Accountants and other financial services professionals have slowly integrated new technologies that increase accuracy and efficiency into their daily processes. In March of 2020 this steady integration was catapulted decades ahead as the traditional office-style workplace was instantly cast aside and accountants, along with their clients, shifted to a remote work environment.
For accounting firms that had lagged behind technologically, this meant an immediate shift in priority towards investing in new tech solutions and cloud-based data storage, and firms that had kept up-to-date on innovative trends had a tremendous advantage as their seamless transition allowed them to remain focus on providing clients with strategic financial advice.
Accountants that were already comfortable using cloud-based technologies were ready and waiting to maximize their value by providing timely, accurate strategic business advice to their clients, and the level of access their clients were able to provide to their external partners was largely dependent on their use and knowledge of cloud-based ERP technology. The advantages seen by more technologically advanced accounting firms have also been enjoyed by their more technologically advanced clients.
The need for technologies that include machine learning, predictive analytics and enterprise resource planning became the norm almost overnight, as suddenly accountants were able to access these systems remotely to provide clients with full financial analysis in the time it used to take to do a small review of data that the client had on-hand. This allowed financial advisors to provide more timely advice with greater accuracy as the company’s historical data, its current performance and projected outputs were now at their fingertips, regardless of their location.
The integration of advanced, cloud-based enterprise resource planning software is one more tool that your financial advisor can use to understand the complete picture of what is going on behind the scenes at your business, helping them to provide more detailed and thoughtful advice based on real-time data.
Integrating cloud-based ERP solutions helps your accounting team help you by giving instant access to estimated capital requirements and cash management, budgetary shifts, allocation of supply costs and the management of payments, all of which are needed to plan for the future of your business in a time where everything is constantly shifting.
Not only do these systems increase the access of data, but they automate your systems, giving you the flexibility to focus on your core business and the agility to pivot when market conditions change. As government regulations adapt to the changing global situation, proper ERP implementation can help ensure that your accounting data remains in-line with industry standards and reduces the margin of error in calculations or predictions.
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