Hype Cycle: Blockchain Technology is suitable for small businesses

Hype Cycle: Blockchain Technology is suitable for small businesses

Back in the day, it was considered impossible for a phone to take pictures. But today, taking photos of phones has become the general and biggest standard of phone brands. That technological trend phenomenon is also the phenomenon that is happening with Blockchain Technology today.

In Gartner Hype Cycle terms, this camera technology has successfully crossed a curve, moving from the Innovation Trigger to the Plateau of Productivity. A good phone maker will embrace the place of technology in the Hype Cycle to better understand how they should invest and reach customers.

What is Hype Cycle?

Hype Cycle – described in detail: “Hype Cycle allows businesses to determine when a new type of technology is hyped and when it needs to be in stock. Investing too soon runs the risk of overpaying due to poor performance. Investing too late may cause you to lag behind the competition”.

In short, Hype Cycle is drawn to represent the maturity, adoption, and application in society of all kinds of technologies.

The Hype Cycle is divided into five stages that a product or service goes through:

Innovation Trigger
Peak of Inflated Expectations
Trough of Disillusionment
Slope of Enlightenment
Plateau of Productivity

Blockchain?

Understood as a database system that allows the storage and transmission of information blocks linked by encryption. For finance-focused businesses, their current trend is to include blockchain technology. The Bitcoin Backbone has proven to be an extremely versatile technology, giving us many ways to exchange currencies and manage contracts intelligently.

On the other hand, it’s still new technology. Today we’re going to dive into something that’s trending in the business world. Let’s take a look at Hype Cycle blockchain technologies and clarify how some of the cycle points are applied in small businesses. You will understand each tool that has Hype Cycle blockchain technology and get some recommendations based on current trends of the technology.

Why should finance staff care?

Anyone working in the financial sector must be aware of what is happening in the implementation of financial technology. Hype Cycle: blockchain can help you deal with “what help you survive in a rapidly growing field”. Not only are fintechs placed in the five segments mentioned above, but each segment is also given a “Time to Plateau” estimate.

This type of information is especially useful for financial managers and accountants. Although Hype Cycle can control those who pursue technology. It can also help you push conservative “slow-tech” managers down the technology path.

Innovation Trigger — quantum computing

10 years to go until the “Plateau of Productivity” reach, quantum computing is still an idea, not a reality. Even so, the threat of quantum computing is one of the threats that the blockchain world must be concerned with.

In short, quantum computing allows computations to be performed hundreds of thousands of times faster than instead of running on zero and one, quantum computers run on an infinite number of states from 0 to 1. Instead of performing one calculation before switching to In the next calculation, quantum computers can manage multiple processes at the same time. Because blockchain technology is based on cryptography – one of the things that computing quantum is very good – so quantum computation should affect it. You will need large systems to make an impact on the basics of blockchain.

Finally, it is possible to end up with “quantum-ready blockchain”, built on new technology and more difficult algorithms.

To do:

Make sure any blockchain technology you adopt has a plan for quantum computing.
Read about quantum computers. Even if your business has nothing to do with blockchain, quantum computing will likely affect the security you use. We may be more than a decade away from that impact, but it’s never too early to start preparing.

Peak of Inflated Expectations — Distributed Ledgers

With 5 to 10 years from now, until it reaches its peak, distributed ledger technology (Distributed Ledgers) will still be at the Peak of Inflated Expectations.

The distributed ledger is the backbone of a blockchain, containing information about all the transactions that have taken place in the chain. In many ways, distributed ledgers are like traditional databases with a few key differences.

The biggest difference is that distributed ledgers do not have a single location in which they reside. Everyone involved in the blockchain has a copy of the ledger.

There are also major differences in how data add to the ledger. Instead of the “Single source of truth” that everyone copies, each participant decides “the truth” for themselves. Participants then vote, all of which are automat, estimate, and only added with a majority consensus.

The beauty of the system:

First: There is no place to keep all the important information, eliminating all dependence on a single provider or service.
Second: No one dependent on any single provider can – in theory – change history by changing records. That allows every participant to trust that the data they are holding is the true representation of what happened.

Right now, there are challenges around scaling private distributed ledgers, and the value of a Distributed Ledger relative to existing technology remains murky.

