AcctTwo Blog

At AcctTwo, we believe that the finance and accounting function and the CFO should be a strategic business partner to their organizations, and they have a unique opportunity to help build the future of those organizations. A recent article in the International Business Times titled, "The Future of Finance Is Connected Finance" does a wonderful job of illustrating that perspective. The article focuses on the concept of "connected finance" and its importance to this vision of the role of the modern CFO and finance teams.

The COVID-19 pandemic offers a powerful reminder to expect the unexpected. At the start of 2020, no one predicted the events that would eventually impact every single business in America. And yet some businesses have weathered the pandemic better than others, and not just those that sold toilet paper and disinfectant spray. The elites of their industry didn't see the pandemic coming, per se, but they were better prepared when it arrived. Why?

Imagine the post-COVID recovery as a miraculous touchdown pass to win a football game. All the attention goes to the quarterback and the receiver. But away from the ball, there’s a series of blocks that enable the play to succeed. They’re not the flashy party, but they’re essential nonetheless.

Marcus Wagner, AcctTwo’s Founder & CEO, discusses the harsh reality of doing business during the COVID-19 pandemic on Financial Executives International’s (FEI) website. The role and expectations of CFOs and finance teams is changing as they face immeasurable challenges and make tough decisions. “The COVID-19 pandemic and its associated economic impact brought a wave of unforeseen challenges to company financial leaders, forcing many to make difficult and strategic decisions in order to remain in operation as businesses around them shuttered.”

New research shows the accounting software market will grow to $11.8 billion by 2026, up from just $5.7 billion in 2017. The expansion is impressive but not really surprising considering that most companies are going through a digital transformation right now. But what gets lost in that explanation is that new ERP software is about more than just a tech upgrade.

If you were operating a business in the '90s this scenario is probably familiar: You purchase a desktop accounting software with some basic transactional tools. Then you spend dozens of hours issuing checks, recording invoices, and other basic obligations. Everything else, especially financial and compliance accounting, is sent off to your professional accountants.

This was the dominant mode of accounting pre-internet, and it didn't meet anyone's needs especially well. Business owners poured tons of time into accounting, but due to their lack of professional expertise the books were often incorrect and disorganized.

It's next to impossible to overstate how much technology has (and will) change the face of business. But what is just as remarkable is how crucial the human element remains in offices around the world.

Advances in automation, big data, machine learning, and sophisticated analytics promise to make the impossible accessible. What these technologies will not replace, however, is highly-trained professionals with extensive experience and expertise in SaaS accounting.

At a certain point every business has to upgrade its accounting software. Solutions like QuickBooks may be adequate to start, but not once businesses begin to grow and diversify. Committing to an upgrade is an important step for future success. The question is what kind of upgrade to pursue.

In the new book “Subscribed: Why the Subscription Model Will Be Your Company’s Future—and What to Do About It,” author Tien Tzuo argues that services are becoming more important than products. Most of us already rely on services like Netflix or Amazon Prime, and the idea of paying for access rather than ownership will soon become standard.

This year, United Way of Central Indiana (UWCI) celebrated an impressive milestone — 100 years of fighting for the education, financial stability, health and basic needs of everyone in the Central Indiana community, with a special focus on people and families who are living in or are one step away from poverty. The United Way movement began 131 years ago in Denver, Colorado, when several leaders in the religious and human service sectors had united around one cause: helping to serve people who were living in poverty. In April of 1918, the United Way movement arrived in Indianapolis in the form of a “War Chest.” The gigantic Chest was placed on the steps of Monument Circle, and a campaign to raise contributions involved every person in the community. The result: more than $3 million ($50 million in today’s dollars) was collected and donated to dozens of charities and relief organizations throughout the region. Since 1918, UWCI has worked with more than 80 agencies that serve the critical needs of the community.

How AccTwo and Sage Intacct Nonprofit Accounting Helped Mission of Hope: Haiti (MOH)

In 1972, Sharon Johnson went to Haiti to direct a choir that was traveling around the country. As she looked into the faces in the crowds, she fell in love with the people of Haiti. She returned each year with her husband, Bob, and over time, they felt the need to provide the people of Haiti with help every day and not just once or twice a year. In 1983 they formed what is today Mission of Hope: Haiti (MOH).

Officially founded in 1998, MOH has since grown from a small mission located on a barren piece of land, to a fruitful organization that now houses an onsite orphanage, medical facility, school, and church. Through partnerships, MOH also serves outside of its property by helping other orphanages, churches, and schools throughout the country.