From meeting MTD requirements to a complete digital transformation: simple steps to make the most of digital finance
4th Aug 2022
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Ensuring that your department or organisation is adhering to the new MTD legislation may well have been stressful, and even overwhelming. At Aqilla, we’ve been supporting organisations with MTD since 2019, so to help you make the most of these new changes, we have gathered some of our top tips on how to reap all the rewards of digitally transforming your finance processes.
Automate your processes
Using artificial intelligence to automate your business and accounting processes is becoming increasingly more vital when it comes to driving growth within your organisation’s finance and accounting departments. Almost 75% of accounting tasks can be automated with accounting software, which means there is always room to build upon the digitalisation of your current processes. Not only will this mean that your accounting software can learn and understand your organisation’s accounting processes on a deeper level but it will also result in tasks being run accurately and efficiently without the requirement for manual input - saving you and your colleagues a lot of time!
Enhance your analytics and reporting capabilities
As part of improving your automation, your accounting software will be able to use information from these processes to to track more financial and non-financial metrics. According to a study conducted by Sage, 44% of accounting firms in 2020 were using advanced and predictive analytics that leverage big data, or planned to do so in the next 12 months, which emphasises the importance of keeping up with your competitors’ ability to harness big data and financial analytics. However, internally, ensuring your reporting tools are powerful, adaptable and harness real-time data analytics, will ultimately allow your organisation to define and aid the measurement of progress against operational and strategic goals - supporting you to make better business decisions.