What is digital transformation?
Digital transformation is a top trending word in the IT industry. But what does it mean for businesses and their accounting? In an age where technology is a major game changer for almost all industries, accountancy has not been left behind. Digital transformation is poised to become inevitable to the accountancy sector, and companies are under increasing pressure to either embrace digital innovations, or risk facing extinction. Digital transformation means taking the process of accounting online, digitising one’s documents, automating processes with the help of apps and improving productivity and efficiency.
Digitization Is Growing by Leaps and Bounds
As per a KPMG report on the effect of digitalisation on companies, approximately 75% of the companies agreed that data quality and consistency have improved and about 70% reported that reporting speed and focus on processed improved with digitisation. The companies were asked to rate on a scale of 1 (does not apply at all) to 5 (completely applies).
How we help you achieve that?
Have you ever wanted to see your P&L but your accountant said he is on a vacation, and even though all work’s done, he will be able to provide you with the same only once he is back?
Have you ever wished that your accounts would be ready much earlier every month?
Have you ever wished that your employees spent lesser time liasoning with the accountant to provide information and improve productivity?
Have you as an accountant, ever wished that you would not have to wait for the bunch of documents from your client to resolve some queries?
Have you ever wished you could track workflow and employee assignments in a better way?
Well, we are here to address many of these. We provide you with simple tools to help you digitise your accounting process.
Gone are the days when you had a bank statement in pdf format open on one screen and your accounting software on the other, and you manually added all transactions, only to realise while reconciling, that you had erroneously made a typing mistake.
- Click all your invoices and receipts with your smartphone.
- Automatic storage on cloud and in a 3rdparty app
- OCR helps in the quick categorization of transactions in the app, which sync with your accounting package.
- Open bills get pushed to an Accounts payable management software from where they get paid before the due date
- We review the books and provide you with useful analysis and reports.
We help you use workflow management systems which improves accountability among the employees substantially.
We are not here to be mere bookkeepers to you, we are here to be solution providers. As per your budget and needs, we suggest what apps you should use from a gamut of software like AutoEntry, Hubdoc, Entryless, Bill.com, etc. We also use industry-specific automation software which can be discussed.