The end of the year is a good time for reflection. I don't know about you but by the time I reach November, I'm usually pretty tired. The same old thing can wear you out and sometimes it's worth asking the question: Should I still be doing things the same way next year? Chances are, you could be doing things a lot more efficiently than you currently are. And when better to reconsider your software choices than the end of the year when you are tired and ready for something new?
In an interview with Accounting Web about his tech stack, PJCO Certified Chartered Accountants founder, Peter Jarman, said:
"When I started out I was completely unstructured and didn't know which way to go. Then I read ‘The E-Myth Revisited' by Michael Gerber. That was my point of enlightenment and the thing that made me change the way we were operating. I realized you could run an accountancy business the same way McDonald’s operates by systemizing your services. When things were ad hoc, I was totally reliant on the people working here. By systemizing and following instructions, you get much better and more consistent results."
Running an accountancy practice like a McDonald's? It sounds a bit weird but, believe me when I say it's both possible and desirable (minus the questionable chicken nuggets). Systemizing your services saves time and decreases stress, and the key to ensuring this is making sure you have a solid tech stack in place. A tech stack is comprised of accounting software and any additional apps that help you manage your accounting, bookkeeping, and financial reporting.
It's important to remember that a tech stack isn't one-size-fits-all. Depending on the priorities and specialties within your business, different software will be more useful for you to have. In this article, I will outline 5 key elements to consider when reviewing your processes and your tech stack before the new year. I'll also detail some crucial questions to consider when reviewing apps that you currently have.
1. Keep learning
Before we dive straight into the tech stack, it's worth considering the importance of continuous learning in the workplace. Gone are the days of leaving learning to your university days. In a time of ever-evolving business, staying educated about the latest changes in your industry is key to ensuring your practice will continue to prosper into the future.
Here are some key strategies to ensure you are up-to-date with the latest best practices:
Online courses and webinars: Many reputable online platforms offer courses and webinars specifically tailored to accounting professionals. Platforms like Coursera, edX, and LinkedIn Learning offer courses on various accounting software and related technologies. Plus, our very own Syft Campus has a ton of courses dedicated to leveraging technology and improving your soft skills too.
Professional organizations: Joining accounting associations and organizations can provide valuable resources and networking opportunities. These organizations often host conferences and webinars that feature the latest industry trends and software updates.
Local workshops: Look for local workshops and seminars organized by universities, accounting firms, or technology companies. These events can provide hands-on experience and insights into the latest software solutions.
2. Follow industry news
Staying informed about the latest developments in accounting technology requires actively following industry news sources. You may want to consider the following:
Accounting publications: Subscribe to accounting-focused publications such as Accounting Today, Journal of Accountancy, and CFO.com. These sources regularly feature articles on new software releases and tech trends.
Tech blogs: Technology-oriented blogs such as TechCrunch and TechSpot often cover accounting software developments. Regularly following these blogs can help you discover emerging technologies.
Social media: Follow relevant accounts and hashtags on platforms like Twitter (or X) and LinkedIn. Many tech companies, influencers, and organizations regularly share news and updates related to accounting software and technology. On which note... Let's consider the tech part of your tech stack!
3. Consider using desktop vs. cloud accounting software
One of the biggest sticking points for a lot of accountants is desktop vs. cloud software. While some accountants swear by the cloud, others feel better suited to desktop software.
This conversation changes by region. As an international company, we, at Syft, are privy to conversations with accountants all over the world and have found that accountants in Australia and New Zealand tend to be more keen to move to the cloud – for a while now – while other regions such as the USA and South Africa are lagging behind. So, what are the pros and cons of each?
One of the most well-known desktop options is QuickBooks Desktop. QuickBooks Desktop has been on the market for a long time and remains a popular choice for many accountants and bookkeepers. It began its life as a basic debit and credit accounting package but has become increasingly sophisticated over time. Some of its noteworthy features include:
Income and expenses tracking;
The creation of estimates and invoices;
Industry-specific reporting;
Sales tax tracking;
Management of bills and accounts payable;
Time tracking;
Payroll processing;
Inventory management and tracking; and
Payment and tracking of 1099 vendors.
This software is also available for both Windows and Mac computers.
Pro tip💡: Desktop software is a good solution for businesses who don't have a stable internet connection or businesses who have more complex and industry-specific requirements.
