Like many other essential workflows, accounting has evolved with technology over the past few decades. It has moved from manual accounting to rudimentary software, to robust desktop applications and finally to cloud-native software as a service. While this evolution has obviously made the profession more efficient, some believe that these platforms have begun to sacrifice quality in the name of convenience.
According to tech entrepreneur and software engineer Gregory Gevorkyan, modern web applications have lost their magic: they have become bloated, slower, and even break if you don’t have an uninterrupted internet connection. Instead of relying on clunky web apps that take seconds to load, Gevorkyan believes native desktop apps have always got it right – and with Modernbanc, its next-gen accounting platform, he wants more efficient and bringing more user-friendly workflows back into the spotlight.
Learn more about how Gevorkyan combines emerging technology with common sense software development.
The challenges of outdated accounting software and over-reliance on cloud computing
Accounting as an industry hasn’t exactly kept pace with modern technology. Even today, many of the world’s largest banks still use decades-old systems such as FIS, Infosys Finacle and Temenos T24.
While these solutions were groundbreaking technology in their own time, many were built four decades ago and lack support for modern features. Not to mention that they struggle with complex transactions and larger amounts of data, both of which are all too common in the modern world. modern business.
Meanwhile, technology has driven the creation of robust accounting software to meet the needs of today’s businesses. Some platforms use robotic process automation (RPA) to automate busy work such as invoice and order management, freeing up valuable time from overworked accountants. Other offerings use specialized analytics tools to improve workflows such as auditing, allowing companies to identify anomalies, trends and fraud much more efficiently.
But today, many of these offerings are only available as cloud software, which Gregory sees as a step backwards. After all, what’s the point of using advanced technology if it relies on bandwidth and latency? Not only are these connection-dependent web apps limited in performance and accessibility, but their supposed convenience often falls flat the moment your internet connection glitches. And when finance professionals are spending more money on the cloud than ever before and seeing no significant benefits, something has to change.
That’s why Gevorkyan believes that building offline-first software is the more secure and higher-performing way to tackle the challenges of legacy financial systems.
Innovative accounting software with Modernbanc
While helping to build Royal Bank of Scotland’s next-generation online bank, Gregory Gevorkyan became intimately familiar with the weaknesses of legacy banking systems and the shortcomings of cloud-first offerings. These insights inspired him to create Modernbanc, an accounting system that is as easy to use as a spreadsheet, allowing users to build reports with live data in seconds.
The software provides tools for recording bank balances, creating financial reports, and managing assets, gathering them all in an intuitive spreadsheet format. It also integrates seamlessly with business bank accounts and transactions, with support for more than 12,000 financial institutions. This dramatically reduces the manual labor accountants usually face, giving them more time to focus on strategic financial planning.
Modernbanc prioritizes an offline-first approach and allows users to build reports regardless of whether they are currently connected (automatically syncing them when a connection is established), using an app that works seamlessly, even without internet. Instead of relying on clunky web extensions and separate offline spreadsheets, Modernbanc ensures reliable performance regardless of whether the user is connected. The convenience of the cloud is combined with the performance that Gevorkyan believes should be the standard for all robust enterprise software.
Solving the efficiency problem in accounting
With half the industry relying on outdated software and the other half on unreliable cloud applications, Gevorkyan built Modernbanc with a seamless and streamlined interface in mind, one purpose-built for reliability and efficiency.
One of the main ways Modernbanc achieves this is with a simple and straightforward user flow, allowing users to register a payment by simply adding a row. Custom reports can be generated in seconds using live data or provided templates, while transactions are automatically categorized and reconciled.
These simple yet effective features not only make Modernbanc intuitive to use, but also avoid the performance bottlenecks that other offerings face when they prioritize flashy features over functionality. And by turning away from the traditional web app approach of the past two decades in accounting software, Modernbanc ensures fast and responsive performance regardless of connectivity.
Building the future of accounting software
Accounting software is in need of an update because it is one of the few business-critical applications that has not seen much improvement in more than 30 years. By offering high performance, clean UX, responsive offline functionality and real-time data synchronization, Gregory Gevorkyan is building a new vision of modern accounting with Modernbanc. For more information, check out Modernbanc online.