To do:

Plan to have a clear understanding of the benefits and challenges of distributed ledger technology. From there, you can compile a list of your business needs, allowing you to quickly evaluate new Distributed Ledgers technologies as they hit the market.
To plan well and create efficiency, you can use the project management tool UpDiagaram. As a project management software, UpDiagram is the right tool for you to apply in your project “Distributed Ledgers technology assessment”.
Start working with existing Distributed Ledgers technology to see how it can make your business run more smoothly or give users more control without compromising efficiency. Distributed ledgers have major benefits for financial companies and the businesses they serve. See if your business can benefit.

Other Hype Cycle Points

These are just 2 of the nearly 20 technologies on blockchain technology’s Hype Cycle. Are any of these technologies evolving in your business or do you have plans for them in the next five years? What other trends do you think there will be?

How to calculate ROI for accounting software

ROI stands for the phrase Return On Investment. More clearly in business, investments to improve the company, such as time and money and ROI are considered as a result of the return on investment performance.

Currently, the accounting industry group has to handle a lot of work for businesses: revenue and expenditure management, tax calculation,… making the accounting department overloaded. Calculating ROI is also difficult, so the software industry has come up with tools – solutions to support accountants. Calculating ROI, tax calculation, revenue, and expenditure management,… is no longer difficult because accounting software is available.

How to calculate ROI

Analyzing investments (time, human resources, assets,…) is always the top concern of business owners. Useful ROI for business goals. In theory, calculating ROI is very simple:

[Return on investment – cost of investment] : [investment cost] = ROI

In other words, ROI is calculated as net profit over a certain period divided by investment costs, which are then multiplied by 100 to express the rate as a percentage.
For example Store 1 sells shoes for $5 – Store 2 sells shoes for $3, but it will cost you $5 to get there, then applying the ROI calculation you will find that it is more economical to buy Store 1.

[$2 savings on shoes – ($5 spent on gas + $3 spent on shoes)] : [$8] = -0.75 or -75%

ROI negative ROI means you lost $7.5 per trip. Do you want to not lose money? make your ROI positive.

We need accounting software and how to calculate ROI for accounting software? Unfortunately, it’s not as easy as the example above, but we can help you get the hang of it.

First, you need to determine the cost of the accounting software.

Accounting software market

The cost of accounting software today varies widely, from free up to thousands of dollars per month.
In addition to the price of the software, you also need to factor in other costs such as:

Staff training
Maintenance
Moving and data storage
Technical support

Also for free software, you will have to pay for some upgraded features, time-consuming to use proficiently,…

What is the value of accounting software?

The value of accounting software varies depending on the size of the business. It is difficult to determine the exact value of software if you do not know what your needs for the software are, let’s look at the basic requirements for accounting software.

How much do you have to pay for accounting services every year?
And how much time per month do you spend on accounting?
How much time can be saved each month with a new accounting system, an accounting software?

Let’s say you hire employees to handle your accounting work. Their aggregate hourly wages go up to $50 per hour. They have too much work and have to work 10 hours per week, 80 hours per month, and can reach 1000 hours per year.

If you’re paying someone $50,000 a year to do your bookkeeping – there’s a way they can do it more efficiently, in less time, and cost-effectively for the business, Do you care?

For example, accountants can handle their jobs in half the time by using accounting software to automate processes such as accounts payable-receivable, invoicing, Expense tracking, payroll, and tax management. Now, you only pay about $25,000 per year to do the same work half the time.

Accounting software offers a financial value of $25,000 per year savings, with other values being greater accuracy and saving staff time on other tasks. Now investing in accounting software doesn’t seem too bad, right?

How to Calculate ROI for Accounting Software

Now that we have a rough idea of the value of accounting software and the price range of accounting software, we can fill in the ROI calculation formula.

[nvestment return – investment cost] : [investment cost] = ROI

Take for example UpDiagram, a management software with extremely cheap prices from free – $30 for Pro – to $70 for Enterprise. Let’s try to calculate ROI based on the above example with $25,000 as return on investment, businesses use the Enterprise package for 12 months for $840 as investment costs.

[$25,000 save on UpDiagram – $840] : [$840] = 28.8 or 2880% ROI

2880% ROI that’s great. That’s a savings of $24,160 per year. Imagine what your small business could do with that money… you could buy a new delivery van, hire a new social media manager, raise your salary, or open a barbecue. of the company. Because UpDiagram will continue to use over time, the ROI of the business will increase as time goes on.

