Businesses across the world are riding the learning curve of Internet of Things and fleet telematics.
Internet of Things (IoT) is not just a buzz word but already having incredible impact on consumers and businesses. From smart devices enabling you to control your thermostat from your mobile device despite being miles away, to helping businesses be more productive with fleet management, IoT is a wave that has just started rising. So, how is it empowering accounting professionals and their clients? There are some great resouces at the end of the article but see how one use case of IoT -- fleet telematics is changing the game for businesses.
Like a gift that keeps on giving, a fleet telematics - an 'Internet of Things' technology brings incredible value to accounting professionals—and their clients. Think of it as creating a pure win-win. Win #1: As a small business owner, an accountant can use fleet telematics to manage their mileage tracking and expense reimbursement. Win #2: That same fleet telematics solution can be used by a client to manage their vehicle assets. Bonus win: Use of that fleet telematics solution also simplifies the tax-time accounting and reporting for the tax preparer year after year.
Let’s take a closer look at the accounting/fleet telematics and why they’re such a winning combination.
Accounting and the Technology Evolution
We’ve come a long way from the mechanical calculator. Even farther from counting beans. Remember the slide rule? Maybe not. But it’s fair to say that most accountants in practice today have used at least some old-fashioned accounting tool (manual ledger, anyone?) and are enjoying the journey toward automation. This day and age, accounting professionals are staying productive around-the-clock with mobile apps that extend the functionality of desktop- or cloud-based accounting software.
And now, next-generation IoT tools that bring new meaning to “real time.” Connected car technology is helping accountants and their clients by automating pieces of their business that might otherwise be left to paper and pens.
Tracking Miles Made Easy
Accounting professionals, like other small business owners, are using the mileage-tracking tools within fleet management solutions to manage their vehicle use and expenses related to driving back and forth between client visits. Not only are they getting more accurate and complete digital records and gleefully tossing their paper log files into the recycle bin, but they’re making sure money isn’t being left on the table at tax-time.
These solutions are so useful, and offer such incredible ROI for businesses, that they’re sharing the news with their clients!
Serving Clients Made Easier
“Full-service” is more than a way to describe a car wash or tune-up option. It also describes how many accounting professionals are reshaping their business model. No longer content to stop the dialog after filing the “one and done” annual tax return, accountants are engaging their clients throughout the year, offering advisory services that add value to the client relationship. Get more details on how businesses can maximize mileage tax deductions -- 1, 2, 3, Cha-ching! Maximizing Your Business’s Mileage Tax Deductions in 3 Steps.
They’re constantly watching out for the latest-and-greatest business building solutions in the marketplace—and sharing fresh ideas that lead to new opportunities such as partnering with providers like Intuit to provide payroll services or managing invoices with solutions from Bill.com.
With the advent of IoT and all-things-connected, accounting professionals can recommend new ways to manage vehicles, mileage, and more: fleet telematics solutions that help business of all sizes save money and maximize tax deductions.
Find Your Own Wins
Do you have a SMB or field services customer that is spending a lot of time manually logging their mileage and not making the most of their time and resources? What about clients with a mobile workforce-on-wheels dealing with operational in-efficiencies?
Check out Automile.com and see how it is helping thousands of businesses.
Helpful resources on Accounting & IoT:
Voice America Podcast: Going the extra mile - hosted by Jody Padar and Liz Gold
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