Codestone

Category: Accounting software

Accounting software may be used across various firms who will be forced to work together, should new proposals from the European Commission (EC) come to fruition.

The continental body has suggested that the largest companies in the sector must share some of their work with smaller rivals, reported Bloomberg.

It will also impose restrictions on the consulting services that accounting firms can offer to businesses.

"Many of these ideas aren't new but we've never seen proposals that include all of these ideas at the same time. They've been aggregated in one place and that's where you get the big impact," Michael Izza, chief executive of the Institute of Chartered Accountants of England and Wales, told the news source.

Should such drastic changes to the auditing industry be made, financial organizations may find it is easiest to adapt with accounting software in place.

Last month, Terry Forsey, a software sales and marketing coach, said investing in accounting software is a good way to save money.

Posted by Victoria Browne