How to keep the business from being audited

Tax is a concern of business owners. The dreaded audit notice from the Internal Revenue Service in the country you’re doing business in will keep you awake. Audits can be especially intimidating for small or midsize business owners as there is the potential to owe more in taxes on the business’s existing budget. Only about 1 in 100 businesses are audited each year. On top of that, there are a few simple things you can do to avoid the threatening eye of the Internal Revenue Service.

As a business owner, your chances of getting audited will skyrocket if you:

Earn large sums of money annually, for example, over $1 million per year.
Do not report all income.
Claim business deductions that are disproportionate to the income of the business.

As the saying goes, “An ounce of prevention is worth a pound of cure” and we’re glad we’re here to offer tips that will help you avoid the audit surname.

Why are businesses audited?

In this article, we’ll take a look at six of the top reasons businesses fall for it, along with tips on how to stay out of an audit.

However, it should be noted that you may be audited for reasons beyond your control. The Internal Revenue Service uses a random selection to check some of your profits, and your profits could also be a target for testing because of something shady that one of your business partners or investors did.

How to avoid audited from the Internal Revenue Service

1. Limit entertainment events, business parties

You often organize parties, award ceremonies, or contests with large scale and extremely valuable prizes, then the advice is that you should limit it. Not for the expense, but it will get the attention of the Internal Revenue Service, which will then put you under their control.

Under the act, “the Tax Cuts and Jobs Act of 2017,” eliminated business-related entertainment deductions. So, if you’re trying to tweak the system to keep up with your annual customer appreciation night or parties, you’re raising a “red flag” for the Internal Revenue Service to notice you.

2. Don’t Overuse Deductions

As a hard-working business owner, you should only take the last deduction you’re entitled to. But you should also know that the Internal Revenue Service uses a computer program (Discriminate Income Function) to compare your deductions with other businesses that are in the same income bracket as you. So if the standard in your tax bracket has 12 deductions and you take 212 deductions, then you will get an audit notice from them. Or taking dozens of “miscellaneous” deductions isn’t a good idea either. You should only take deductions that are legal and you deserve.

CPA Jeffrey Levine says, “one of the biggest mistakes he sees small business owners make is not deducting legitimate business expenses like a home office for fear of being audited.”

According to Hector Garcia, CPA and QuickBooks consultant Hector Garcia, home office, business travel, and car mileage deductions are the most abused business deductions. So use them when appropriate, but know that the IRS is keeping an eye on you.

3. Incorporating or Forming a Limited Liability Company (LLC)

Small businesses are more often audited than LLCs. Because the Internal Revenue Service believes that small businesses are unstable in terms of their organization and financial capacity.

Therefore, incorporating a limited liability company (LLC) is important. In addition to lower audit risk, there are other compelling reasons to consider combinations:

For many small business owners, personal assets (home, vehicle, savings) must also be paid back. to creditors if their business is in trouble. As for LLC, the capital is the “heart” of the whole company.
Limited liability companies can get bank loans easier and quicker than small/private businesses.
LLCs can take more deductions than small businesses (such as retirement and care plans. employee health care).

4. Be proactive about the unusual

You are a small business, but earn a lucrative contract or other money, increasing the income of the business to a huge number. So your income multiplies from previous years and suddenly the amount of deductions you get is unusually high. At this point, you will receive the attention of the Internal Revenue Service, and what you should do is proactively collect receipts for those transactions, contracts with local authorities, even documents. about your expansion plan and attach your earnings. It may take a little longer, but it will give you the initiative and may prevent the audit.

5. Do not file an amended tax return (unless necessary)

Filing an amended return is subjecting your business to audits. According to the IRS – the US Internal Revenue Service: “The filing of an amended return does not affect the original return selection process. However, the revised declarations are also subject to a screening process and the revised declaration may be selected for audit.”

In other words, your revised return will give the Internal Revenue Service an indication to check on you.

If necessary, because you forgot to calculate your legal deductions, just file an amended return. But you’re better off spending an extra hour or two getting it right the first time.

6. Taxation Technology

Why? According to e-file, the website of the IRS electronic filing system – Internal Revenue Service of the United States. “The error rate when returning documents is 21%. However, electronically filed affidavits produce an error rate of only half a percent.

“In other words: Paper returns have a higher risk of errors than returns filed electronically.

