In recent years businesses have been met with unforeseen and unprecedented circumstances. To not only survive but also stay ahead of the competition, organisations have had to take a hard look at their processes and procedures. The technological world is advancing at an exceptionally rapid rate. Organisations employing outdated legacy systems and processes – like manual accounting – are at a real risk of getting left behind.
“In this day and age, it is imperative that businesses streamline and automate financial process. Legacy and manual processes consume far too much time and place an organisation at high risk for human error,” explains Paul Bouchier, Sales Director at iOCO, within iOCO Software Distribution, the local Infor Master Reseller.
Due to the increase in remote working as a result of Covid-19, many organisations have had little to no choice when it comes to moving online. This push away from legacy systems many business leaders the first-hand opportunity to recognise the immense value of a globally digital market. Business leaders are currently in a position to take advantage of global opportunities, successfully. However, to do so it is imperative that businesses have access to accurate and reliable financial data for both local and global operations.
The answer lies in employing technology that offers a standard, internationally understood, financial reporting framework, namely the International Financial Reporting Standards (IFRSs). “Adhering to statutory regulations when it comes to business accounting can most certainly make or break a business. To avoid costly mistakes, it is crucial that organisations have the necessary support, reliable financial data, and automated statutory data,” continues Bouchier.
Processes, such as audits, can be simplified and optimised with the right accounting technologies. Automated processes allow for an in-depth analysis of large quantities of data. This analysis offers business leaders and decision makers crucial insight into the financial status of the organisation, where possible points for improvement are, how to eliminate weaknesses, and – most importantly – how to ensure that the business is fully in compliance with the relevant rules and regulations.
“When organisations are fully able to embrace automation of statutory data, they can rest at ease knowing that they are obtaining and reporting reliable financial data. They no longer have to worry about the immense risk, cost, and waste of valuable resources should human error occur,” concludes Bouchier.
Effective solutions empower organisations to rise above the current circumstances and fully embrace true digital transformation. Through the automation of statutory data, with reliable financial data, human error is decreased while productivity significantly increases – leave the mundane tasks to the technology. With this level of automation, businesses can easily and effectively operate on a global scale with secure and dependable financial data.