IN TODAY’S DIGITAL WORLD, BUSINESSES NEED TO EVOLVE QUICKLY TO ADAPT TO RAPID CHANGES. THE ACCOUNTING PROFESSION, SPECIFICALLY, HAS UNDERGONE MAJOR TRANSFORMATION IN RECENT YEARS. ONE OF THE MAIN CHANGES IS THE DIGITALISATION OF FINANCE OPERATIONS.
With the introduction of new technologies such as Internet of Things; cloud computing; artificial intelligence; big data, etc. the preparation of financial information would need to be expedited towards live accounts to be produced for businesses to make the right decisions.
Business owners can access their financial information digitally anytime, anywhere. Thanks to technology such as cloud accounting software, businesses can now have live financial information to make instant and crucial financial decisions.
A notable benefit is obtaining outstanding balances of customers immediately and accurately. As such, businesses can perform debt collection functions in a timely manner.
Digitalisation is essentially the transition of your accounting and reporting documents and storage from a traditional paper-based system to an electronic format.
To embrace digitalisation, businesses need to implement the right technology and procedure changes to fully reap the benefits.
Cheng & Co has persistently researched and tested numerous accounting solutions in the market and found Xero to be one of the best around. Xero has 1.8 million subscribers in 180 countries that enjoy the following benefits:
In summary, digitalisation helps business leaders make better decisions and improves performance. It will also give them a competitive advantage over their competitors.