The use of digital accounting has been among the largest accounting changes in recent years. In the past ten or so years, accounting and business management have advanced significantly. Due to the nimble systems in place, firms are no longer affected by the frequent changes in accounting standards and tax legislation. To fully appreciate the value of technology, we must consider how things were done in the past.
In addition to delivery delays, manual processes often resulted in errors, inaccuracies, and poor resource management. Nowadays, businesses can maintain better control over their assets thanks to the adaptable and versatile IT solutions we have in place. Companies may achieve all of their accounting requirements and compliances with the assistance of KGRN’s vast network of software solutions. But first, let’s look at why businesses need to digitise their accounting procedures before we go into further detail.
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Accounting in the Past
Most accountants will tell you that though there have not been many monumental changes in accounting procedures in the last decade, the art of accounting has become more straightforward. This is mainly due to the systematic and efficient adoption of technology.
Tech-driven solutions have helped make the entire accounting infrastructure a lot more agile and robust. In the past, most accountants felt overworked, tired and frenzied during peak financial periods and audit seasons.
They also had to deal with the inaccurate documentation and data inaccessibility due to inefficient corporate framework. However, the adoption of agile network solutions and digitization of accounting has done away with all of these problems.
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Digital Accounting for the Future
When we look at the other facets of running a company, such as lead generation and marketing, we can see that the adoption of technology has been much faster. Most marketers rely on data analytics and other such technologies to measure their ROIs from various sources and campaigns.
Rather than depend on the print media, most marketers now look for ad space on social media networks. Similarly, every other department, from HR to R&D, now rely on cutting-edge technology to streamline their operations and processes.
For instance, HR uses payroll management and support systems to manage their employees’ benefits and remuneration payments. Furthermore, they engage in cloud software to handle grievances and manage their post-retirement and health insurance benefits.
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ERP Implementation: A Revolution
The advent and rise in popularity of ERP systems have revolutionized the field of accounting. Accountants now have access to a central system of data procurement, collection and processing. Not only does this make it easier for them to access and verify data, but it also helps companies cut costs and improve their efficiency.
Adequately implemented ERP systems help companies flourish by increasing productivity manifold. Furthermore, these systems help companies deliver services at a faster pace and with higher accuracy, leading to happier customers who keep coming back to you.
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Dangers of Being Left Behind
One of the biggest reasons why companies need to implement digital accounting is because their competitors are doing it. Getting left behind in this rat race can be a hazardous proposition that might lead to you losing out on customers, and experiencing a fall in revenue.
The business world of today is vastly different from that thirty years ago. Hence, the services you provide need to be in line with the problems of today. Expansion into foreign markets is much more accessible now, and while doing so helps the company, it makes accounting a lot more complicated.
As a result, if companies do not go for modern solutions for modern problems, they will find themselves lagging, and eventually losing customers as a result.
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Guiding Light and Support
Technology also helps accountants navigate officials by taking the right business decisions and also helps them become more efficient. Studies by CIMA Global proves that accountants spend 64% of their time gathering information, and only 36% advising corporations.
However, if they made use of tech-driven software solutions via digital accounting, we could see a reversal in these numbers, which will lead to smarter corporate actions. Also, companies should stop trying to hire more people to fill the gaps.
When the root cause of inefficiency is not having the right tools, increasing your workforce might do more harm than good. It is always better to do more with fewer people, and that is precisely what digitizing can help companies achieve.
Having a centralized platform to share, store and process data can help transform ineffective accounting standards into a well-oiled corporate machine.
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Digital Accounting Brings Success
It is safe to say, without a doubt, that digital accounting and robotic process automation are the keys to success in today’s world. They help automate repetitive tasks, improve efficiency, cut incidental expenses, streamline processes and reduce errors.
The seamless integration of such services through a viable ERP system will, therefore help transform companies and achieve large-scale success. Furthermore, embracing and adopting technology also helps companies effectively tackle their pain points and resolve them.
So, what are you waiting for? It is 2020 already, and it is time you started modernizing and digitizing your accounting services. This will help you to outperform competitors and achieve massive success. If you need any help with implementing and maintaining an ERP System or with navigating through the overtly complex financial world of the UAE, feel free to contact us at KGRN.
We have decades’ worth of experience in the field of accounting, ERP implementation and finance and can guide on any matter related to economics in the UAE.
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