By Anushka Menghwani for SKB Accounting
There have been dramatic changes in the Accounting Industry over time. With the continuous technological advancements, traditional ways of business functions are transforming.
Modern Accountants are not responsible for just tallying financial columns now; they act as Financial Managers of the Company. The principles of accounting have remained the same, but the technology adopted has changed drastically.
Before the automation of accounting functions, accountants did everything manually. There were higher occurrences of mistakes that would take hours to recalculate and reconcile. Accounting and bookkeeping were also much more of a cumbersome process than they are today.
Accountants have to adapt to changing technologies and upgrades continuously. E-business activities help integrate various business functions like sales, marketing, accounting, etc., resulting in streamlined processing. Cloud-based systems, ERP services, etc., make things available on a single portal with easy real-time access.
Here’s why you should take advantage of Virtual Accounting services and Automated Accounting:
- Modern Technology has simplified accounting for both accountants as well as clients. Accounting functions are now more streamlined with the integration of various software. These software tools help in better tracking and analysis of the financial transactions and data of any business.
- With Global digitization, the need for in-person communication and consultations has gone down. Clients can access real-time data whenever they want.
- Data crunching is now largely automated, allowing accountants to focus on and add value with other financial information vital to the businesses. They help managers formulate better business policies. After computerized accounting, the margin of error has been minimized. Instead of generating and recording the transactions, more focus can be put on their study and interpretation
- Automation does all the grunt work. It results in higher precision, accuracy and reduces the possibility of errors. It also saves time that an accountant would’ve spent doing work manually. By saving time, productivity increases.
- Gone are the days of accountants rummaging through storage rooms full of thousands of files. Now they access files virtually in seconds. All the information has become easy to categorize, store and filter through.
Technology has changed the present and future of Accounting. By moving to cloud-based accounting systems, businesses can save 30-70% on IT costs. Having virtual accountants and bookkeeping services also helps save costs and time.
Similarly, SKB Accounting helps you focus on running your business. You can give maximum time and attention to the core functions of your business while our experts take care of your accounting and bookkeeping needs. When you are relieved of the accounting functions being taken care of, your time and funds can be redirected towards the business’s operations.
Our bookkeeping services are designed to achieve accuracy and precision along with saving costs. We believe in acting as your partner, providing tailor-made services , which are not limited to just numbers.
Click here for more information on our Accounting and bookkeeping services.