The importance of keeping technology current

In the next ten years, technology will do more to change finance and accounting functions than in the past 50. Databases, data processing, analytics, user experience, and even artificial intelligence will free up much of the time now used for manual processes. Outsourcing with a strategic partner already saves time, money, and resources for small and medium businesses, making current technology adoption imperative.

Finance transformation begins with automation to eliminate unnecessary process complexity, allowing owners to accomplish more and close at month-end sooner. Closing sooner mean the vital data and information is available sooner for purchasing decisions and strategic planning.

While software doesn’t rust, it does become obsolete and prevents companies from having the ability to measure and improve performance. And although spreadsheets seem inevitable for the foreseeable future, they don’t allow efficient collaboration and the ability to set varied permissions for different users. And collaboration is key. A Ventana Research study on collaboration found repetitive finance and accounting tasks involve collaboration over 55% of the time.

More than likely, it’s time to upgrade your accounting software and having a dedicated team behind every client makes the process easy.