How to Embark on Finance Digital Transformation
Thanks to digital technology, we can now collaborate more easily, streamline our working practices and get fast and accurate data about all areas of business. As many accountancy firms are realising, finance digital transformation is vital in order to stay ahead of the competition, grow the practice and become more efficient.
What is digital transformation?
Digital transformation describes the transition from paper-based processes to a fully digital way of working, which can encompass a variety of changes in the workplace. Finance digital transformation may include the following:
- Automation of functions and processes
- Remote working, using cloud technology
- A paperless office, with all invoices and other paperwork handled electronically.
Although the process of adapting to a digital workplace can be time-consuming, businesses stand to benefit from a vastly more efficient infrastructure, trackable audit trails and detailed data insights.
Technology changing the role of an accountant
Before computerised accounting systems, the role of an accountant was largely task-oriented, with the routine jobs of balancing the books, record-keeping and reporting taking up most of their day. But with digital technology taking much of the burden, today’s accountants and CFOs are increasingly acting in a more advisory capacity, offering their expertise to help businesses develop strategies for future success. It’s an exciting time for accountancy, with the potential for professionals to have much more creative and strategic input.
How to digitally transform your finance function
Finance digital transformation is inevitable if accountancy firms are to stay competitive. Implementing the changes needed can be disruptive, but by getting the whole team on board, it can be a positive opportunity for growth.
- Evaluate any inefficiencies in your organisation, and identify opportunities for improvement
- Get feedback and insights from the team, to inform the digital transformation process
- Choose a scalable software solution that will adapt to your changing needs as the business grows.
Our webinar, Digital Transformation: Implementing a new finance system offers useful insights into the process. We also have a series of Digital Transformation whitepapers you might like to download:
Digital Transformation Part 1: Digital Transformation for Medium-Sized Enterprises - Download here
Digital Transformation Part 2: Scoping your implementation project & planning for success - Download here
Digital Transformation Part 3: Evolving your Digital Strategy & Integration with Cloud Apps - Download here
Benefits of digital transformation with AccountsIQ technology
AccountsIQ cloud accounting software offers the opportunity to grow your accountancy firm and attract larger clients due to the finance digital transformation that equips your firms with a new set of capabilities and improvements to existing working practices:
- Real-time insights
- Bespoke reporting
- Superb consolidation capability
As well as saving company resources and streamlining your processes, one significant benefit is the ability to compete on a higher level, equipped with the technology you need to satisfy more clients – so you can plan for the future with confidence.
Case study: Tindle Newspaper Group
When Group Finance Director Alastair Manson joined Tindle, his immediate mission was to streamline the group, centralise processes and move the finance function away from Sage Line 50 and onto the Cloud. Tindle were able to benefit from multi-dimensional, streamlined and consolidated reporting by switching to AccountsIQ, and now will likely save between three and four hundred thousand pounds per year.
Want to know how AccountsIQ could be instrumental in your firm’s finance digital transformation? Read more about AccountsIQ's award-winning cloud accounting software for accountants.