Digital Accounting Tools for CPAs – A Round-Up of the Best

We’ve all seen the rapid development and evolution of tech-driven business solutions and systems in recent years. Rather than be adverse to these inevitable changes, the accounting industry, as a whole, has embraced the advent of these digital tools as a means of evolving the capabilities and service offerings of CPAs to their clients.?

Remote and cloud-based tools and automation have made it possible for CPAs to run their firms from anywhere and grow their businesses virtually, servicing more clients in less time than before.?

Any CPA who’s still losing valuable time number crunching and manually overseeing other processes is going to fall into redundancy. There’s no more room for debate on that matter. The future of accounting is digital.

The tech-driven transformation of the accounting industry as a whole has allowed CPAs to evolve in their capacity as accountants to full-blown business advisors, able to share analytics and reporting and give business owners real-time insights into their cash flow and business performance.?

If you’re not sure where to start or are looking to expand your suite of digital solutions, here’s an overview of essential accounting tools to add to your tech stack for 2022, along with a round-up of some of the best tools currently on the market.?

The Top AI Accounting Tech Tools for CPAs in 2022:

Forecasting Tools?

Business forecasting tools use budget numbers to identify trends based on historic data and create draft forecasts. Instead of lifting data from disconnected systems, forecasting software allows you to access and compile data and reports from a single interface.?

Forecasting tools generally create user-friendly, easy-to-understand reports that you can present to current and prospective clients that paint a clear picture of their business trajectory, opening the door to larger conversations around financial improvement and redistribution.?

Jirav

Fathom

Clockwork AI

Audit Tools?

Financial audit tools review and analyze financial transactions within the business to ensure compliance and prevent fraud. Audit software can identify and pinpoint suspicious transactions and leverage instructions for compliance with necessary financial regulations.?

Audit software generally helps to analyze and test the accounting records of a business, but the objectives might vary depending on the program.?

Some audit tools are designed to record audits, prepare audit reports and create exception reports while others focus more on gathering evidence, conducting analytical tests and evaluating internal processes.?

More robust (and, naturally, more expensive) tools will automate the entire audit lifecycle in a centralized and cloud-based system.?

Mindbridge ?

Stamped AI ?

Auditfile ?

Collections Tools?

CPAs can use credit and collections tools to identify overdue invoices, match invoices with payments, and manage collection issues more easily on behalf of businesses. Firms can also use collections software to manage and mitigate the risk of payments being ignored or defaulted by clients and customers.?

Collection tools essentially take the place of collection agencies in managing past-due payments from customers.?

They typically can send payment reminders, negotiate payment terms with customers and reduce the number of overdue invoices that firms deal with. Collection software will often integrate with other accounting tools and software your firm already uses.

Collbox ?

Lockstep Receivables ?

Invoiced ?

Bookkeeping Tools?

CPAs serious about transforming their operations and service offerings shouldn’t be losing time focusing on repetitive bookkeeping and pre-accounting tasks when AI capabilities can automate and streamline these processes for them.?

Botkeeper , for instance, utilizes AI and machine learning to deliver a full suite of integrated bookkeeping services for your clients, including:

• Transaction management and categorization
• Exception handling
• Bank and credit card statement collection
• Task automation and management
• Password control and protection
• Cloud-based file sharing and access
• Dashboard and data visualization??

With Botkeeper streamlining your day-to-day operations you can turn your attention to the things that matter - business growth and development, capacity management and providing exceptional client service.??

Communication Tools?

With most firms pivoting to a purely remote or at least partially remote work structure, communication with both clients and coworkers can be a little more challenging.?

Solid communication tools for both clients and employees are essential for relaying information and collaborating quickly and efficiently, without relying on manual phone calls and staggered emails.?

Intercom ?

AirSend ?

Wire ?

Conclusion

An up-to-date, integrative and intuitive tech stack is vital for industry relevance in the 21st century. CPAs and firms looking to make 2022 a banner year should be focusing on digitalising their management processes and upgrading and improving their existing digital solutions. Be sure to also check out this article on how to digitally transform your website .