Part of growing your company involves using the latest technology. Technology increases efficiency while decreasing costs, often creating new opportunities for your accountants to become even more valuable assets to your organization.
4 Reasons Technology is Essential To Businesses Today
Reason #1 – Internal Audit Functions
Many internal audit functions can be enhanced by using new technology. For instance, self-service data extraction from financial or operational systems will increase efficiency in your accounting department. Also, using workflow/dashboarding/reporting tools within internal audit or cross-functionally will help as well. Plus, governance, risk management, and compliance technology tools can mitigate risk while maintaining compliance. Internal audit and risk management solutions may be used to determine how the risk profile is changing and understand how fast it is changing to move forward with company operations. Understanding the full benefits of new technology lets your company leverage talent and technology investments for maximum impact.
Reason #2 – Cloud Accounting
Your company should be using cloud accounting. The cloud allows easy access to first-rate infrastructure without spending significant amounts of money. Team members can gain a current overview of company finances and easily collaborate on projects. Because cloud accounting uses software that runs on servers and connectivity to the internet, the software can be used on any internet-connected device, integrated with multiple add-ons, and protect intellectual property if physical assets such as laptops are lost.
Reason #3 – Automation
Automation of accounting increases your company’s efficiency while decreasing costs. The need for manual data entry is eliminated, freeing up time for more productive tasks. Automation reduces the burden of manual bookkeeping and accounting to deal with real-time accounting issues. Automating marketing solutions also can help your company use existing client data to send information, increase referrals, and grow your client base.
Reason #4 – Outsourcing
Outsourcing helps your company save time and reduce expenses. Back-office tasks are taken over by a third party so that your employees can focus on increasing revenue. Your company gains access to dedicated professionals using the latest technology, reducing the risk of fraud. Even better, your company can better maintain cash flow and pays only for services used.
Find Accounting Talent in Canada Through Mercer Bradley
When looking for accounting talent in Canada, contact Mercer Bradley!