Sure, plenty of employers still track their income and expenses using Microsoft Excel, but more and more businesses and accounting firms are relying on robust digital solutions to improve the accuracy and efficiency of their accounting processes. Whether you are already in the workforce and looking to enhance your employability or you only just about to graduate with a MAcc degree and contend with legions of other qualified accountants for jobs, here are some of the software tools you might want to master:
Accounting Solution
There tends to be one application that manages the bulk of an accountant’s workload, and it should go without saying that accountants need to be confident using these types of solutions. As mentioned above, many employers still use spreadsheets to balance their accounts, but larger and more complex companies tend to use more robust accounting solutions. Well before entering the workforce, all accountants need to spend time mastering software like QuickBooks, Xero, FreshBooks and the like.
Accounting Workflow Automation
Automation allows busy professionals to focus on more nuanced tasks — which also tend to be more interesting — while digital tools manage the simple and repetitive tasks involved in workflows. Some accounting solutions come with automation features built in, and accountants need to learn how to access these components and enable them as necessary for different workflows. If an accountant isn’t using a solution that offers automation, there are aftermarket automation options to consider, like FloQast.
Project Management Software
While most of an accountant’s day-to-day responsibilities are continuous in nature, some accounting departments are tasked with more limited projects. Accountants may need to conduct profit analysis, craft budgets, draft financial statements and more. To ensure that all members of the team are working appropriately toward the completion of the project, accountants may need to use project management software. Zoho is a common choice in accounting departments, but accountants might also familiarize themselves with tools like Monday.com, Trello and ClickUp.
Tax Software
Accountants tend to decide early in their careers whether they will enter tax accounting or financial accounting, and most in the latter group will never need to mess about with tax software. Still, those accountants who aren’t certain where they want their career to lead may want to learn how to use tax software, just in case they are in a situation where they must calculate a company’s or an individual’s tax liability. Some typical accounting tax tools include Intuit ProSeries Tax, Drake Tax and TaxSlayer Pro.
Document Management System
Accountants efficiently filter all the information they receive into numbers on their spreadsheets, which makes understanding an organization’s financial situation much easier. Unfortunately, the information that comes to accountants usually is delivered in a hodgepodge of different types of documents. It can be useful to have a document management system available to ensure that documents are properly sorted and readily available should accountants or other departments need to access them quickly. Dropbox and Google Drive are among the more common document management systems in use today.
Digital Signature Tool
The last thing an accountant needs is to be waiting around all day for a signature from a busy business executive. In the past, the accounting department might have floundered for hours or days as a client or department head sorted through stacks of paper on their desk, but now, accountants can use digital signature tools, which digitally send documents to be signed along with regular reminders. To radically improve the efficiency of everyone’s workday, accountants should know how to use tools like DocuSign and Adobe Acrobat.
Scheduling Solution
At times, it can be difficult for accountants to get ahold of certain professionals to access the information they need to manage their calculations. Scheduling solutions allow accountants to secure a specific time with specific individuals, so they can communicate more effectively. Developing confidence with a scheduling app can make it easier to request appointments while on the job. Some common scheduling tools include Microsoft Outlook, ZoHo Calendar and Calendly.
