Recent events have shown us just how important digital technology is, not just for business continuity but also for improving efficiency.
Our day to day lives have been transformed by digital technology. For businesses though, changing some institutionalised processes can be more difficult than others.
Digital accounting technology is gaining momentum but is still not quite there yet. A massive 94 per cent of business owners want their accountants to use the latest technology but 18 per cent of accountants still work on paper ledgers.
Manual methods slow down reporting to the end of year or quarter to find out how their business is performing. They can’t respond to problems or opportunities and they tend to lose sight of vital things like cash flow.
The benefits are obvious – automating labour intensive tasks which can lift the ceiling on productivity and profitability and giving management access to data in real time.
Businesses will be attracted to accountants who help them access these benefits. And once those core advantages have been delivered, there’s scope to do so much more.
Now is the time to leave the dark ages, as the future is bright
Accountants can use add-on apps to create more easily-understood reports, or even live dashboards that track business performance on a daily basis. For instance, the Xero app marketplace has over 800 apps which can deliver functions such as virtual credit control, stock management, point of sale or client relationship management. All integrated.
If you’ve not already begun your digital transformation, now is the time to leave the dark ages, as the future is bright – and well and truly digital.
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