Accounting and finance professionals continue to expand the services they provide their employers and clients. Accounting software and other technology continue to take on low-level tasks previously performed by employees. This frees up time for accounting and finance professionals to add additional value for their companies and clients.
Using the latest accounting and finance technology helps your company stay competitive. This technology impacts how your team members complete their work.
The more efficiently and effectively your accounting and finance team conducts business, the more they benefit your organization. This improves your bottom line.
Find out how the following technology may impact your Dallas-Fort Worth company’s accounting and finance practices.
Accounting Software Integration with Enterprise Resource Planning
Using an enterprise resource planning (ERP) system lets you combine your accounting and finance data with other areas of your organization. This may include your supply chain, order, or production management. All information is entered into one application and accessible from multiple channels.
Having a centralized source of information means training your employees on only one system. This also saves time in accessing the information when needed.
Having one source of truth improves employee collaboration. It also promotes informed decision-making.
Accounting and Artificial Intelligence
The Harvey Nash/KPMG CIO Survey 2020 showed 47% of CIOs believed the coronavirus pandemic led to the increasing use of artificial intelligence (AI), machine learning (ML), blockchain, and automation. Twenty-four percent of small-scale and 5% of large-scale emerging technology implementations were related to AI or ML.
The more quality data that companies extract, the more accurate their business intelligence is. This helps companies maintain a competitive edge. The right applications, cloud solutions, analytics, and business processes are required to effectively use AI.
Increased Emphasis on Cybersecurity
Accounting and finance professionals handle sensitive client information for payroll, taxes, and other purposes. As a result, a data breach can significantly impact a company’s credibility, reputation, and financial future.
The survey showed that 41% of CIOs experienced spear phishing (83%), malware (62%), and denial-of-service attacks (21%) during 2020. As a result, 47% of CIOs said security and privacy were among their most important technology investments.
Accounting and finance professionals must be regularly trained on and use security best practices to protect against a data breach. Proper access and protocols, physical security protocols, and backup and encryption must be among these practices.
Accounting Automation
The majority of general accounting operations can be automated. These operations include complex journal entries, account reconciliations, fixed-asset account maintenance, and calculating and applying allocations.
According to the survey, 71% of CIOs expect to increase their service delivery model because of automation. Also, the 2020 study Agile Finance Reimagined by the Association of International Certified Professional Accountants showed that 21% of finance professionals were using automation to free up time to focus on becoming strategic partners and value managers. According to Deloitte’s From Mirage to Reality: Bringing Finance into Focus in a Digital World, approximately 28% of respondents expected to significantly feel the impact of automation in 3-5 years.
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