At Elena Meskhi & Co we are firm believers in harnessing the power of technology to improve your accounting experience. With a vast range of innovative and forward-thinking technologies available; there is an unprecedented ability to streamline your processes and make them far more efficient. Allowing individuals far more independence and a way to work towards their financial freedom, here is our list of the five most inspiring and essential technologies around.
It is safe to say that Xero has done more than, quite possibly, any other software to utterly disrupt the accounting world. Offering a user-friendly dashboard and helpful, prompt advice, it allows business owners to manage their invoices, cash flow, and expenses all in one place. Compatible with many other useful apps, it is a simple framework that packs a punch. Xero is indeed streamlining the entire bookkeeping process. It is a unique innovation and one which we encourage all our clients to purchase.
Operating on the go, with so many devices can, on occasion, be a little overwhelming and it can be a bit difficult to collate all your information in one place. However, once you have downloaded Evernote, you can install your data on its remote servers; meaning you can access it anywhere, anytime. A simple premise, it is nonetheless a helpful addition to the portfolio of any busy working professional.
This one is slightly more difficult to judge as it’s still in its very earliest stages. However, primarily it refers to a digital currency that is used solely online, stored in a digital wallet and that has increased significantly in price. Take last year, for example, at the beginning of 2017 Bitcoin, a well-known cryptocurrency, was valued at just below $1,000 whereby the end of the year it was worth almost $20,000. With Mark Carney, the governor of Bank of England referring to it as being part of a potential “revolution” in finance and PWC becoming the first of the big four accountancy firms to accept the digital currency as payment for services, this one is absolutely one to watch. It is also a system in which we assist several of our independent clients with.
We firmly believe this is the next step forward in handling your business infrastructure. Whereas you have to install Outlook, business software, and other essential business tools on your desktop, a remote desktop allows you to log in from any computer anywhere in the world; offering you a centralised location to store all of your information through an online portal. We already have experience using systems like this, also known as VPS (Virtual Private Server), which enables us to access all of our important tools and methods from anywhere, and from any device. We would recommend using a secure server to ensure that your data remains safe, secure and, ultimately, GDPR compliant so do make sure to research the tool you will be using, and seek legal counsel, if necessary, to keep everything in tip-top shape.
This invention is particularly helpful for our clients who are sending money overseas. Acting as an online bank account (although with the option for an overdraft or interest) Transferwise allows you to transfer money abroad without being subject to international transaction fees or outrageous exchange rates. Essentially, it will enable you to send, receive and convert currency all in one account; offering you the real exchange rate and the lowest possible fees, it’s a winner in our books. If you are looking for time-friendly assistance with your accounts, or are interested in finding out more about our recommended tools for your business, please do get in touch.
