If you are over the age of 30, chances are you remember taking pictures using film. Kodak used to be one the largest camera companies in the world, generating billions of dollars in revenue a year. With the creation of digital cameras, their entire business was suddenly thrown into flux. Slow to adapt they eventually filed for bankruptcy in 2012. It may be stating the obvious, but companies that ignore new technology do so at their peril. Below are 3 trends in the accounting industry that you should be putting into practice this instant.

Social Media

Gone are the days when customers find your business in the yellow pages or through of mouth. Today customers turn to the internet. Social media is an important tool to attract new customers, retain existing clients and increase your companies brand recognition. If you don't know where to start, the best social media platforms to market your business are Facebook, Twitter, Instagram and LinkedIn. The great thing about these websites is that they are free to use and easy to set up, and they can reach large groups of people for very little cost. If you are having trouble coming up with ideas on what to post you can learn about social media best practices, and how to social proof your firm on our blog. If you want to learn more there are literally thousands of articles on the internet to get you started.

Cloud-Based Accounting

Cloud-based technology is the new big thing in the accounting industry. It involves setting up a document management system (such as LedgerDocs) to run on your website. Your clients upload their financial documents to your website and your accountants are able to view their documents online. Establishing a cloud-based system is beneficial for 2 reasons. First, it allows your customers to cut down on paper, and easily view, organize and share their documents remotely from anywhere in the world. Second, it gives your accountants a tool to cut down on time-consuming tasks and streamlines the accounting process. For those of you who are interested in setting up your own cloud-based system, you can get started by reading our "getting started guide" or join us for a live webinar.

Mobile

Is your website optimized to be viewed on mobile devices? For the first time, ever more people are viewing websites using a smartphone rather than a desktop computer. If you've ever logged onto a website that was not mobile friendly, you know what a frustrating experience it can be (the tiny text, the misplaced frames, and don't even get me started on scrolling sideways). To make this event more important Google is now providing higher search rankings to websites that are mobile friendly. It may sound complicated, but optimizing your website to be viewed on mobile devices is relatively easy to implement.

Conclusion

Although Kodak ended up emerging from bankruptcy, their company is a mere shadow of its former self. Accordingly, there fall from greatness offers a lesson for us all and demonstrates the importance of embracing change. How well set up is your accounting business for the future?



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LedgerDocs is a small business tool for managing & filing accounting documents in the cloud.

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