In an ever-changing world, with constant advancements in technology, you have to be able to adapt if you wish to stay effective and efficient. Like many other occupations, accountants have had to evolve to keep up with the pace of the present day. These days, business owners who wish to compete in the market need to have easy access to their company’s current financial standing and performance. Only a few decades ago it took many hours to collect this information, interpret it, and then report on it. Today, this information can be accessed at the click of a button, thanks to advancements in digital accounting.
Digital accounting refers to the digitisation of the financial information of an individual or a business. All transactions are recorded digitally and the information is often stored on remote cloud storage systems. There are numerous benefits associated with the advent of digital accounting that will change the way you do business!
Improved Efficiency and Accuracy
Digital accounting enables us to have up to date financial information at all times. This is because all transactions are automatically recorded and interpreted as they occur. Although this process might seem simple to us nowadays, it is something that was costly and time-consuming in the past. Having to manually record and analyse transactions takes a great deal of time. In contrast, artificial intelligence is able to process this information in seconds. This eliminates the need for manual data entry and improves efficiency, which in turn greatly reduces the cost of the process as well.
A small mistake can have dire consequences in a large company and lead to time wasted rectifying the problem. The digitisation of manual accounting tasks helps to reduce the possibility of a human error occurring and consistently provides the user with more accurate data. In turn, more accurate financial information enables you to make more informed decisions regarding your business.
Improved Reporting
When all of your financial information is easily accessible on remote cloud storage systems it can greatly improve your ability to analyse financial statements from anywhere in the world. Being able to receive up to date reports on the cash flow of their company has enabled many business owners to make more informed decisions. An important part of the accounting process is the formulation of annual reports on the financial situation of a company. Shareholders often request these reports but are also necessary when the company needs to file its annual tax returns to the South African Revenue Service (SARS). Accountants are now able to create comprehensive financial reports with ease because all the relevant information has been automatically recorded throughout the financial year.
At Booysen Accountants, we strive to stay ahead of trends in the financial field through digital accounting practices! We use all the tools at our disposal and have partnered with the best in the industry to ensure that you receive great service and have access to the most accurate and up to date data that is available. Call us today on Tel: 012 740 7703 or Email: This email address is being protected from spambots. You need JavaScript enabled to view it. to speak to one of our qualified staff members today!
