5 Technology Trends That Can Transform Your Accounting Firm

April 11, 2021

The world has changed, what about you? Get on the cloud to accelerate business transformation in these troubling times.

No one ever saw it coming.

Now, after 6 months and more than 5 million cases worldwide, the devastation caused by Covid 19 is plain for all to see. Not only has the world suffered a massive human impact, but there is a significant commercial impact as well.

At home in Singapore, workplaces were shut down for weeks. Over 80% of the workforce has been working from home since the circuit breaker came into force. At the time of writing, many companies do not have a date for a full return to their offices in sight.

Even after the circuit breaker ends, the new normal in Singapore will forever be changed.

Remote work will no longer be viewed skeptically. People are realising that telecommuting may not necessarily be inefficient or lead to less work done. Major companies such as Google and Mastercard are already planning to effect a permanent shift to remote working even after the crisis ends.

A growing number of SMEs in the corporate services sector are also keen on exploring remote working and telecommuting as a long term arrangement.

On the other hand of the spectrum, the compulsory work from home situation has seen many corporate services providers struggle to adjust. The key factor that sets this group apart from their better prepared contemporaries is digitalisation. While some already had the IT infrastructure to support telecommuting in place, others were forced to respond to the lockdown overnight.

Traditional firms that have not incorporated the latest technology into their workflows are likely to have particular systems (e.g. accounting software) that can be accessed only in the office. Staff members managing these systems will be effectively immobilised, causing affected firms to experience much larger falls in productivity than others.

What are cloud based platforms and systems?

Enter cloud based systems, which have proven to be game changers in these challenging times. They utilise servers that are accessed over the Internet, as well as the software and databases that run on these servers.

Users of cloud systems do not have to manage physical servers themselves or run software applications on their own machines. Business owners will be able to access their company’s financial information anytime, anywhere since digital files in the cloud can be synchronised across multiple platforms.

There will be no need to travel to the office just to check on cash flows. Managers can spend more time on making great decisions for the business instead of reading through thick piles of management reports.

Enter cloud based systems, which have proven to be game changers in these challenging times. They utilise servers that are accessed over the Internet, as well as the software and databases that run on these servers.

Users of cloud systems do not have to manage physical servers themselves or run software applications on their own machines. Business owners will be able to access their company’s financial information anytime, anywhere since digital files in the cloud can be synchronised across multiple platforms.

There will be no need to travel to the office just to check on cash flows. Managers can spend more time on making great decisions for the business instead of reading through thick piles of management reports.

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