How have the previous 12 months—and the previous 10 years—gone from an accounting perspective, and where do you see them going moving forward?
It’s the start of a new year and a new decade, making it a natural time to stop and take stock. How have the previous 12 months—and the previous 10 years—gone from an accounting perspective, and where do you see them going moving forward? The answers are different for everyone, but a lot of the struggles – as well as the opportunities – are the same.
With that in mind, you should consider committing yourself to some or all of these 2020 accounting resolutions:
By now, most companies understand the vital importance of data, yet few have discovered how to turn it into an asset for decision making and strategy formation. Pledge to get serious about integrating more data under one umbrella, streamlining how that data is managed, and upgrading your analytics capabilities. In 2020 and beyond, data will drive your company’s competitiveness and success.
As accounting departments take on more work, tighter deadlines, and bigger decision-making responsibilities, they risk becoming bogged down instead of becoming more agile. Look for ways to streamline recurring accounting workflows, particularly things like reporting and the month-end close.
Accountants spend dozens of hours each quarter tracking down data and managing Excel spreadsheets – things that waste their time and talents. Automating distracting accounting workflows gives the entire accounting team more time to spend focusing on what matters in 2020. Recruiting qualified accountants won’t get any easier, so it’s important to optimize the contribution of the accountants already in the ranks.
Tomorrow’s businesses will utilize technology broadly and deeply to transform everything they do for the better. Get closer to that goal in 2020 by investing in technologies that easily integrate with the rest of the technology infrastructure, both inside and outside the accounting department. To accomplish this, you need to find best-in-class applications that work well with others, like linking your accounting and CRM systems.
The lion’s share of enterprise IT will shift to the cloud in the coming decade. In terms of cost, scalability, manageability, security, and more, the cloud makes the most sense. If your accounting data and applications aren’t in the cloud already, prioritize a move in 2020.
Tackling just one of these resolutions can seem like a daunting task but accomplishing all five is more realistic than you expect. With Sage Intacct, an industry-innovating financial management solution, you have a tool to transform accounting. Not only can you optimize what you’re already doing, but you also usher in the capabilities your company needs to sustain its success. Make 2020 the best year yet with game-changing technology. Connect with a member of our accounting and finance software solutions team to learn more about how you can implement these resolutions starting today.