Other reasons to file electronically:

Tax return software helps you find information on tax deductions you’re more likely to miss when using pen and paper.
Through technology, you can save time, people, and money.
Most tax preparation software includes audit alerts for things like deductions.

It would be great to combine your management software with your tax return software UpDiagram management software has the right functions for note-taking, summarizing, summarizing and time – the time function will remind you when your tax is due and you won’t be confused when it is due. Use UpDiagram for tax management and tax preparation software for optimization and avoidance audit by the Internal Revenue Service.

How to set up the structure Accounting Room?

At the beginning of a business/startup it will be easy for you to pursue and get things done quickly, but as things grow that quick and easy won’t still. Along with the company’s growth, there will certainly be departments born, and the point worth mentioning is that those departments need to be closely structured to operate smoothly. How to build Accounting Room?

Photo by Minh Pham on Unsplash

If you want your business to continue to grow, you need to set up an accounting department structure that can take care of a wide range of accounting tasks and expand your business.

What is the key to success? How to build Accounting Room?

The secret of success for small/medium businesses, and especially startups, is people as well as technology. These two factors need to appear together, complement each other.

While people are a must-have for any small business, HR isn’t everything. You need software to double-check numbers, analyze outputs, coordinate systems. That aren’t integrated, and make sure your business isn’t defrauded by vendors or employees fraud fraud. Currently on the market of management software there are many types: you can refer to free software such as: UpDiagram, trello, basecamp,…

At a minimum, you need someone to run the payroll. Someone to pay suppliers and send invoices and someone to handle the monthly books so they are balanced until tax time.

As an organizational leader, you’ll need to demonstrate assertiveness to figure out exactly what that combination looks like for your business and the resources you have.

5 essential accounting tasks and how to effectively tackle them

In the sections below, we’ll look at five essential business accounting tasks, the skills you should be looking for to handle them, and signs that you need help. In the end, we’ll look at some of the ways accounting software can help with each task, and give an example of a basic small business accounting department structure/Accounting Room.

1. Billing/invoicing

The US Small Business Administration reports that low sales/cash flow was the number one cause of small business closures in 2015. This is relevant. What about payment? The longer it takes to pay your customers, the longer it will take you to get paid. You need to be paid to be able to pay your employees and suppliers. If you are not paid correctly and on time, your business is at risk of failure because of low cash flow.

You don’t need a CPA to process your payments; Anyone who is good with numbers and has an eye for detail can handle the job. In addition to accuracy, timeliness is important for payments, so you need someone who is on time and meets deadlines.

Task telltale signs:

Not receiving invoices on time
The customer is being paid the wrong amount
The partner is not paying the correct amount or is not on time

2. Payments /accounts payable

The Institute of Finance & Management reports that at top-tier institutions, it takes a professional full-time to process nearly 23,000 invoices each year. That’s about 85 bills per business day. If you’re only paying a few bills at once, you’re probably not keeping up. And if you don’t prioritize on-time payments to your partners, you’ll pay late fees or worse, lose business partners.

As with payments and invoicing, accuracy and timeliness are of the utmost importance. If your organization is small, you can let one person or a small team handle accounts payable and receivable (payments). This role should be played by someone who can double-check your suppliers to make sure you’re not overcharged, overcharged for something they don’t provide.

The telltale signs:

Vendors are complaining that they are not being paid.
Despite your best efforts, your account billing team can’t keep up and is paying late.
Your Accounting Room payable specialist is working overtime to keep up.

3. Salary calculation (Payroll)

Salary is an important thing to decide the human factor in the company. If you don’t pay your employees on time and don’t pay them the right amount, you will start to lose employees.

When your business is small, it can be difficult for you to collect and pay fees, and to process payroll. However, once your company grows beyond that, you’ll need an experienced payroll professional or a third-party payroll service. What makes a well-paying professional? In addition to being punctual and meticulous. The person on your payroll also needs to work well with others to resolve the inevitable problems.

The telltale signs:

Employees often get paid late.
There is a change in personnel or overpaid wages
The staff responsible for payroll are overloaded and work overtime to get paid on time.

4. Bookkeeping

Good bookkeeping means that all your bills are paid and paid. The books of accounts should show what your customers have paid you, what they owe, and vice versa. Although it is never easy to keep the books of account, it is absolutely vital to the financial health of the business. And if you want to save time; resources, you can use the management template UpDiagram to calculate payment – payment expenses with different partners.

