Technology and its impact on finance

Technology is an ever-changing thing, and it improves each day and year alike. Not even a deaf man needs a voice prompt to hear, neither does the blind man need a braille to read that technology has taken over our lives. We eat, live and breathe technology every second of our existence (believe it or not). It has become part of our functionality; some think it has made us lazy as everything is automated but that’s a topic for another day.

whether you are for it or not, the growth of technology and impact are evident in everything we do, and everywhere we go. I am often flabbergasted when I see people still opting for manual or complain about technology because I for one enjoy the perks it brings with it be it personal or business related.

Technology in business today

Many companies today have opted for the digital route and those who have not are running their businesses based on dinosaur systems, where efficiency and delivery take the time to come around (long turnaround time). The digital world has made the performance of any business function to be efficient, which means the output has doubled up. That is a great thing because each and every business’s primary objective is to make a profit in the quickest time.

Finance and technology are the focus

<img src="eNItiate_Technology and Finance.jpg" alt="eNitiate_Technology and finance">

As a financial health eNitiator for a digital marketing agency let me look at the financial accountancy and the impact technology has had on it. With finance being the fuel of the company, efficiency is quite an important aspect and with technology well known for speed and efficiency it is no exception in the financial sphere. Digital accounting systems have been able to make accounting easier, and the human errors have been drastically reduced, which means that the documents generated are now more accurate that before. It is a great thing as accuracy is an important aspect of finance/accounting. There are about four questions that you may need to be answered for evaluation of the importance and impact of the digital accounting systems, which are:

Digital accounting systems have been able to make accounting easier, and the human errors have been drastically reduced, which means that the documents generated are now more accurate that before. It is a great thing as accuracy is an important aspect of finance/accounting. There are about four questions that you may need to be answered for evaluation of the importance and impact of the digital accounting systems, which are:

For accountants and prospective accountants
• Which technology has influenced you most during your career (This is for those who practice accounting)?

For business owners or prospective
• Do emerging technologies present a threat or an opportunity for you and your practice?
• What emerging technologies will most impact your work in the next decade?
• What technology skills will accountants in practice need to be successful over the next 10 years?

The above questions are important for the decision making and growth process of the company.

IFAC (International Federation of Accountants) explores all these to give substantiated answers which will help you in your path of growth.
How have they helped with efficiency and why should companies invest in them. They have been able to fulfill the (1) faithfulness –  one critical accounting element that enables internal and external users of financial statements to make informed decisions. They have also made it (2) easier to track the transactions with ease, (3) they faster and reduce errors, and this satisfies another accounting element – (4) timelines – that states financials should be done timeously.

Visit: http://www.academia.edu/5351394/The_Effects_of_using_Computerized_Accounting_Systems to further your knowledge on the benefits of the digitalized accounting systems.

In conclusion

Personally, I think that the growth of technology has made a positive impact towards the growth of businesses not limited to just the accounting systems. The integration of the digital financial systems is a winning formula for the company performance. If you are still using the manual accounting processes, I suggest you switch to digital because the benefits are massive. Do away with errors and countless hours of manually capturing data.

 

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THE DIGITAL MARKETING SKILLS
IN AFRICA AUDIT 2020

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Closing Date – 31 Jan | 23:59 CAT.