Accounting Has Gone Digital: What You Should Know When Balancing Your Books

Accounting Has Gone Digital: What You Should Know When Balancing Your Books

Accounting and reporting are important functions of any company's finances. But with the advent of technological advancements, many organizations have shifted from accounting-driven models to planning-driven ones.

For example, the State of Credit Union Marketing said insufficient budgets and a lack of resources were putting a strain on financial marketers who were trying to adapt to the digital age. And according to this article from Eccho, an online finance resource, inadequate cash flow or high cash use is a top reason that companies large and small are forced to close their doors. In fact, 44 percent of failed businesses named it as the primary reason.

Such statistics demonstrate why financial planning is crucial for enterprises across all industries and of all sizes. Having a plan for your business' cash management and expenditures can help guide day-to-day decision making and identify opportunities for future investments. The best way to make smart financial decisions that align with your overall business objectives is to follow a well-designed plan.

It's easy to see how traditional accounting processes can bog down an organization. According to an APQC AR Benchmarking Survey of 154 accounts receivable professionals, many companies are still sending invoices via snail mail, email, and even fax machines. These outdated methods for performing financial functions are eating away at companies' resources and growth potential.

Digitizing financial processes makes planning much easier. Technology tools can alleviate some of the accounting burdens you're currently facing. Moving your financials to a digital platform can allow you to automate current process, whether you’re sending invoices or creating reports. Workflow automation is invaluable in helping you free up time and resources for your organization’s other high-priority functions.

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If you're interested in learning how to move your financial operations to a digital platform but you aren’t sure where to begin, consider enlisting the help of a digital business transformation consultant who specializes in facilitating digital transformations.

A consultant would start by evaluating your current processes, completing a case study to identify what's working and what isn’t. From there, he or she would match you with the solutions to your challenges and enable you to focus more on budgeting and planning for your company's future.

With a solid financial plan that forecasts expenses, income, and other cash-flow elements, your organization will be able to operate more efficiently today and be ready to invest in new innovations tomorrow.

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Keywords: SAP HANA; technology tools; digital platform; workflow automation; digital business transformation consultant; digital transformations.