In the past, accounting was a process that happened at the end of each fiscal quarter. You would tally up your income and expenses, and then make decisions about what to do with your business based on that information. 

What is Real-Time Accounting?

Real-time accounting refers to the tracking of your finances on a regular basis, typically daily or weekly. This allows you to see how your business is performing at any given moment, and make decisions accordingly.

There are several benefits of real-time accounting:

• You can make better decisions for your business
• You can respond quickly to changes in the market
• You can improve communication with clients
• Timely information to taxpayers

Read more: 7 Ways to Reinvent Your Accounting Firm in 2022

How you can implement real-time accounting at your accounting firm?

• Use accounting practice management software
• Train your staff
• Set up a system

Read more: Accounting Automation Explained: How to Get Started Accounting Practices

Do you use real-time accounting in your business? What benefits have you seen? Let us know in the comments below!

We are one of the leading providers of ERP-based accounting practice management software. We offer a wide range of features that helps CPAs & Accounting Businesses in managing their office workflow, finances, & clients more efficiently. 

Contact us to learn more about how we can help you take your accounting business to the next level!