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How Technology Is Changing The Accounting Industry

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Technology is changing every industry and accounting is no different. Technological change is taking place at different speeds in different industries and different parts of the world. The resulting influence of technology in business includes disruption and cashless transactions with more to come. Most importantly, technology changes our behaviour. We spend more time with technology every day, at work and play. This reduces the direct financial costs to your business.

 

Getting better connected

Some accounting industry professionals argue that accounting software’s greatest innovation was not simplifying double-entry accounting; it was introducing bank connected feeds. Bank feeds are automatically created lists of these bank transactions (spent and received). They have been around for a while as part of desktop accounting software, but integration into online accounting software has only happened in the past couple of years.

There was a time when you or your bookkeeper or accountant had to wait until your bank statement arrived before any transactions could be reconciled in your accounting software. If your small business has a big volume of transactions, either in the form of receivables or payables or both, reconciling a whole month can be a dull and demanding job. With bank feeds, transactions will show up in your accounting software automatically. If you or your bookkeeper get into the habit of reconciling your account on a daily or weekly basis, it makes it easier to accurately code each transaction because you’re only dealing with a few at a time. This results in fewer errors and fewer hours spent fixing them.

ABSS Connect

Driving the business forward with innovation, ABSS Connect is the first service platform introduced to complement ABSS Desktop software. It provides connectivity to other approved third-party cloud platforms and helps SMEs to save as much as 50% of the time normally spent on accounting by simplifying accounting processes. The main benefit is removing repetitive manual entries on multiple platforms that you use for your accounting. Incorporating ABSS Bank feeds will save you time, money and stress. Give it a try and see how well it works for your business. You can sign up for free until 30 September 2019.

ABSS Connect works together with DBS Bank feeds. To get better connected with your accounting, you will need ABSS Premier v21.1 and above or Accounting v26.1 and above, internet connectivity, an activated data file and a DBS IDEAL account.

 

Data Security

Rest assured that your data stored on ABSS Connect is secured with approved banking encryption standards, and data is transferred to ABSS Desktop software using HTTPS with mutual authentication via an SSL certificate.

 

Direct payments from your ABSS Accounting software

Another new offering from ABSS is E-payments. ABSS has teamed up with DBS Bank to automate your payment process. E-payment is very convenient compared to traditional payment methods such as cash or cheque. You can pay for goods or services at any time from within your ABSS Accounting solution. E-payment also eliminates the security risks that come with handling cash. While there are no additional charges for making cash payments, trips to the store typically cost money, and cheques also need postage. So E-payments save you time, money and hassle. Take a look at DBS Bank’s SME solutions for online banking.

Auto bank feeds, bank reconciliation and E-payments are now available with ABSS Accounting and ABSS Premier. Accounting software has many benefits for your business. There are also free accounting software packages for you to try out before you make your purchasing decision. The bottom line is that accounting software offers safe, secure and reliable processes for small business accounting. If you haven’t already tried ABSS accounting software, check us out.

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  1. […] upgrading and you can also take advantage of new developments, these are happening all the time. Take a look at ABSS’s new DBS bank feeds. These help with reconciliation and […]

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