In the increasingly digitized world, a streamlined digital workflow, effective client communications, and robust cybersecurity measures are the bare minimum for accounting firms to be a viable choice for clients and other stakeholders.
Accounting technology is a necessity, and if it isn’t, then it’s a missed opportunity. In the 2024 Woodard/Mango Accounting Industry Report on Client Communication and Collaboration, firms that utilized technology in their systems reported 80% improved time savings and 61% better client communications. This is not to say that traditional practices are out of the window—they are still the backbone of accounting services; however, accounting technology has proven itself useful for clients and practitioners alike.
What is accounting technology?
Thomson Reuters defines accounting technology as the “transformation of previously paper-driven processes and systems into streamlined accounting workflow solutions that are accessible 24/7 via cloud-based software.” It mainly aims to reduce the grueling manual tasks while making sure it follows an end-to-end automated workflow, shifting the focus from time-consuming manual processes to timely, value-centric, and more productive data interpretation, collaboration, and client relationship-building work.
Top accounting firms in the Philippines and internationally alike have been ahead of their game when it comes to their integration. Here are accounting software and tools firms and practitioners that offer free trials, demos, and a tiered-pricing system for startups, small businesses, enterprises, and individuals alike.
Accounting Software
Accounting software automates systems for invoicing, billing and payments, payroll, bookkeeping, expenses and receipts, financial reports, and more. They also offer emerging artificial intelligence (AI) integrations for your accounting system needs.
Enterprise Solutions
Enterprise Resource Planning (ERP) software is for mid to large-sized businesses that integrate and automate other core departmental processes into a single system.
- Microsoft 365 Suite
- NetSuite
- QNE Optimum
- Sage Intacct/Sage Business Cloud
- SAP Cloud ERP /SAP S/4HANA
Business Intelligence
Business Intelligence (BI) software in accounting is used for analyzing data, forecasting, delivering insights, and generating financial reports.
Blockchain
As digital assets like cryptocurrency and non-fungible tokens (NFTs), as well as metaverse environments, are on the rise, blockchain aims to securely store data, financial records, and transactions in a decentralized and immutable digital ledger called ‘blocks’ and ‘chains’.
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Author/s: Patricia Minimo
About the author(s): Patricia is STLAF's Legal Writer-Researcher. She is a Communication graduate from the University of the Philippines – Baguio with a major in Journalism and a minor in Speech Communication.