On the other hand, cloud accounting software is becoming more popular, and, for businesses that have a more reliable internet connection, this is a good route to take. Cloud accounting software such as Xero, Sage, and QuickBooks Online offers accessibility from anywhere - as long as you have an internet connection. It also offers the following:
Access to the latest and greatest version of the tool with new features available immediately;
Connection to a wide range of apps for additional functionality;
Automated backups;
Multiple users can work on the same entity at the same time;
Automated input and output of data;
Quicker and easier scaling of your team;
Multiple users can gain access and you can set permissions for them;
You can choose a pricing plan that suits your business and avoid the features you don't need;
Online support is available;
Hassle-free cancellation of your subscription if you aren't happy with it;
Secure information saved on a cloud server that is constantly backed up; and
These platforms typically offer a free trial period.
However, it is worth noting that cloud accounting software tends to be more expensive than desktop software and you typically need to pay a fee every month to maintain your subscription.
It is also worth noting that QuickBooks Desktop was discontinued in the UK in June 2023, so it may well be discontinued in other regions too.
4. Investigate customizable apps
There are various ways in which you can customize the accounting software that you choose for your business, especially if you are using cloud accounting software. For instance, the Xero and QuickBooks app stores advertise a variety of specialized apps from inventory management to billing to financial reporting and analytics. Some of the popular apps include:
Dext Prepare - which enables you to sync the data from your receipts and bills with your accounting software;
Bill.com - the most popular QuickBooks payment app in 2020 which enables you to add bills to your software in multiple ways;
Fundbox - which enables you to access funding for your company;
Synder - which syncs Shopify, Stripe, PayPal, Square, eBay, Etsy, and Amazon in one place to help you track your inventory;
ApprovalMax - an approval app with powerful approval automation features for accounts payable and accounts receivable; and
Syft Analytics - which provides reports, beautiful graphs, forecasts, cash flow management, consolidations, budgets, valuations, financial statements, tax, and industry benchmarks.
When it comes to picking customizable apps, you need to ask yourself what your priorities are, and what is taking up the most of your time that could be automated.
While it's true that Excel is immensely beneficial, there are certain instances where you may rather want to turn to a software provider. For example, consider how long it takes you to manually create a cash flow forecast in Excel. A few hours? If you use Syft to create a cash flow forecast, it will only take a few minutes to generate, saving you time and energy.
5. Branch out your marketing and social media
It may not be the first thing on your mind, but marketing your accounting practice is important when it comes to attracting new clients. Apps you might consider adding to your tech stack to help you engage with your audience include:
Facebook;
Instagram;
LinkedIn; and
Twitter (or X).
And if you're trying to attract younger clients, you might consider starting a TikTok account as well. Social media enables you to show the personality of your business, what you stand for, and the fun side of who you are while also demonstrating your authority.
Writing thought leadership articles on a blog can also be very good for proving your authority and gaining trust. Popular blog platforms include:
WordPress;
Wix;
Ghost; and
SquareSpace.
For more details on how to write a successful blog for your practice, take a look at our article here.
And, it should go without saying, but having a company website is immensely helpful. That way, when someone types into Google "accountants near me", your name should come up. And, while we are on the subject of Google, setting up Google Ads can be very helpful when it comes to driving traffic to your website.
For more insights into marketing your accounting practice, read our article here.
Reviewing old apps
When reviewing your tech stack, you may also find that there are certain apps that you have but never use. It's worth considering whether you should replace these or devote more time to learning how to leverage their features. Some of the questions you should be asking yourself include:
When did I last use this app?
How often do I use this app?
Does it make my processes more efficient?
Is it worth the money I'm spending on the subscription?
How frequently is it updated?
What's the customer service like?
Is there something that looks more effective, easier to use, or cheaper out there?
At Syft Analytics, we are continuously modifying our offering to provide you with new and improved features in response to your feedback. We integrate with Sage, Sage 50c Pastel, Xero, QuickBooks Online, and QuickBooks Desktop, and you can import transaction lists or trial balances from Excel into Syft from our Spreadsheet Link.
Plus, we also integrate with Stripe, Square, Shopify, FreeAgent, MYOB, FreshBooks, Exact Online, and Acumatica, with more integrations in the pipeline.
Looking for a way to improve your reporting and analytics? Why not add us to your tech stack?