Innovation enables industries to advance their practices and produce better results. It helps us change the way we work and utilize technology. Clearly, innovation is the drive behind every successful advancement of a company, regardless if it is a corporation or a small business.
Accounting trends and technology such as robotic accounting and automation opened the doors for a more streamlined business process and improved team efficiency. Through this innovation, you can minimize the risks and threats your company will likely bump into along the way. Plus this allows you to incorporate innovative practices in your team, where everyone is encouraged to introduce new ideas.
Read: Should My Firm be Worried About AI and Audit?
Coping with Changes
As we progress towards a more technological era, everyone is on the move to catch up with the changes. Structuring strategies is an essential piece of your company’s game plan to survive any roadblocks ahead.
Innovation transforms the accounting landscape to meet the ever-changing demands of the consumers. Overtime, manual transactions shifted to a higher gear. Because of this, basic tasks such as basic bookkeeping and invoicing are automated, reducing the chances of human error. Greater precision is more possible through this process as well.
These advancements were further nurtured, bringing us cloud accounting technology, blockchain, fintech, and cryptocurrency. Adapting to this new wave of modernization gives you a clearer view of your finances and offers better opportunities for your company’s growth.
Changing of Roles
As a Chief Financial Officer (CFO), you have to be agile in being at par with the trends, and at the same time being circumspect in making sound business decisions. Your responsibilities lie in between managing the company’s financial health and ensuring the continuity of your team’s everyday core operations, which makes it seemingly overwhelming to attend to.
However, through the emerging artificial intelligence (AI) in accounting, you are sure to embrace the technological potentials of AI to its fullest extent and give a guarantee of lifting manual tasks for you and your team.
According to a blog, it is anticipated that future developments with AI in accounting will only continue to transform the industry and impact businesses in a variety of ways. Though many finance executives still aren’t prepared for a shift to AI, 80% of CFOs believe that maximizing AI can get them ahead of the competition. Utilization of this technology allows you to focus more on value-adding management responsibilities such as getting precise business analytics and financial forecasting.
Improved Business Process
Overall, innovation in accounting can help you optimize and refine your business processes. In the F&A industry, countless disruptive innovations establish standardized reporting mechanisms through simplification of core internal transactions.
Cloud computing and accounting are among the rising variations of technological innovation. Through the cloud, you can access your data anytime and anywhere. Aside from keeping your numbers on track, you can assure that the information is updated in real-time.
Using cloud-based technology also makes collaboration easy. You can set up an access for your accountant so they can log in on the software as long as needed. Alongside these features, you can also make sure that your numbers are secure in the cloud. Breach and tampering of data is almost impossible because your information is stored through a central online domain.
As accounting trends and technology dominate the F&A industry, we promote innovation in your business through our automated and customized solutions that can simplify your business process.
Interested to know how we can help? Read our paper Fostering Innovation: The VitalSignRx Case Study to learn how we helped our Australian client achieve greater efficiencies through automation.
This article was first posted 25 September 2019 and edited 21 December 2020.