Accounting News: May in Review

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Last Updated May 31, 2023


Wondering how to get your team excited about participating in security awareness training? Curious about how advances in technology will benefit your firm in the long run?

Or, are you desperate for a break and need to know how a layered security strategy solicited a Shrek allusion from yours truly?

Whatever the case may be, I’ve got you covered. The May accounting news recap starts now…

5 Top Benefits of Cloud Computing for New Users | May 1, 2023: If you’ve landed here, you’re probably already a Right Networks user. But for the few folks who just so happened to browse to my highly anticipated monthly recap of accounting-related articles—this one’s for you.

The cloud offers numerous benefits to its users:

  • Flexibility: Having cloud-based systems enables businesses to scale resources up or down as needed.
  • Cost savings: It eliminates the need for businesses to invest in hardware or infrastructure.
  • Data security: Cloud platforms enhance data security through advanced encryption and backup systems.
  • Collaboration and remote work: Seamless access from anywhere is made easier by cloud-based apps.
  • Disaster recovery: Ensures business continuity; in the event of a system failure or natural disaster, data isn’t lost.

But that’s just the beginning. Learn why the cloud benefits users—both new and seasoned alike—here.

The Best Firms for Technology for 2023 | May 9, 2023: Leveraging technology to enhance accounting services and provide innovative solutions to clients is how firms stay ahead.

Just ask the firms in this Accounting Today article, recently recognized as driving technological innovation within their profession.

How’d these firms manage to make it to Accounting Today’s list of “Best Firms for Technology” this year? By demonstrating a commitment to staying at the front of technological innovation, outranking their peers in:

  • Technology infrastructure
  • Data security
  • Cloud adoption
  • Automation
  • Client support

Join me in a digital round of applause for the accounting firms listed in this year’s “Best Firms for Technology for 2023.”

How to Make Security Awareness Training Successful | May 15, 2023: Ah, mandatory training. Everybody’s favorite time of their workday is when they get an email about a required course, right? Just me?

It’s no secret that fostering a culture where people are receptive to training is difficult.

But it’s so, so important that we wrote an entire article dedicated to ways you can make sure it has a chance of succeeding.

Here’s a sneak peek at our advice:

  • Involve all employees at every level of the organization.
  • Provide practical examples to make training more relatable.
  • Use interactive examples, like quizzes and simulations, to reinforce learning.

Ultimately, security awareness training requires an engaging, comprehensive approach. Learn how to build your successful program here.

Why You Need a Layered Security Strategy | May 17, 2023: Onions have layers, parfaits have layers and so should your security strategy. (Shrek reference, anyone? Bueller?)

Multiple movie references aside, security isn’t anything to laugh about. How you handle security will ultimately determine the consequences of the inevitable cyberattack. Because it will happen; it’s just a matter of time.

And by layering your defenses, you’re making it harder for bad actors to find a weakness. It’s the same “defense in depth” principle the military uses.

In this article, security writer Molly Gallaher Boddy dives deep into not only why you need a layered approach, but how to get one.

Some of her advice includes layering your cybersecurity approach with firewalls, antivirus software, intrusion detection systems, encryption and employee training.

But that’s not all.

Find out the easiest path to a layered security strategy—to safeguard sensitive data and mitigate cyberthreat risks—here.

3 Technologies CPA Firms Must Leverage in 2023 | Spring 2023: All accounting firms—not just CPAs—should be leveraging cloud hosting, digital transformation and RPA (robotic process automation) in 2023.
In this Illinois CPA Society article, they explain why. Here’s a snippet:

“If you aren’t moving forward with new technologies to improve workflow and add value for your clients, you’re effectively going backward relative to your competitors.” – LeeJay Stewart, CEO and Managing Director, StratusCOMM

Start embracing technology if you haven’t already. For advice on staying competitive, enhancing productivity and providing higher-value services to clients using technology—click here.

3 Ways Document Management Tools Increase Client Collaboration | May 23, 2023: SmartVault—a leader in the document management space—was kind enough to share its expertise this month on the Right Networks blog.

In a nutshell? Keeping up with hardcopy paperwork just doesn’t make sense anymore.

Their advice? Use document management tools instead.

Paperless document management improves businesses in the following ways:

  • Allows for seamless document sharing and real-time collaboration, enabling multiple users to work on the same document simultaneously.
  • Provides version control, ensuring all stakeholders have access to the most up-to-date information, eliminating confusion and improving productivity.
  • Enhances communication with features like commenting and task assignment, enabling efficient feedback and task management.

Learn how else document management helps businesses by making client collaboration easier, here.

Why You Shouldn’t Fear Artificial Intelligence in Accounting | May 24, 2023: AI is a tool. Simple as that.

It helps us get our jobs done faster. It scrapes information from a source and spits it out in a concise, easier-to-digest summary.

The subject of artificial intelligence and how it’s impacting accounting isn’t anything new. The best and brightest have been discussing how it’s changed, and will continue to change, the profession for years.

In this article, Lee Pender responds to those who have feared its takeover. Specifically, he’s talking about why there’s nothing for the profession to be afraid of.

Instead, accounting professionals should embrace the technology. It doesn’t take away; it simply advances.

AI technologies:

  • Automate repetitive tasks, freeing up time for accountants to focus on more strategic and analytical work.
  • Improve accuracy and reduce errors by leveraging advanced algorithms.
  • Aid in decision-making by providing insights and predictive analytics.

Find out why else accountants, and all professionals, really, should embrace AI—starting today…before the computers take over. (Just kidding.)

Accounting News: Coming in June

Be on the lookout for upcoming webinars, new eBooks and more by visiting our resource library. And watch for next month’s accounting news recap.

Expect all the noteworthy news from the accounting and finance profession right here on—don’t forget to subscribe today!

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