As our economy rebuilds from the impact of the Covid-19 crisis, never has it been more important to have access to up to date and accurate financial information. Not only will this help manage your finances but will position your business to Rebound Stronger when the current restrictions ease.
In recent months, we have seen that businesses who already use cloud accounting systems are at an advantage due to greater financial visibility, this is vital in the current environment. No matter the size of your business, technology has a key role to play in enabling a more efficient and profitable way of working and assist the business to adapt and Respond Smarter.
Digital transformation is the use of digital technology to solve problems. It is about transforming processes that were non-digital or manual to digital processes. This transformation is not about taking people out of the process, it is about rethinking the work itself and reinventing key operational processes with the support of digital technologies such as Xero, Sage, ReceiptBank, Lightyear, and AutoEntry.
As part of your finance function, your initial steps should include automating your bookkeeping processes, for example invoice automation tools would extract and analyse the key information from invoices or bank statements and automatically transfer this to your Accounting Software.
Real time accounting data is accessible anywhere, any time and from any device. This helps save time and money, improve efficiency and give businesses more control of their data enhancing decision making.
A well-executed digital transformation strategy can take your business to the next level with unparalleled business intelligence and Reflect Clearer as it continues to evolve.