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The Rise of Accounting Automation

Automation is a new age phenomenon that is vastly becoming the norm. Technological developments in artificial intelligence (AI), machine learning (ML), and Big Data provide a host of opportunities to streamline outdated processes and automate labor-intensive tasks.

Automation is often portrayed as a negative force that will displace jobs and threaten the culture of an organisation

One huge benefit of AI that many firms are starting to recognize is that AI has the ability to accelerate mundane tasks as a queue to upskill their people and push employees to take on new challenges. A recent study by ACCA revealed that more than half of C-Suite executives believe automation will play a pivotal role in shaping the future of their accounting operations.

Automation provides a valuable resource to help accountants make better decisions and deliver the best possible services to their clients.

With the integration of AI, any organization must remain vigilant to the risk of online fraud attempts and set up the necessary protocols to safeguard your business against cybercrime.

Weigh the pros and cons for your business..

Will you incorporate Artificial Intelligence (AI)?

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Accounting Trends 2021

With the world fastly adapting to virtual life due to the pandemic, businesses are finding ways of being more and more efficient.

How have you adapted ?

Have you incorporated anything new into your business?

DATA ANALYTICS & INTEGRATION

Many businesses have realized that data analytics helps to identify operational inefficiencies and manage risks better.

Have you considered investing this year in data analytics and help your business boost with data-backed decision-making capabilities?

Date Integration with all the other business management applications is the most important factor technology has significantly contributed to the accounting process. With just the use of a mobile device, you can quickly retrieve financial reports, manage invoices, pay your vendor bills, and still track them in your accounting books.

Will your business adapt with the trends?