Updated: Jun 2, 2021
Industrial Revolution 4.0 has brought many technologies that can help make the financial management and accounting of businesses more accurate, safe, and save time.
These are the 3 preferred digital transformation solutions most commonly used by many companies today.
1. Online accounting software
What is online accounting software? According to the most basic understanding, online accounting software is a software program with extremely flexible connectivity, can exchange information, and extract information from anywhere through a large area or internet connection.
Most of the online accounting software available today can be used in a browser instead of being installed on a computer, so it brings convenience at work for the corporate accounting department. Businesses will receive the following benefits:
Help accountants automate many common manual operations.
Helping accounting work more accurately.
It Is a good lookup tool.
Helping managers to make fast and accurate decisions and forecasts.
Helping businesses avoid fraud or theft of money and assets of the business.
Make tax reporting easier.
Helping to effectively inherit accounting.
Helping businesses save a variety of costs.
Help the management team release the labor force.
2. Using electronic invoices, businesses will receive the following benefits:
• Save costs of transport and storage of invoices
• Higher safety and security than paper bills
• Save time, minimize administrative procedures
• No need to report on the usage of a bill
• High utility, diversified methods of sending invoices to customers
3. Electronic banking connection service
The usual way of working is that the accountant will have to go directly to the bank to transfer money, send money, deposit ... this takes a lot of time and will be limited during the outbreak of Covid-19.
The establishment of an e-banking connection service has brought many benefits to businesses such as shortening operation time, minimizing operation errors: payments, bills of exchange are automatically entered into the system. Accounting, look up account information….
An e-banking connection service can help accounting departments and companies save up to 80% of their time, reduce transaction costs, and improve work efficiency.
If you, as a business owner, see that you cannot handle accounting on your own, consider hiring an accountancy service for contractors to help you with it.
Call Irvine Bookkeeping now for a Free Quote!
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