug-and-play cloud integrations; algorithms, rules, and settings to manage data; inbuilt calculations and conversions; and numerous types of automatic digital reporting.

How can Joiin help with automation?

Our Joiin platform means accountants and finance teams spend less time wrangling with headache-inducing spreadsheets when producing consolidated reports and more time growing their business.

With Joiin, you can click and connect your cloud accounting software in minutes and pull in data from your companies. Our platform’s algorithms, rules and system settings help you manage your data while inbuilt currency conversions drive multi-currency reporting. You can also benefit from time-saving off-the-shelf reports, richer reporting features… and much more.

Stay tuned…

We’ll be sharing the next instalments in this blog series shortly. Part 2 will cover greater data insights, while part 3 will look at the benefits of product-led growth.

About this blog series

In this blog series, we look at three accounting technology trends and, more importantly, what they mean for you. We hope the series will support your thinking around any new technology and provide information that aids decision-making.

The series is aimed at people looking to leap into new technology, considering what tech could be right for them, or those considering how to enhance their existing technology stack. By examining the three trends, we hope to support your thinking and provide information that assists decision-making.

If you’d like to discuss the role of automation in consolidated reporting, don’t hesitate to get in touch.

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