Collaborative Accounting Solutions takes away some of the mundane accounting tasks and lets the system and external business partners be the trigger for automated data entry and processing into accounting records; all still within the business manager control, without compromising on data confidentiality and security rules.
‘The cloud’ is changing the way we approach things and one could perhaps allow certain transactions to be triggered by external business partners involved in a particular transaction, all for the benefit of even quicker data processing and saving time spent on routine mechanical manual activities.
Collaborative accounting could be a new term for us but it is definitely not an entirely new concept; it could be the view of accounting processes from an artificial intelligence (AI) corner, it uses the cloud and Internet of Things to make the life of the entrepreneur simpler and promotes a better more integrated tool to manage the business, with zero compromise on data standards.
The core idea behind IoT is quite simple, it’s that all of our devices and things being connected. Real-time capture of relevant information for business planning and resource allocation, the IoT enables businesses to improve processes, reduce costs, and manage risks.
The IoT will change the sources of transactional data flowing into billing, enterprise resource planning, and accounting systems, it will alter the way audits of these transactions are carried out.
Chartered Accountants will enable to find new ways to be part of the new service-driven world. A world that is connected, fuelled by intelligent systems and empowering.