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Clockwise by GHG
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The Accounting Profession Evolves with Technology.

Since the establishment of monetary systems and commerce, the practice of accounting has been invaluable. Technology is one of the driving forces that aids in the evolution of accounting. Much has changed since the dissemination of double-book entry bookkeeping established by Luca Pacioli in the 14th century.

This digital era introduces new innovations at a rapid rate, and the adoption of the right technology can be the deciding factor by which CPA firms become successful and sustaining. Apps and software could never completely replace the expertise of an actual accountant. Simply purchasing the highest rated accounting software and plugging in numbers will not protect a company when it is audit season. CPA professionals provide a very vital service to businesses, and for this reason, it is pertinent that they are current in their methods and the resources they use to accomplish their work load.

Technological innovations play a huge role in how CPAs get their jobs done. There are certain areas of accounting that are extremely taxing and time-consuming. If you have ever bore witness to the stress an accountant faces around payroll time, then you understand how important it can be to have the proper tools. Some of the traditional roles of accounting have solutions that can give back precious time to these professionals. It can be easy for CPA firms to get so wrapped up in the work that they can forget the customer relations aspect of their business. With any company, nourishing business relationships is a top priority, but if you are devoting all of your time to menial tasks that can easily be ignored.

Much like many other industries, CPAs find some seasons are busier than others. Tax season can bring about many long work days and strong cups of coffee, but do not leave much room for client retention or development. Utilizing technology in the areas of time tracking, billing and invoicing, and payroll eliminates some of the most time-consuming tasks.

  • Time Tracking: There is no question as to the importance of time tracking for businesses especially as the new FLSA overtime rule quickly approaches. Time tracking protects both parties: the employer and employee. The archaic paper tracking system is too vulnerable of a system. It can promote the practice of estimating hours which can lead to inaccurate records. Labor costs are typically the number one expense for businesses, so it is important to get accurate time recordings. Paper time sheets also promote last minute time keeping. This drastically hinders CPA professionals’ ability to process payroll in a timely manner.
  • Billing and Invoicing: Automation of billing and invoicing can fizzle disputes before they even arise. In project management, you could easily have one employee working on multiple projects and their billable hours would need to be allocated accurately. This can be the deciding factor on whether or not an individual gets paid on time.
  • Payroll: Without the proper tools, payroll alone could be a full-time job. Most accountants have other tasks to accomplish, but payroll could easily consume much of their time. Payroll can also drastically affect labor costs. According to the American Payroll Association, companies that use an automated payroll system can save on average 2–8 percent of gross labor costs.

The most practical solution would be utilizing a tool that has the capabilities to assist in all these functions. Using multiple solutions can just create more unnecessary time consumption. When it comes to finding a solution that can cater to all these tasks Clockwise by GHG business solutions make it possible to streamline all of these functions.

• Timekeeping: From biometric clocks to web-based interfaces: Clockwise provides multiple time tracking options to ensure that records are accurate and secure. The software is DCAA compliant so users can feel secure if any disputes arise or in the case of an audit. The fear of wage theft is also eliminated. With the option of complete customization, Clockwise can allow you to set up rules and multi-level approvals that promote the most accurate time recordings.

• Billing and Invoicing: The Clockwise system allows for percentage allocations and project tracking. This enables employees to track in detail their time according to what they may be working on.

• Payroll: Clockwise’s automation system saves time and promotes accuracy. The email alerts and reminders motivate employees to maintain consistency when it comes to recording times. They also provide a detailed audit trail that gives a level of protection to businesses come tax season.

The accounting profession has continued to evolve and change with the times. It is clear that this will remain a viable profession for some time to come. It is in the best benefit for a company to have an accountant on staff or to employ the expertise of a CPA firm. It is up to both parties to make sure that the proper utilities are available and used for the benefit of both parties.

For more industry trends, and valuable information regarding advancing your business follow the Clockwise page…”Time keeping software solutions that moves your business forward.”