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IN TODAY’S WORLD, BUSINESSES NEED TO EVOLVE QUICKLY TO ADAPT TO RAPID CHANGES IN THIS DIGITAL ERA. 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 accounting sector is in the process of transformation. That said, 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 now has 2 million subscribers in 180 countries that enjoy the following benefits:

XERO

Xero is the emerging global leader of online accounting software that connects small businesses to their advisers and other services. Xero provides business owners with real-time visibility of their financial position and performance in a way that’s simple, smart and secure. For accountants, Xero forges a trusted relationship with clients through online collaboration and gives accountants the opportunity to extend their services. For more information, check out their website.

In short, digitalisation helps business leaders make better decisions and improves performance. It will also give them a competitive advantage over their competitors.

 

Contact us today to find out more! 

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