Wajiha Danish | September 30 2022
“The enterprise that does not innovate ages and declines, and in a period of rapid change such as the present, the decline will be fast”
– Peter Drucker
Nobody can deny the importance of technology in today’s fast pace world. The business world is no exception.
Accounting back office functions are the key to success. They set the foundation for the client-facing operations of a business.
A sizable portion of back office functions comprises accounting procedures. It is very important to find ways of streamlining different operations like employee record management, bookkeeping, etc.
The old ways of back office accounting services are undergoing a great paradigm shift. Disruptive technology supported accounting services are introduced to re-invent business operations. The new technologies come up with newer optimization methods.
It’s high time to overcome the barriers through transformation!
A recent survey revealed that almost 60% of the customers are dissatisfied because of the messed-up back office services.
Another poll depicted that about 20% of transactional layovers are caused by executional issues taking place at back office support system.
This calls for technology support for accounting operations as digitization of core business functions is the need of time. The majority of companies have started to convert their back office operation into the digitized format for the ease of themselves and their clientele.
Automation technology in accounting and other financial operations helps business owners to make credible strategies.
Here are some of the new technology supporting accounting reasons why the usage of technology support for accounting operations in the back office has become critically mandatory.
This technology has made conducting business relatively easy and literally anywhere in the world. It allows the workforce and the owner to work from anywhere to enhance productivity. Cloud technology moves the business online which enables you to access the functions anytime, anywhere in the world.
Thanks to cloud computing, all you have to do is access the business information at your fingertips anywhere in the world without being physically present in the office or front of your workstation.
Cloud computing helps you in focusing on task completion instead of managing different business activities that might be time-consuming.
This new technology supported accounting helps in hiring resources who can work readily from home. This means that the company does not have to invest in the infrastructure of expanding the team. it can be quite an ordeal managing the team in the office. The work from home concept leads to higher levels of productivity. The business owners do not have to worry about the security breach of data and privacy.
The accounting software integrated into the business operation system of a company makes it easy to manage the books, accounts, records, and data. The software has the features of recording everything automatically without any kind of errors.
Induction of accounting software means that there is less workload on the accountants allowing them a bigger window of focusing on financial planning.
Thanks to the integration of technology support in accounting, the software helps the businesses in getting an overall analysis. They also help in forecasting the financial growth of a business.
It has become inevitable not to get affected by a mobile phone. Mobile devices are used abundantly across the globe for different purposes like educational, personal, and business-related.
Thanks to a mobile device, now you can easily manage projects, and tasks and even have meetings with your employees and prospective clients from your mobile phone.
There is a lot of mobile software dedicated to accounting and business management. They allow you to stay in touch with your business operations on the go!
Mobile accounting is like a sigh of relief for business executives as it allows them to stay on top of their business.
It manages and operates different functions on the mobile like uploading client receipts, follow-ups, invoice updates, sale management, and making business financial reports.
Mobile accounting is known to be completely secure and protect personal and business data from malware and viruses. Mobile accounting provides the business owners the option of customizing the apps according to their business type and automate their operations.
This is relatively a new kind of technology which is being rapidly integrated into the business world.
Nobody can deny the power of artificial intelligence and machine learning and it has transformed the world. Business operations are no exception. Integration of the robotic technologies benefit businesses in the longer run.
The main purpose of embedding these technologies for accounting and other business activities is that they will push the automation process precisely and accurately.
They study the business model to come up with more interactive strategies. A lot of third-party products use these technologies to enhance their services along with their business model.
The world has become the ground of cut-throat competition. It is literally survival of the fittest. In order to expand your business, it is better to opt for digital strategic planning. Compared to traditional means the digital strategies are cheaper. They allow companies to reach out to their potential clients, target the right audience, easily.
Another aspect of digital strategic planning is that the business owner can control all the operations. It becomes easier to reach out to clientele spread across the globe.
Thanks to different marketing tools, resources, and features the accounting and bookkeeping processes are highly accurate. The induction of digital strategic planning bears fruits instantly. The tools improves the overall productivity of the business as they help in expanding the business faster as compared to the traditional means of marketing.
Technology supported accounting and other back office services evolve as a company grows. With the help of these automated options and technologies, a company can increase the efficiency of its financial operations.
With the help of technology backed software, a company can increase productivity by managing their resources and time more effectively!
Wajiha is a Brampton-based CPA, CGA, and Controller with 17+ years of experience in the financial services industry. She holds a Bachelor of Science Degree in Applied Accounting from Oxford Brookes University and is a Chartered Certified Accountant. Wajiha spearheads Monily as its Director and is a leader who excels in helping teams achieve excellence. She talks about business financial health, innovative accounting, and all things finances.