Technology is revolutionising how accountants work. The major driver of this change is cloud computing which is providing not only companies, but their accountants with better and faster access to business intelligence that they can then use to advise clients. Cloud computing allows a company to access applications from an offsite provider via the internet, rather than from company-owned and maintained hardware and software. This provides software as a service, which in turn allows businesses to choose the best of breed software, bringing together online accounting, inventory, business intelligence, CRM, payroll and many other packages.
Not only is this software now more accessible it is also more affordable. Cloud computing has driven a proliferation of high quality software packages available on an affordable monthly subscription basis. This is particularly beneficial for businesses in the SME sector.
With the introduction of online accounting software, we can now access our client’s information on-line in real time. This has made the accounts preparation process more timely and efficient, as well as opening-up access to more up-to-date and detailed business information, such as quickly understanding how your business is performing, assisting with forecast preparation, or monitoring compliance with bank covenants. Less time taken preparing accounts leaving us spend more time on understanding your business and providing insightful advice using real time data, so we can be ‘Business Advisors’ to our clients, acting as an integral part of their business.
The key drivers for your business can be highlighted and tracked on a dashboard. Tracking these key performance indicators drives better business management and can be viewed simultaneously by your advisors. Decisions can be based on current data and allow Board of Directors the flexibility to meet virtually. It is well documented that good governance is crucial to the SME sector.
So, while you will still need great people on your board that are willing to challenge and bring their valued experience, technology is playing an increasingly important role in facilitating more effective financial and data analytic reporting, with greater collaboration between businesses and their advisors.
Talk to your advisor at MPT Group about the Cloud Computing options that are available and most relevant for your business, and how you can maximise any investment you make in this new technology.
To recap:
- Take a fresh look at how you and your business use technology;
- Using the technology available will result in more efficient and timely preparation of financial information;
- Your accountant can become a better business advisor with access to real time information.