5 essentials shaping the accounting apps you’re likely to use, if not now but soon

Technology is finding its way into accountancy practices more and more.

The pandemic and lockdowns certainly speeded the need for new technology, as accountancy firms and finance teams faced significant challenges. Many pivoted to technology, a point highlighted in a McKinsey study which found that the pandemic accelerated digital transformation and technology adoption by years.

At Joiin, we’ve seen a considerable rise in accountants signing up for and using our Joiin platform for multi-entity consolidated group reporting.

But what are the essential elements shaping the technology you’re likely to use, if not now but soon.

1. Cloud interconnectivity

Advances in cloud technology mean we’ve all had access to cloud-based accounting software for some time, such as Xero, QuickBooks Online and Sage.

In today’s world, cloud technology’s interconnective capabilities make it powerful and robust. You can quickly build a stack of cloud solutions to meet your needs, plugging in and integrating apps and platforms as needed.

If your clients require complex group reporting, there will be lots of complexity impacting group reporting. Examples might include:

• Businesses operating in multiple countries.

• Investors with property portfolios.

• Organisations collaborating to take advantage of economies of scale – such as veterinary practices.

Key Joiin takeaway: If consolidated group reporting is overly complex, consider our Joiin platform, which quickly and seamlessly connects with your cloud accountancy software to provide a solution for multi-entity consolidated group reporting.

2. Greater automation

Many accountancy firms are embracing and focusing on ways to automate processes with new technology, with routine administrative and rules-based tasks automated more often.

Automations can include:

• Clicking and connecting to your cloud accounting software accounts.

• Letting algorithms, rules and system settings manage data.

• Benefiting from off-the-shelf time-saving reports.

The time automation can unlock for accountants enables you to offer more advisory services and spend more time growing your client portfolio.

Key Joiin takeaway: Our Joiin platform means accountants can spend less time wrangling with spreadsheets when producing monthly consolidated reports and more time growing their own business.

3. Insightful data

In recent years there has been a seismic shift away from the static mode of data locked into complicated spreadsheets. Now, data is a dynamic asset that enables you to grasp the figures quickly, make accurate decisions and predict outcomes.

Today, the right technology can provide instant access to automatically generated, powerful reports and analyses that deliver the accurate insights needed to engage strategically with clients proactively.

Key Joiin takeaway: Our Joiin platform delivers a range of reports automatically, including a real-time dashboard report for keeping a quick tab on performance, time-saving off-the-shelf consolidated reports, plus editable features for creating reports precisely as you need them and report packs for when you need to package up wide-ranging reports and present to your clients.

4. Collaborative tools

Accounting firms require the ability to collaborate with internal teams and, at the same time, involve clients. The ability to easily share reports is a must, helping improve business operations, revenue and profits.

With hybrid/home working a top agenda item around business efficiency and costs, platforms like ours at Joiin continue to help accountants collaborate better and deliver services remotely.

Key Joiin takeaway: With Joiin, users get unlimited licences, meaning colleagues or clients can access and share reports. Our platform is also mobile-friendly and easily accessed on the go wherever you are, while one of our latest features – Report Packs – enables you to create board-style reports that can be shared with or sent directly to clients digitally.

5. Software-as-a-service models

Our platform is licensed and delivered as software-as-a-service, meaning it is subscription-based, hosted by us, and delivered via the cloud.

Our subscription-based business model makes customer care and collaboration critical. Otherwise, people will unsubscribe, while the cloud lets us keep subscription fees affordable and means everyone is always on the latest version of Joiin.

Key Joiin takeaway: At Joiin, for one subscription you get everything – we don’t expect our customers to upgrade to a more expensive version to unlock extra features.

Click here to find out more about Joiin and its consolidated reporting app ›