DIGITALIZATION OF ACCOUNTS

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organisations. It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation. 

BENEFITS OF DIGITIZATION OF ACCOUNTS

1. Offer Instant Bookkeeping

For most businesses, their books are just a heap of receipts relegated somewhere within the office. With this kind of disorder, it may become a tall order for the accountant to provide the business with quality, timely bookkeeping services. 

However, with accounting digitalization, the story will be very different. It will be possible for the accountant access all the receipts from one cloud space. From here, it will be possible to carry out all the required work, including the computation and filing of tax returns.

2. Easier Filing of Tax Returns

The Government recently announced that all paper tax returns would be redundant by 2020. It announced that all parties should have fully adopted the paperless digital tax returns. 

This simply means that the time is ripe for businesses and accounting professional to make the shift. Integrating all your accounting needs online ensures that all your financial operations into a single channel. This can only be good for business.

3. It is Easier to Manage Staff
Accountants play a critical role in staff management. Using cloud-computing software, this role becomes easier to carry out. Issues dealing with Holiday emoluments, leave allowances, traveling are done in a timely manner.

This saves the business a lot in terms of time, labor costs and man-hours. According to a study undertaken by a reputable firm recently, close to 40% of businesses get distracted by admin daily. This leaves little time for other critical growth aspects of the business.

However, with the use of accounting digitalization, critical accounting processes are reorganized and updated quickly. With these out of the way, more time and energy can be expanded towards other important areas of the business.

4. Easier to make Financial Forecasts
Some decisions that accountants make are best made with live information. For example, if they are to focus on financial investment trends, the results may not be so good with manual facilities. Cloud accounting gives accountants the edge in such circumstances.

Many platforms nowadays offer live financial forecasts. These include stock markets, online money markets, and commodity markets. For an accountant to make the best up-to-date valuation of such markets, they need the best tool in the market: cloud computing.

Cloud computing and management has a big impact on accountants and the way they deliver their services. Any firm looking to reap the advantages of up-to-the-minute technology need to consider accounting digitalization seriously. Equally important, they need to choose the best cloud management services for them offered by a cloud consulting partner that steers them towards success.