In a way, every other task on this list involves bookkeeping, so you need someone who is fluent, precise with numbers, and works well with others. While invoicing is responsible for sending invoices and accounts payable is responsible for paying bills, your accountant is ultimately responsible for recording and keeping track of all transactions and balances there. Your bookkeeper will also be working with accounting software most of the time. So they’ll need to be proficient in whatever accounting program your business uses.

The telltale signs:

Book Accountants yoke is not balance.
You lack the necessary reports and receipts for the accounting of charges.
There are unusual revenues and expenditures in the accounting books.

5. Tax preparation

You’ll need to pay the government the taxes that are requir by law where you do business. But you also need to know all the deductions so you don’t have to pay more than that. You also need to provide W2s to all your employees so they can pay their taxes on time. If you think this doesn’t matter, just wait until the IRS knocks on your door with a long list of questions you don’t have an answer to.

Ideally, an employee CPA or from an outside company who can represent your business before the IRS if necessary. Although the tax period only comes once per year. Keeping expenses and income up to date throughout the year, and recording them properly, creates a great deal of consistency and clarity when it comes time to calculate taxes. Your accountant should work side-by-side with whoever is responsible for tax returns to make sure. They have everything they need to prepare your company’s tax returns thoroughly and accurately.

The telltale signs:

You’re trying to pay your business taxes at the end of the year and struggle to find the right reports and forms.
You get a much higher refund or amount owed at the end of the year than the previous year and can’t explain why.
After you file your taxes, you will receive an audit notice from the IRS and you will not be able to answer questions from them.

If you have grasped the above 5 accounting tasks, make a plan to build for the accounting department. Do not forget to choose a suitable management tool for your accounting department. Good luck in setting up your accounting department.

Things to save money for business

Things to save money for business, the easiest way to save some money when it comes down to budgeting for accounting is by opting for free accounting software. But choosing one can be quite the problem considering how there are so many choices out there and not all of them are effective enough to do the job they’re meant to do. In order to streamline this process and still be able to find a feature-rich, affordable solution that will help you stay on top of your finances, we did all the research for you and came up with the following incredibly useful options that you’ll want to check out!

Your time and effort are valuable. If your free accounting software is requiring you to spend hours each month on learning how it operates, working out how to use the program`s features, or troubleshooting problems, is it really free? What you want in an accounting software package is easy to learn, easy to use, and doesn’t make you overcome a series of hurdles just to be able to manage your finances.

* GnuCash

GnuCash is an open-source accounting application that is run by GnuCash Enterprises. It has a plethora of features for small businesses and individuals to keep track of their finances and organize them properly.

In terms of cost and features, GnuCash delivers a solid return on investment, particularly for small businesses that are more apt to notice cost savings in this arena.

On the downside, anyone who chooses GnuCash must be willing to spend valuable time troubleshooting issues the first few times around. But the good news is there are plenty of helpful resources both on the internet and in communities that aren’t going anywhere anytime soon!

(GnuCash)

* Manager

Manager is a free accounting software program so high-powered, it’s been used by big and small companies alike. It’s very easy to use and the basic desktop version is forever without paying a dime. More advanced features can be purchased for a small fee and are available in over 70 languages.

(Manager)

* Sunrise by lendio

Sunrise was officially rebranded from Billy recently in 2019 after being acquired by Utah-based company Lendio. It’s the same free accounting software it used to be, but now with unlimited invoices and transactions. In other words, exactly what everyone liked in the first place.

(Sunrise)

* ZipBooks

ZipBooks is a new cloud-based accounting solution and one of the newest products rolling out from Utah. ZipBooks relies on partners to generate cash by partnering with payment processing providers like Stripe (a partner company). This move essentially allows the company to offer its services for free so that customers can use the ZipBooks accounting tool without having to set up an online payment gateway and collect payments independently.

(ZipBooks)

Have you chosen your one yet?

Free as in “free beer” is nice, but when you’re looking for a business tool to help move your company forward, such an offer is secondary to the most important trait of any software: does it have the functionality you need? This can encompass everything from remembering your password for the network to calculating your tax revenues. Free accounting software might suit simple bookkeeping needs, but what happens when occasional errors start popping up and things become more complicated than they are worth?

