10 Accounting Practices Heading the Way of the Dinosaur

10 Accounting Practices Heading the Way of the Dinosaur

Is your finance team caught behind the times? For finance professionals, there are certain accounting practices better left in the past (e.g think about the abacus and adding machines!). But today it’s not that obvious. Social media, cloud computing, and the internet of things are all accelerating the pace of business and forcing fundamental changes in the way companies compete and how finance must operate. We’ve compiled a list of the top 10 accounting practices/tips heading the way of the dinosaur (finally) because they simply present far too many risks for your business.
  1. Bye bye bookkeeping apps
  2. Spreadsheet overload
  3. No CRM integration?
  4. Email isn’t a collaboration tool
  5. Limited mobile access
  6. Lack of ERP strategy
  7. Don’t tolerate high DSO
  8. Digital storage
  9. Period close blues
  10. Ignoring transaction costs
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