What are accounting software solutions commonly used for?

Accounting software is typically used for managing financial transactions, creating statutory reports, and providing insights for business decision-making. Eleven is cloud accounting software for accounting and multi-subsidiary firms, which allows to streamline accounting for a volume of clients without compromising on performance and profit margins.

How secure is my data with Eleven?

Each of your clients' general ledgers is a separate database, easy to restore and back up. To protect the data, Eleven uses advanced encryption. We securely store all the information and documents on certified AWS servers around the globe.

Is there any long-term contract?

Yes, you can opt for a 2 or 3-year contract with a fixed-price guarantee. Long-term contracts are available for both per-entity and per-accountant licences.

How does the free trial work?

You get full access to all of the accounting software’s features for 30 days, free of charge and without commitment. You can do the trial on sample (mock) data or migrate one or two of your client entities. Data migration is on us. You'll also have an onboarding training and a dedicated support chat to communicate with the team throughout the trial process.

What is your refund policy?.

If you change your mind within your first month of paid service, we offer a full refund.

How do I cancel my subscription?.

You can cancel your Eleven's accounting software subscription easily using the billing portal or by contacting our support team at support@runeleven.com. Make sure to contact us 30 days before the termination date.

Can I cancel my subscription but still keep my data?

Absolutely. Your data remains yours even after you cancel your subscription - you can export it any time in the .CSV format in a couple of clicks.

Top 5 Accounting Challenges in 2025 and How to Overcome Them

This article examines the top five accounting challenges in 2025, including regulatory changes, data security, automation, multi-currency management, and talent retention. It offers practical solutions for firms to stay competitive, compliant, and efficient by embracing technology and strategic planning.

The accounting industry is undergoing a profound transformation. As 2025 approaches, firms face new challenges and opportunities that require adaptation, strategic thinking, and the right tools. Understanding these challenges and taking proactive steps to address them will be key to thriving in an increasingly competitive market. Let’s explore the top five accounting challenges for 2025 and how firms can overcome them.

1. Adapting to New Regulations and Compliance Standards

The accounting world is highly regulated, and staying compliant with local and global standards is becoming more complex. In 2025, firms will face an ever-changing landscape of tax laws, financial reporting standards, and data protection regulations. For instance, the implementation of global tax regulations like the OECD's global minimum tax rate is creating new challenges for international businesses.

Solution:

To stay ahead, firms must invest in tools that help automate compliance checks and stay up-to-date with regulatory changes. Modern accounting software, especially those powered by AI, can provide real-time updates on regulatory changes and ensure that firms remain compliant. Additionally, forming a dedicated compliance team or collaborating with legal experts will help ensure adherence to the latest standards.

2. Managing Data Security in the Digital Age

Data breaches have been on the rise in recent years, and the accounting industry is a prime target due to the sensitive financial data it handles. As firms increasingly rely on cloud-based systems and remote workforces, securing client data will be more challenging than ever in 2025.

Solution:

Investing in advanced cybersecurity measures is a must. Implementing encryption, multi-factor authentication, and regular security audits will help safeguard sensitive financial data. Moreover, adopting cloud accounting systems with robust security protocols and compliance with industry standards such as GDPR or SOC 2 can mitigate the risk of data theft.

3. Harnessing the Power of AI and Automation

With advancements in artificial intelligence (AI) and automation, accounting tasks that once took hours—such as reconciliations, reporting, and payroll processing—can now be done in minutes. However, many firms still struggle to implement these technologies and integrate them into their existing workflows.

Solution:

Firms should prioritize adopting AI-powered tools that can automate routine tasks, allowing accountants to focus on higher-value activities such as strategic analysis and client consultation. Training staff to work alongside AI tools and integrate them seamlessly into daily operations is essential. Many accounting software solutions, like Eleven, now offer integrated AI features to simplify this transition.

4. Managing Multi-Currency Transactions and Global Business Complexity

As businesses continue to operate on a global scale, accounting firms are increasingly tasked with handling multi-currency transactions. This comes with its own set of challenges, such as fluctuating exchange rates, tax implications, and compliance with local financial regulations in various countries.

Solution:

To streamline multi-currency transactions, firms should implement software solutions that offer seamless currency conversion, accurate tax calculations, and automated currency exchange rate updates. Accounting tools with multi-currency support, such as Eleven, provide built-in features to handle foreign exchange conversions and international reporting.

5. Attracting and Retaining Talent in a Competitive Market

The accounting industry is facing a talent shortage, and as technology continues to evolve, firms need professionals with a combination of technical expertise and digital skills. Retaining top talent, especially with the growing demand for data-driven, strategic accountants, will be one of the biggest challenges in 2025.

Solution:

Firms must focus on creating a positive workplace culture, offering ongoing professional development opportunities, and ensuring that their teams have access to the latest tools and technologies. Flexible work arrangements, career growth paths, and competitive compensation packages will also help attract and retain the best talent. Additionally, investing in training for staff on emerging technologies will ensure they can adapt to the changing landscape.

Conclusion

The accounting profession is not without its challenges, but with the right strategies, tools, and mindset, firms can not only overcome them but thrive in the evolving landscape of 2025. By focusing on compliance, data security, automation, global business complexity, and talent retention, firms will be well-positioned to provide exceptional value to their clients and stay competitive in an increasingly digital world.

As accounting firms move forward, embracing technology, fostering a culture of continuous learning, and staying adaptable will be key to navigating the challenges and seizing the opportunities of the future.

‍