So the best way to know if you’re going to like a program and reap the full benefits of its features is by doing a free trial. Before you sign up and make any payment, you should go through a few trial periods of accounting software so that in case something isn’t quite right, there is plenty of time to look for something else.

Follow UpDiagram to discover more amazing software and useful project management tips!

Best project management programs and help your business succeed

The pandemic has forced many businesses, large and small, to operate remotely, which requires not only better project management but also a smooth collaboration between remote team members. Now, we will research the best project management programs. Above all help, your business succeed.

Photo by Brooke Cagle on Unsplash

Project management software is blooming in the technology market, because it can fulfill the needs of collaboration, efficiency, and more. So, in a recent survey on management software review sites, it was found that 60% of managers can accurately estimate the progress of a project better when using a project management tool.

So whether you’re a small business owner or a project manager in a large enterprise, investing in a cloud-based tool like project manager, task manager, or project portfolio manager has become a daily necessity.

The tools below are arranged at random, out of order, based on criteria:

Key Features
Edition
Starting Price
Support Options

To sum up, the following are management software that is rated as effective for businesses today.

1. Monday.com

Monday.com is a project management tool for contractors, owners. So, suitable for real estate, construction,…

– Key Features: Project Management, Inventory Tracking, Dashboards, Product Management, Task Management, Project Planning

– Sessions version: trial/free

– Starting price: $8/user/month

– Support options: Knowledge Base, 24/7 customer support, help center

2. ClickUp

ClickUp is a free productivity app that provides a new way to be productive. In other words, more than just integrating notes, reminders, goal lists, calendars, timetables, and inboxes.

– Key Features: Task Manager, Document Management, Resource Management, Task Management, Project Planning, Advanced Reporting

– Version: trial/free

– Starting price: $5/ users/month

– Support options: 24/7 support, email, social platform community, knowledge base

3. UpDiagram

Managing groups with multiple people have never been easier. So, It takes more effort to track the progress of each team member and the productivity of the project. The need to give feedback or comments on tasks, delivery of tasks, project perspectives,… however is extremely necessary. So, UpDiagram was built. UpDiagram.com is a project management tool. So, that helps users to shorten the time and effort in the project management process. So, everybody call UpDiagram is best project management program.

– Key features: Task management, Document management, Resource management, Task management, Project planning, Advanced reporting, Multiple data fields, Email and In-app notification for project activities, Delegating tasks, and managing members,…

– Version: trial / free

– Starting price: $ 3 / user/month (in addition, every month there are promotions )

– Support options: 24/7 support, email, social platforms, knowledge base

4. Hive

Hive is a data warehouse infrastructure tool for handling structured data in Hadoop. It sits on top of Hadoop to summarize Big Data and make querying and analysis easy. Hive was originally developed by Facebook, then the Apache Software Foundation took it and developed it into an open-source under the name Apache Hive. Companies use them for different purposes and projects.

– Key Features: Time Management, Project Portfolio Management, Task Manager, Resource Management, Task Manager, Advanced Analytics

– Version: trial/free

– Starting price: $12 /user/month

– Support options: Community, self-service knowledge base, 24/7 support, chat

5. Asana

Asana is best known as project and task management software online. Firstly, helping users to arrange jobs more efficiently and intelligently. Secondly, especially useful in the assignment of group work.

– Key Features: Task Manager, Project Portfolio Manager, Dashboards, Time Tracking, Task Manager, Resource Management

– Version: trial/free

– Starting price: $ 10.99 /user /month

– Support options: Help Center, community forum, online help, 24/7 support helps

6. Trello

Trello is an intuitive task management tool that teams brainstorm, create and create ideas. So, plan-manage and celebrate achievements together in a collaborative, efficient, and organized manner.

– Key Features: Task Manager, Resource Management, Task Manager, Project Tracking, Goal Setting, Dashboards

– Version: trial/free

– Starting price: $ 5 /user/month

– Support options: Email, community forum, help center

To sum up, evaluate above are the best six project management tools for enterprises and most interested in the past year. The tools all have their strengths and weaknesses, but the price may vary, but that doesn’t mean cheap software doesn’t work. After that, please consider and choose the best project management programs for your project.

The three biggest challenges facing the accounting profession today

Accounting won’t just stop at numbers. Here are today’s biggest accounting challenges and how to tackle them. Since the passage of the Tax Cuts and Jobs Act (TJCA), which the American Enterprise Institute has called “the most significant change in our tax code in decades.” Read blog and know how to become the accounting profession.

