The Clock Is Ticking on Digital Transformation in Finance
There was a time when a tech-driven approach to accounting and finance was seen as advantageous but still optional. Technology could give an accounting team extra abilities. Nonetheless, it was not absolutely necessary for companies that got by with their existing approach to accounting.
Those days are over.
With the outbreak of the Covid-19 pandemic, the sudden shift to remote work, and the ongoing upheaval in the economy, accounting and finance have fundamentally transformed. Companies can’t expect basic accounting tools and a pile of spreadsheets to be adequate anymore; they’re not agile, automated, or insightful enough to keep accounting in front of fast-moving forces. The only way for accountants to adapt to what the present (and future) has in store is with the aid of technology.
It’s time for accounting and finance to embrace digital transformation…and fast.
First and Foremost – Choose the Right Tools
Digital transformation doesn’t just equip an accounting team with a new toolkit. It obligates that team to raise the bar for speed, precision, visibility, consistency, and more. Teams should do everything they once did (only better) along with many things they couldn’t do before. For that reason, software selection has arguably the biggest impact on whether an accounting team succeeds at digital transformation – and does so on a reasonable timeline.
The packed market for accounting software has plenty of options that can “upgrade” accounting. A much smaller number can put digital transformation well within reach. Those options share a few key features:
- Cloud Native – Solutions native to the cloud give accountants anywhere, anytime access to data and tools so that nothing stands in the way of completing obligations or answering questions. As business increasingly operates from the cloud, accounting will need to migrate there too.
- Extensive Integrations – Digital transformation means integrating multiple solutions (and all the data inside) to give companies seamless capabilities and unbroken insights. Thus, the accounting software must be able to integrate with other key business tools like the CRM or inventory management platform.
- Automated Routines – Handling accounting routines by hand only wastes time and promotes errors. Automation can handle data at larger volumes, higher speeds, and better accuracy than an army of human accountants – provided the accounting tool makes it possible and accessible.
- Powerful Reporting – Tomorrow’s accountants aren’t number crunchers. They are financial analysts and strategists who help company’s use financial data to make smarter decisions about everything – thanks to powerful reporting capabilities that make exploring data simple, flexible, and insightful for anyone involved.
Sage Intacct – Getting Digital Transformation Done
What will it take to make digital transformation in finance a reality? Sage Intacct is an AICPA-endorsed great option.
As a leading business management solution for growing and midsized companies, Sage Intacct opens the door to digital transformation and makes walking into the era of cloud accounting amazingly easy. See for yourself – join our upcoming webinar to take a closer look at why successful business leaders are choosing Sage Intacct as their critical business management solution.