hestia domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/forwardai_blog/knowledge-center/wp-includes/functions.php on line 6131Small business accountants are becoming more tech savvy. So are the clients they serve. It\u2019s not a perfect transition, but it\u2019s happening. What\u2019s next?<\/p>\r\n\r\n\r\n\r\n
As technology solutions have become a must-have instead of a nice-to-have, more small to medium-sized accounting firms and businesses are utilizing the cleverly named SMAC system to drive business innovation and solve real-world problems.<\/p>\r\n\r\n\r\n\r\n
At ForwardAI, we\u2019re all about solving real-world problems, like\u00a0cash flow<\/strong><\/a>. Here\u2019s what we found out about the buzz everyone is feeling from SMAC.<\/p>\r\n\r\n\r\n\r\n SMAC stands for Social, Mobile, Analytics and Cloud technologies that help a business make the leap into the digital age. They are the\u00a0building blocks<\/strong><\/a>\u00a0of the internet of things (IoT) where technology has shifted from machines to the humans that use them.<\/p>\r\n\r\n\r\n\r\n Social is just what you expected, all the main social media channels, Twitter, Facebook, LinkedIn, Instagram and SnapChat, along with the constant stream of newcomers.<\/p>\r\n\r\n\r\n\r\n The social media universe is a place where you can interact with customers and \u2018listen in\u2019 on what people are saying about your business and your competitors. A\u00a0skillful use<\/strong><\/a>\u00a0of social media can engage customers, build brand awareness and drive sales. A tone-deaf approach can have the opposite effect.<\/p>\r\n\r\n\r\n\r\n Mobile consists of smartphones, tablets and other connected devices, like restaurant and retail point-of-sale (POS) systems. While phones and tablets help you access information from almost anywhere, they can also gather information through tools, like receipt scanners using optical character recognition (OCR) technology.<\/p>\r\n\r\n\r\n\r\n By its nature, all this technology and technological integration create more data. The challenge and value come from turning this data into usable information. Think QuickBooks Online (QBO) and the business financial data collected from standard business transaction and other integrated applications. Then there are apps like\u00a0ForwardAI<\/strong><\/a>\u00a0that connect to QBO and provide powerful cash flow and financial analytics.<\/p>\r\n\r\n\r\n\r\n The cloud is the glue that connects social, mobile and analytics. The mythical cloud hosts most of these online and mobile tools. It\u2019s also the main conduit for sharing information between these technologies. QuickBooks Online is hosted in the cloud and so are the applications (apps) in its ever-growing ecosystem.<\/p>\r\n\r\n\r\n\r\n Longing for the days of the abacus? Your tribe is probably a very lonely place because tech is firmly embedded in the future of accounting. In fact, 80% of the highest performing accounting firms say adding value to existing clients is the most effective way to\u00a0drive growth<\/strong><\/a>. Now that you know what SMAC is, here are a few ways you can apply it.<\/p>\r\n\r\n\r\n\r\n A majority, 96% of small businesses use\u00a0social media<\/a><\/strong>\u00a0as part of their marketing efforts. According to Intuit\u2019s Firm of the Future thought leaders, social is quickly becoming a vital\u00a0sales and branding<\/a><\/strong>\u00a0tool for accountants and bookkeepers.<\/p>\r\n\r\n\r\n\r\n In the United States, 95% of Americans own mobile phones, 77% of which are\u00a0smartphones<\/a><\/strong>. Some entrepreneurs even claim to run 100% of their business\u00a0from their phone<\/a><\/strong>.<\/p>\r\n\r\n\r\n\r\n It\u2019s no wonder there\u2019s a growing number of accounting apps for smartphones, such as time tracking, scheduling, expense and mileage tools, just to name a few. Knowing which apps to suggest small business clients helps accountants fulfill their roles as\u00a0advocates and fintech experts<\/a><\/strong>.<\/p>\r\n\r\n\r\n\r\n In 2016, Intuit stated that there was a 41% increase in subscribers for\u00a0cloud-based accounting software<\/a><\/strong>. The trend is pretty hard to overlook. One of the reasons that many small businesses (41%) \u00a0are choosing cloud accounting software is for the increased\u00a0functionality<\/a><\/strong>.<\/p>\r\n\r\n\r\n\r\n The cloud not only increases access to information \u2014 from almost anywhere and any device \u2014 it also changes the way people connect. Face-to-face meetings are no longer a prerequisite to delivering value. Especially when you can have all the information you need lined up and ready to share via e-conference or e-mail.<\/p>\r\n\r\n\r\n\r\n Another benefit, when you combine cloud computing with automation, you eliminate a lot of the time-consuming manual tasks that once kept you from offering further analysis and\u00a0insights<\/a><\/strong>.<\/p>\r\n\r\n\r\n\r\n By 2020, 1.7 MB of data will be produced\u00a0every second<\/a><\/strong>\u00a0for every living person. For small to medium-sized enterprises (SMEs),\u00a0structured data<\/a><\/strong>, like entries in accounting software, only represent 20% of all data. The other 80% of the information, generated by smart devices and other technology, is considered big data or unstructured data.<\/p>\r\n\r\n\r\n\r\n However, even the term \u201cstructured data\u201d is somewhat misleading as it still requires a sophisticated use of artificial intelligence (AI) and machine learning (ML) to provide meaningful analysis. As evidenced by the sheer number of analytics apps on display QuickBooks Connect 2018 in San Jose. It\u2019s also why ForwardAI was named a Small Business\u00a0App Showdown Finalists<\/a><\/strong>\u00a0for its cash flow analytics.<\/p>\r\n\r\n\r\n\r\n For such an essential business concept, cash flow monitoring and forecasting can actually be a significant challenge for small businesses.<\/p>\r\n\r\n\r\n\r\n ForwardAI\u00a0thinks it shouldn\u2019t be this way, which is why we developed our cutting-edge cash flow projection and analysis tools. Our performance insights also provide a 360\u00b0 view of financial health.<\/p>\r\n\r\n\r\n\r\n Getting started is as simple as creating a ForwardAI account and connecting a business\u2019 QuickBooks Online account. Once that happens, our application takes this financial data and begins is assessments using hundreds of data points. Then all you have to do is click on the dashboard button to view a wealth of insightful charts and graphs that help make sense of cash flow and financial health.<\/p>\r\n\r\n\r\n\r\nWhat is SMAC?<\/strong><\/h2>\r\n\r\n\r\n\r\n
Social<\/strong><\/h2>\r\n\r\n\r\n\r\n
Mobile<\/strong><\/h2>\r\n\r\n\r\n\r\n
Analytics<\/strong><\/h2>\r\n\r\n\r\n\r\n
Cloud<\/strong><\/h2>\r\n\r\n\r\n\r\n
Why you should be doing SMAC<\/strong><\/h2>\r\n\r\n\r\n\r\n
Build better relationships with social<\/strong><\/h2>\r\n\r\n\r\n\r\n
Don\u2019t overlook the importance of mobile<\/strong><\/h2>\r\n\r\n\r\n\r\n
You can\u2019t escape the cloud<\/strong><\/h2>\r\n\r\n\r\n\r\n
Add value with analytics<\/strong><\/h2>\r\n\r\n\r\n\r\n
Put an end to cash flow problems<\/strong><\/h2>\r\n\r\n\r\n\r\n
\r\n\r\n
\r\n Having trouble with managing cash flow?<\/strong> Forwardly is the one-stop cash flow management platform designed for small businesses, so you can improve your cash flow with ease and bring certainty to the business’s future. Sign up now for free.<\/strong><\/a><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n\r\n\r\n\r\n