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Matthew Brannelly Technology Transform Accounting During And Beyond Cov...

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/

Grow Your Profit with Orbit Hub Strategists

About Matthew Brannelly Orbit Strategies Owner in Clayfield Australia

Matthew Brannelly - Shifting Focus From Revenue to Reducing Expenses

“I’ve been thrilled by the positive impact on our bottom line, as a result of shifting focus from raising revenue to reducing hidden expenses, with the expertise of Matt Brannelly. With the help of these experts, we will have saved more in a year than we would normally bring in from fundraising over the same period! While the donation dollar and raising revenue from external sources is getting harder and harder, maybe the first place to start is to look internally for efficiencies. And telecommunications is only the first area we've looked at! NFP's new income stream could be as simple as finding genuine efficiencies. The challenge is finding the right person/people with the expertise to achieve this. In my experience, Matt Brannelly has been instrumental in bringing together a group of specialists to identify efficiency opportunities and deliver real solutions.” - Deb Cottrell, CEO Carers Queensland.

FRESH PERSPECTIVES TO HELP YOU ACHIEVE YOUR GOALS

The Orbit NFP Advisory Hub connects business professionals with NFP industry leaders to share their combined knowledge of trends, issues, and opportunities.

Our team of experts works alongside your management team to achieve tailored solutions to achieve your goals. 

CLP PROCUREMENT COSTS REDUCED BY $317K pa

Background – CPL – Choice, Life, Passion is an NFP organization providing disability, therapy, employment, and aged care services across Queensland.

The Challenge – No internal procurement resource to lead procurement and contract management activities and low level of expenditure control, due to the decentralized procurement model.

The Solution – Increased transparency of procurement procedure, spend limits and approval authority and planning of procurement resources to address high-value categories. Charles Kendall also negotiated fundraising rebates and donations as part of key supplier contracts and improved contract database.

The Results – Hub member delivered $317k in annualized financial savings in addition to qualitative benefits resulting in a return on investment of more than three times.

To find out how the Orbit Hub could assist your organization to uncover cost savings contact matt.brannelly@orbitstrategies.com.au