A new survey has revealed that technological solutions are playing a bigger role in many forms of accounting requirements, ranging from account payable audits to accepting payment.
Data from the PCPS/TSCPA National MAP survey from the Journal of Accountancy revealed that accounting automation is of the highest use in billing and time management, in addition to other needs like accepting payment via credit cards and operating a paperless work environment.
Approximately 76 percent of respondents said they used automation in billing and time management – the highest of any metric. However, the survey company expressed greater surprise that nearly one-quarter of respondents do not use any sort of automated program.
The adoption rate increases among companies with higher revenues. Firms bringing in at least $750,000 in annual revenue use automated audit solutions at a 94 percent rate. That number approaches 100 percent among companies with revenues north of $10 million. In comparison, 66 percent of companies making between $200,000 and $500,000, and only 37 percent of companies earning less than $200,000, use such technology.