Intuit projected that by 2020, 78% of small businesses will already be on the cloud. With this revolution, accountants’ roles are also evolving. Tasks are turned over with minimal human intervention, and time spent in doing manual bookkeeping is lessened as well. 

Navigating the fast-paced changes in business processes and technology advancement, the business landscape is also becoming more vulnerable to a broad spectrum of risks. The need to respond to these emerging challenges faced by internal auditors is ever increasing, thus bringing in opportunities for the internal audit (IA) function to help them develop their assurance functions internally.

Financial statement analysis and valuation serve as a backbone for businesses to know how their finances are going. Are the funds moving in an increasing trajectory? Is it in the red? Will your existing capital help you stay afloat in the coming fiscal year? With the right financial reports on hand, you can confirm your firm’s current performance, compare it with your past year’s standing and even forecast if you can stay in the green during the next quarter. 

Business owners have a lot on their plate, all running from management matters to tracking financial status. Staying on top of your numbers can be an overwhelming task to regularly attend to because overseeing your core operations still comes first. However, with the rise of technology, the finance and accounting (F&A) industry openly welcomed new integrations in its realm to upgrade the workflow process of their teams.  Different accounting software offered competitive suites of automated services to cater F&A duties for small business owners and corporations. Among the names revolutionizing the accounting technology, Xero is one of the pioneers.

Before the turn of innovation, chief financial officers (CFO) had been responsible for all financial movements within a company. They are responsible for the accuracy of the company’s books, providing financial statements and statutory compliance.  However, with the growing demands of the finance and accounting (F&A) industry, the responsibilities of a CFO also extended beyond its breadth by welcoming employee management duties and deploying strategic plans for the company.

With the wave of innovation rushing through the years, the finance and accounting (F&A) industry witnessed the evolution towards a more streamlined and cost-effective process for businesses. However, even with these drastic changes onboard, one thing has remained constant: our continual consumption of paper in our transactions.