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Don't forget about your existing technologies! 🤔

Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers,
Own Your Close
Don't forget about your existing technologies! 🤔
By Blake Oliver • Issue #92 • View online
Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers, and providers of outsourced accounting services. For more accounting technology updates, tune in to the Cloud Accounting Podcast.

Artificial intelligence, automation, blockchain. 
It’s fun to think about these tech trends, but let’s not forget that there are plenty of off-the-shelf technologies waiting to be implemented by accounting departments for massive productivity increases.
That’s the takeaway from a recent article on CFO.com, “Don’t Forget About Your Existing Technologies.” 
A recent survey cited in the article finds that:
  • 55% of companies have neglected to implement basic automation technology such as OCR or online invoice approvals for accounts payable. 
  • Another 43% on the accounts receivable side are failing to send invoices electronically or set up customers with self-service portals.
  • Only 53% have a tool for automatic journal entry creation.
  • Only 31% have automated revenue recognition.
What’s crazy about those stats is that there are plenty of software vendors ready to sell you solutions today that will give you easy wins.
The lesson is clear — it’s time to gather the low hanging fruit! And don’t get distracted by shiny objects.
As usual, keep on scrolling for my collection of the best cloud accounting links I clicked on this past week.
Featured Story
Remote Work
A 4-Day Workweek? A Test Run Shows a Surprising Result
Future of the Profession
Podcasts
Evan Goldberg on Founding NetSuite, His Relationship With Larry Ellison & the Positive Impact of the Oracle Acquisition
Software News
Modern Office
Open offices are as bad as they seem—they reduce face-to-face time by 70%
Automation
Robots Are Ready to Shake (and Stir) Up Bars
Blockchain
Sales & Marketing
Hardware
The Best USB-C Hubs and Docks
On the FloQast Blog
Thanks for reading, and have a great week! If you’re interested in even more accounting tech news, subscribe to the Cloud Accounting Podcast on iTunesGoogle Play, or Stitcher. You can also follow me on Twitter or connect with me on LinkedIn.
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Blake Oliver

"Cloud Accounting Weekly" is now "Own Your Close," a newsletter for industry accountants, controllers, and providers of outsourced accounting services! Subscribe and stay up-to-date with the latest in technology, new regulations, and management tips.

For additional resources for management accountants, visit https://floqast.com/resources/. FloQast (where I work) is close management software built by accountants for accountants to help them close faster and more accurately.

For accounting technology news and podcast episodes, check out my personal website at http://www.blakeoliver.com.

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