As of 2020, the IRS continues to work on tax code reform, and accountants and business leaders are still determining the impact of TCJA and the best strategies to maximize its benefits. TCJA.

But navigating “the Tax Cuts and Jobs Act” is the challenge the accounting industry will face. All businesses will face similar accounting challenges next year, and if you mishandle any of these, such as missing a deduction at tax time. If your data is vulnerable to hackers or not using the right accounting software will cost you money. And if your business is losing money, your business is going to fail. That is the general opinion of the accounting profession.

By educating yourself and recognizing the major challenges at hand, you can reduce the risk these challenges pose to your business and gain a competitive advantage.

Challenges

1. Enforcement Act “Tax Cuts and Jobs Act” continues

The “Tax Cuts and Jobs Act” are treated as the “foundation” of tax reform, affecting everything from GMT food and entertainment expenses to depreciation. Here are some of the biggest lessons learned from the Tax Cuts and Jobs Act for businesses:

-Entertainment expenses are no longer deductible.

-A depreciation bonus allows businesses to immediately depreciate 100% of business assets such as vehicles, computers, and other equipment over the next three years.

-Using the cash method of accounting, this method is often simpler and cheaper than accrual accounting.

SOLUTION:

Make sure you keep your accounting software up to date on a monthly basis. So the accounting software can do the heavy lifting for you when it comes to new TCJA deductions and rates. Or use estimating management templates, so that the numbers are tightly controlled.

Carefully read “the Tax Cuts and Jobs Act”. Think about ways your business can take advantage, such as cutting entertainment costs, investing in new business equipment before the end of the year, and providing paid medical and family leave to your employees.

2. Automation and AI are taking over more traditional accounting tasks than

Robots are not coming to take your job. But AI can, they are becoming increasingly intelligent and capable of handling complex accounting tasks like collecting transactions and aggregating them into financial statements and tax returns. Here’s the good news: Automation can take tedious tasks off your heavy to-do list.

In fact, it is estimated that by implementing robotic process automation. 40-person accounting team could save up to 25,000 avoidable rework hours per year, spending time on higher-value jobs such as analytics and forecasting, while increasing engagement and reducing employee turnover.

SOLUTION:

Treat the automation of repetitive tasks (e.g. payroll, tax form preparation) as an opportunity for growth rather than a challenge.

People still need to double-check the work done with automation. The best accounting professionals will make them invaluable by evolving into more consulting roles. Helping their businesses grow properly deploy new accounting automation technology as it becomes more capable and complex.

Accounting automation is here to help you do your work more efficiently. Think about all the ways it can save you time so you can focus instead on strategic, non-repetitive tasks, such as financial planning and analysis or management. financial risk management.

3. Software Technology Trends

The simple reason for using accounting management software is to join the digital age and not let human value lose to AI. The accounting profession always do that.

There are many management software use in the accounting industry, with many different features and capabilities. These software technologies allow users to estimate and calculate expenses,… and especially control the cash flow of your business.

SOLUTION:

Select and use appropriate software, for example, UpDiagram, software with many special functions and dedicated to accounting:

– Various data fields: images, text, lists, checkboxes, date, progress, until the calculation formula

– Email and In-app notification for accounting activities

– And types of calculations and estimates are

UpDiagram is used to manage accounting projects, Excel is used to control data, especially now UpDiagram can export data to Excel files.

Challenges will make people develop, challenges in the field of accounting are lessons learn and later knowledge for the path to becoming The accounting professional.

What is RFP Process? And how can it help your business?

RFP serves many different purposes and is usually utilized in several different fields for decision-making. This powerful process can help you to compare the current options that you have and thus choose the most potential one for your project.

What is RFP?

According to Investopedia, a Request for Proposal (RFP) is a business document announcing and presenting the specifics of a project, as well as soliciting proposals from contractors that will help complete the project. Many organizations tend to use RFPs when making choices. A request for a particular program proposal will require the company to review the bids to evaluate their viability, the health of the bidding company, and the capacity of the bidder to do what is proposed.

How does it work?

This process includes stages where buyers, for instance, calculate and compare prices, features, and functionalities between vendors and then choose the best vendors or retailers to sign a contract with. This process is a long period, it could take place for 3 months or more. However, once you go through the process, whichever contractors or vendors are left are the best of choice, since every aspect was taken into consideration and evaluated thoroughly. Therefore, however long it takes, it would be worth it.

