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Matthew Brannelly -Technology Transform Accounting During And Beyond Covid 19
As covid 19 takes hold , the role and importance of technology are further re enforced.. The pandemic demonstrated how technology is needed to revolutionizing industries and businesses at an accelerated pace. The accounting sector is not left out.
“With the stay-at-home, and work from home
becoming the new norm, having the right technologies in your arsenal is the key
to staying ahead of the storm. The
pandemic has only deepened reliance on these big techs while accelerating
trends that have already benefited them,” says Matthew Brannelly, owner of Orbit Strategies, a business committed
to developing and executing revenue growth strategies.
Accounting firms, more than ever,need to
embrace these technologies to innovate and evolve in order to sail their way to
success during and beyond Covid 19. Here, Matthew Brannelly looks at the role
of technology in accounting. Why cloud computing is important and why skills
remains a priority amidst the pandemic.
Role Of
Technology In Accounting During Covid 19
What seems like difficulties in the landscape
before the pandemic hit ,now turns to blessings. Accountant and finance
professionals across the globe are turning to technology as a saving grace to
help adapt to the changes and reengineer their
businesses. Although, technology is not new in the sector, however, the
pandemic has shed light into areas where
technology is still being underutilized. Here are how accounting technologies
has become a game-changer in the industry.
Cloud Adoption
Topping the list is, of course, the changes
brought by remote working. Many accounting professionals understand they need
to keep the work going while still striving to meet customer expectations. What
changes? Home replaces the traditional office as firms are allowing employees
to work from home. Trade and finance conference evolves into virtual ones.
Businesses have been able to transition seamlessly and clients have been left
with no choice but to embrace the cloud.
The good news: cloud computing features have
allowed the employee to work from anywhere and anytime. Seamless communication
is enabled by the team. Businesses can openly communicate with clients and
serve them whether down the street or at a far end of the planet. This is made
possible through online collaboration, conferencing, and unified communications
systems. The business continues, revenues are generated. More importantly,
maximum protection of data and sensitive information are guaranteed with the cloud-based
infrastructure.
Operation
Tools
Accounting software and tools are emerging at
a fast rate. Firms are leveraging these technologies to manage cost, increase
margins and boost customer satisfaction. For instance, experience management
systems work on all your customer-facing touchpoints. It organises,
synchronises and automate customers interactions, measure feedbacks and ensure
their maximum satisfaction.
Automation
Technology empowers accounting firms to
streamline their processes and workflows. This is one of its biggest impacts as
companies now develop and use computerized systems to track and record
financial transactions. Accounting work has gone beyond outdated, paper-based,
manual processes. Manual tasks such as invoice processing, purchase order
matching, new supplier registration and payment are made easier with
automation. Technology has taken over manual transfer which can be unreliable,
unsafe and packed with human errors. The days of paper bookkeeping is gone.
Technology is giving ways to better easier, faster and better work-one of the
key to success amidst the coronavirus crisis.
Need For
Improved Technological Skills
With these opportunities come the challenging
need to take your skills to another level in order to meet up with the changes.
“As technology becomes a necessity for success, employees and rising stars need
to strive for technological competence and excellence. Employers need to ensure
their staff are well-equipped to adopt these technologies. If not, there might
be skills gap which can be an impediment to success.,” Matthew Brannelly concludes.
Originally Posted At: https://www.allperfectstories.com/technology-transform-accounting-matthew-brannelly/