Technology Transform Accounting During Covid 19
-Matthew Brannelly
HELLO! I am Matthew Brannelly I am Strategic Advisor from Clayfield Brisbane Australia.
You can find me at
@matthew.brannelly 2
Technology Transform Accounting During And Beyond Covid 19 â–¸
As covid 19 takes hold , the role and importance of technology are further re enforced.. The pandemic demonstrated how technology is needed to revolutionizing industries and businesses at an accelerated pace. The accounting sector is not left out.
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“With the stay-at-home, and work from home becoming the new norm, having the right technologies in your arsenal is the key to staying ahead of the storm. 3
Technology Transform Accounting During And Beyond Covid 19 â–¸
Accounting firms, more than ever,need to embrace these technologies to innovate and evolve in order to sail their way to success during and beyond Covid 19.
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Here, Matthew Brannelly looks at the role of technology in accounting. Why cloud computing is important and why skills remains a priority amidst the pandemic. 4
Role Of Technology In Accounting During Covid 19 â–¸ What seems like difficulties in the landscape
before the pandemic hit ,now turns to blessings. Accountant and finance professionals across the globe are turning to technology as a saving grace to help adapt to the changes and reengineer their businesses. â–¸
Although, technology is not new in the sector, however, the pandemic has shed light into areas where technology is still being underutilized. 5
Cloud Adoption ▸ Topping the list is, of course, the changes brought by
remote working. ▸
Many accounting professionals understand they need to keep the work going while still striving to meet customer expectations.
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What changes?
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Home replaces the traditional office as firms are allowing employees to work from home.
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Trade and finance conference evolves into virtual ones. 6
Operation Tools ▸ Accounting software and tools are emerging at a fast
rate. Firms are leveraging these technologies to manage cost, increase margins and boost customer satisfaction. ▸
For instance, experience management systems work on all your customer-facing touchpoints.
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It organises, synchronises and automate customers interactions, measure feedbacks and ensure their maximum satisfaction. 7
Automation â–¸
Technology empowers accounting firms to streamline their processes and workflows. This is one of its biggest impacts as companies now develop and use computerized systems to track and record financial transactions.
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Accounting work has gone beyond outdated, paperbased, manual processes. Manual tasks such as invoice processing, purchase order matching, new supplier registration and payment are made easier with automation. 8
Need For Improved Technological Skills ▸
With these opportunities come the challenging need to take your skills to another level in order to meet up with the changes.
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“As technology becomes a necessity for success, employees and rising stars need to strive for technological competence and excellence.
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Employers need to ensure their staff are well-equipped to adopt these technologies.
▸ If not, there might be skills gap which can be an
impediment to success.,” Matthew Brannelly concludes.
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