How to Embrace Finance Digital Transformation
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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 tcomputerised 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 Digital Transformation whitepaper on the same topic you might like to download.
Benefits of digital transformation with AccountsIQ technology
AccountsIQ cloud accounting technology 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: French Duncan
Scottish accounting firm French Duncan realised that they needed to move to a more complex cloud-based solution in order to meet the needs of their larger clients. The sophisticated consolidation capabilities and multi-currency accounting functionality offered by AccountsIQ was best placed to do the job, and thanks to the automated invoice processing enabled by AccountsIQ, they have saved almost 500 data entry hours every month, equivalent to two full-time jobs.
Want to know how AccountsIQ could be instrumental in your firm’s finance digital transformation? Read more about AccountsIQ cloud accounting software for accountants