RFPs are usually reserved for complex projects, where the are numerous bidders or many different criteria for evaluation. RFPs outline the bidding process and contract terms and provide guidance on how bids should be formatted and presented. Requirements are listed out and a timeline is provided for participants to stick with.

By launching an RPF, organizations or businesses raise the competition between bidders and also have multiple perspectives. As a result, ensuring that they get the most out of these bidders, the lowest cost with the most benefits.

This process contains multiple phases and steps. Therefore, in order not to miss out on any steps, an outline or a checklist should plan and given out. Using project management software for tracking the process is also a good idea. Since you can put literally anything in it: assignee, timeline, process, description, or note.

Hope this article helps you understand more about the RFP process. And if you intend to utilize this process for your business or organization. UpDiagram can totally help your team with starting out an RFP process project. There is also an RFP process template, which you can check out and start using immediately!

Optimize project efficiency with UpDiagram

What is UpDiagram?

What is UpDiagram? like other project management tools, UpDiagram is the project management tool which shortens users time and effort to manage their project.

Managing the team with many people has never been easy. Even worse, It takes more effort to keep track of the progress of each team member and the productivity of the project. The need for giving feedback or comment about the task may be complicated because of either various communication tools or unnecessary discussion meeting.

UpDiagram:

Convenience

Help you see all the progress and what steps should be taken at first glance. It simplifies your effort to follow up and estimate your project.

Grid View

Collaboration

No need to write email, inbox or book the meeting to share comment or feedback. You can communicate directly on UpDiagram.com.

Collaborate seamlessly on UpDiagram

Comment and Feedback onboard

Clarity

Everything is accessible for all member to see what they need. The work will be more efficient if all members understand the progress and prepare what they should do to move forward.

Transparent and efficient teamwork for progress

Let’s start to have a free trial.

If there is any question about a signup or set your account, and how to manage the account?

Free to contact us via info@updiagram.com. Let do it!

How the IT department keeps track of their Bugs and Issues?

When It comes to the IT department, Bug and Issue are inevitable in every project. The team of IT need to determine the solution and tool to manage and minimize the potential Bugs and Issues. Therefore, a tool to help them manage and keep track of the whole progress is significantly compulsory. After using UpDiagram, a project management tool, we are not under tasks pressure and more enjoy our work.

Photo by Sebastian Herrmann on Unsplash

Our IT department has responsibility for thousands of bugs and issues every month. Unlike other departments, most of the issues require lots of time to resolve. Even worse, the whole team members have to collaborate to work with one issue whilst there are hundreds of tasks waiting for them.

For a large number of the workforce with a team of 200 people like IT department, the mission of managing the whole tasks and members is the big challenge.

To clarify, we need to define different columns as fields in Excel so that we can follow all tasks. We had to type every single sheet to update the data and we highlighted them to make them outstanding. However, we don’t have time to highlighted day by day and remember the color to define the same for each status. Therefore, we try to use a new tool for our specific purpose.

Indeed, UpDiagram which is the tool to simplify our management process provides us with the feature of Custom Fields. This is where we can set up our own fields including status, priority, assignee, due date and so on. Also, we can categorize the fields and update the status that can be reused in a project. Thanks to that, we can highlight the status and update the progress of team members.

For us, the special thing that we are well supported by UpDiagram is the timeline setting. It is very essential to set up the timeline of the tasks and follow up on the workflow. When using Excel, we could not see the timeline of the task. Instead, we had to check out ourselves by the calendar to estimate the progress. However, UpDiagram can show the timeline of the progress and that simplify our work to keep track of everything.

Moreover, when we want to focus on the status of our task to define the which ones are the most important, we choose the Board View, instead of the Grid View. In other words, I grouped the “priority” on Board View to illustrate the High, Normal and Low priority of the task. As you can see, High, Normal and Low are in different rows. For each row, there is all the status of every single task. This is very useful for us to manage the project in any different way. In fact, we tend to default this view for our member so that they can determine the most priority tasks to do first.

Basically, UpDiagram has more function than we expect once deciding to have a trial. Right now, we are satisfied with all feature, but we also expect more enhancement, especially the personal or organizational features to meet the specific demand in case.