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If a business suddenly had no access to its business documents and financial records, the consequences would be severely felt. And if the company suffered a cyberattack, it could be devastating. These are just two reasons why cloud computing has become so important, and why moving to online accounting can genuinely help small- to medium-sized enterprises (SMEs).
The 10th of November is the day when accountants around the world are honoured for the invaluable role they play in the world of business. Their work helps businesses to thrive, it supports the economy, and enables people to navigate the complexities of finance.
Creating awareness around financial saving is important for businesses, and cash flow management is critical for survival.
Considering a career in accounting? With technological advancements and artificial intelligence reshaping the industry, the profession is no longer what it used to be. Budding accountants need to be adaptable and open to the changes in this ever-shifting landscape.
The digital workplace is one where people, processes, technology, and the company converge to improve business productivity and employee engagement. It's a workplace where employees have the technological tools they need to complete business tasks effortlessly and efficiently.
According to QuickBooks, there are already more than 700 apps that are assisting accountants to automate processes and reduce their workload. Gone are the days where accountants can be mere number crunchers, who collate and check data and allocate it to the correct cost centre. The future accountant will have transformed her/himself into a financial advisor, adding value to businesses by offering strategic advice, consulting and financial planning.
The financial management decisions of an entrepreneur will have a direct impact on the efficiency, processes and resource management of the business. This holds true regardless of whether they take on mundane cash-flow tasks themselves, hire high-priced professional financial managers or opt to utilise online software tools.