Covid-19 has impacted businesses across the globe and forced them to look at operations differently in order to survive and then to plan for life post hibernation. One of the areas that business owners will need to focus on is technology and specifically automation.
Technological progress has ushered in a new phase in accounting. Artificial intelligence is a major component of accounting systems and cloud computing is now a trend. The rise of mobile accounting and outsourcing has pushed us to think bigger in terms of innovation.
Why Automate?
We keep hearing that the benefits of automation are many, yet businesses are still reluctant to embrace the use of smart tools when it comes to managing company finances. Let me help you make the decision and shed some light on the benefits of embracing accounting automation:
- Increase accuracy, reduce costs, increase efficiency
The biggest impact with automation is a) the increased speed in processing transactions and b) improvement in accuracy – both benefits translate into a reduction in cost. A clear example of this efficiency, is the way Xero bank feeds connects your bank to your accounting software and allows a seamless, accurate and timely flow of transactions. This increased efficiency allows time and money to be allocated to other areas of the business.
- Open new frontiers in your workplace
Technology has changed the way that business is being performed. Due to the immediate visibility of information, business decisions can be made quicker, allowing more time to be spent on other areas of the business, including revenue generating activities. For example, accessing a business dashboard on your tablet, allows more time to be spent on business strategy rather than meetings, administration and searching through information to understand data.
- Focus more on strategy
By using automated processes in your accounting system, you limit time spent on validating historical transactions and focus on strategy and growth with the help of financial forecasting and business advisory.
Conclusion
Embracing technology to provide accurate and timely financial data will allow you to make informed business decisions and achieve your goals. If you’re interested in understanding how technology can drive your business with intelligence, click here for more information.
Let Us Help
If your business has a turnover of over $1 million, ABJ Solutions is offering a complimentary 30 minute Zoom meeting to help answer questions and model critical decisions with you. Get in touch with us today so that we can help guide you through this challenging time.
