Tools for Accountants
The last decade has witnessed an accelerating evolution in accounting tools, particularly through the integration of financial technology (fintech) which has caused a significant shift in how accountants can perform their roles. Finance professionals no longer need to spend hours on manual calculations or fill up handwritten ledgers wrought with the risk of human error. The fintech tools accountants now have access to have impacted their sector profoundly, automating a majority of time consuming tasks, and offering up to date, accurate financial insights that are beneficial to both the accountant and their clients.
Below we will look into the various fintech tools that have become indispensable in accounting practices, exploring how they contribute to the modern service accountants can provide. We will also discuss how Pulse is capable of providing the necessary tools for an accountant to enhance their ability to present data to their clients, helping develop improved relationships through an advisory role that is backed by said presentable data.
Importance of Cloud-Based Solutions
Cloud-based solutions in the finance sector have developed significantly since their inception in the early 2010s, and have effectively transformed the way accountants can collaborate with their clients. Popular cloud-based brands offer secure and scalable options for both business owners and finance professionals to manage money, with different companies offering specialised services depending on a business’s needs, and is something a user should consider when choosing which accounting software is right for them.
The biggest benefits that cloud-based software brings to accountants is the flexibility to access and process their clients’ data at any time and from any location. Problems or plans can also be addressed much quicker than in the past as financial data is filed in the cloud and can be accessed without the need for trawling through paperwork. Utilised to their full potential, cloud-based tools can make an accountant’s life much easier, while strengthening their client relationships significantly. In the present year, firms that are lagging behind on modern software solutions are putting themselves at a disadvantage to the competition.
Utilising Accounting Tools for Workplace Efficiency
Not all accounting tools come in the form of fintech, and in fact, many traditional practices still hold great value for accountants aiming to improve their work efficiency and service quality. Tools for time and project management, delegation, automation and organisation can all serve to streamline an accountant’s workflow, freeing them up to focus on clients or simply helping to remove some stresses from the job. Organisational strategies can significantly reduce distractions and improve focus, allowing for more dedication to analysing data and providing strategic insights to clients.
Financial Analysis Tools
Financial analysis tools are software applications, designed to collect and process financial data. These numbers are taken and interpreted to provide actionable insights to the user which can in turn be utilised by accountants to help advise their clients, bringing benefits to their business choices and helping them avoid poorer ones. These accounting tools go much further than streamlining complex datasets, too, as the artificial intelligence (AI) that drives them also delivers an impeccable accuracy and removes the manual efforts that were historically necessary for finance professionals. With data analysis and processing becoming automated, accountants can look to focus on proactive advisory roles for their clients, progressing from the traditional role of reactive reporter.
Financial analysis tools have been designed to integrate with a variety of cloud-based financial solutions, with the capability of aggregating the numbers of Open Accounting and Open Banking software, pulling various financial data sources it into a single location where it can be displayed, typically via easy to understand dashboards that users can utilise to gather invaluable financial insights. Once connected via secure APIs (Application Programming Interfaces), these tools utilise algorithms and Machine Learning (ML) to analyse trends, which can then be used to forecast future financial scenarios or potential issues.
The Financial Analysis Capabilities of Pulse
Our innovative financial aggregation solution for accountants and business owners is capable of integrating with users’ Open Banking and Open Accounting software, transforming large data sets into easy to understand displays. It offers comprehensive cash flow analysis by monitoring its user’s gross margin, debtors and creditors ratio, profit and loss, and turnover trends. Using the data Pulse supplies, finance professionals can provide their clients with an in-depth analysis of the numbers and forecasts, giving trustworthy advice that is backed by up to date, understandable numbers.
Data Visualisation Tools
When considering how to present financial data, it is important to understand the value of translating complex numbers and metrics into accessible and understandable formats for both the accountant and their clients. Once in a visual context, represented through intuitive infographics such as bar charts and line graphs, accountants can easily analyse a client’s financial health and identify potential issues, presenting graspable data to them to make better business decisions. Pulse is an excellent example of a data visualisation tool that provides a clear and concise view of a business’s financial standing. It leverages a basic and easy to understand dashboard to display reports of your client’s key financial metrics, meaning they can also better comprehend their financial situation when viewing the infographics.
Open Banking Platforms
Open Banking platforms have proven to be another invaluable tool for accountants to, at the consent of their clients, access and monitor financial information via secure banking APIs. Open Banking allows its users to provide banks and other chosen third parties, usually finance professionals, access to their accounts and financial information. Being able to access information in this format means accountants can help clients better understand and manage their finances, it also promotes collaboration and further informed relationships, benefiting both parties with stable future business relations.
By integrating the data available from Open Banking platforms with Pulse’s AI powered aggregation capabilities, significant gains can be made in the level of financial insights obtainable by users. Pulse is capable of providing a holistic view of numerous financial metrics, and via Open Banking integrations facilitates more accurate cash flow analysis to aid with budget planning and financial forecasting. This is beneficial to an accountant’s clients because both have access to complete financial records with up-to-date numbers, meaning any strategic decisions or advice is grounded in the most currently data available.
Accounting Software
Accounting software is another essential tool that accountants can utilise to elevate their services and dramatically enhance what they bring to client relationships. Similarly to Open Banking’s ability to share certain financial metrics, Open Accounting can grant accountants a transparent view of a business’s transactions, and through this gain a holistic picture of its financial status. Accountants can then take this data and offer their clients more informed advice, leading to improved strategic decisions based on comprehensive, up to date numbers.
By integrating leading Open Accounting platforms with Pulse, accountants can take this powerful fintech even further. Our innovative tool will aggregate financial data from any number of sources, then accurately provide game-changing insights that can aid accountants in offering a superior service, driving both client engagement and retention through Pulse’s ability to present easy to comprehend financial metrics.
Automation and AI Tools for Accountants
Little has impacted the financial sector more than Artificial Intelligence (AI) and Machine Learning (ML) technologies. They have revolutionised how accountants can manage and interpret vast amounts of financial data, essentially automating repetitive or time consuming tasks such as data entry and transaction categorisation with unprecedented accuracy, freeing accountants up to focus on their clients. AI and ML driven systems in accountancy also offer more than just the automation of tasks. They provide predictive insights and advanced data analysis capabilities by learning from historical data, then forecasting future financial trends to assist in risk assessment and offer recommendations for decision making. The major advantage of AI systems is that they are void of human error, and can support accountants in delivering more strategic, data driven advice.
Pulse for Accountants
Leverage the informative power of Pulse to improve your abilities as an accountant. Pulse seamlessly integrates with leading Open Banking and Open Accounting platforms, offering a unified and intuitive view of your clients’ financial data. By adopting our innovative fintech tool, you can access real-time insights, enabling you to provide strategic advice backed by up to date, comprehensive financial information. Sign up to Pulse to enhance your client relationships as you offer proactive guidance and set yourself apart from the competition.
