Future-Proofing Your Finance and Accounting Functions
Rose Report: Issue 65
By Ted Rose, CEO, Rose Financial Solutions
Finance and accounting technology are advancing rapidly, significantly influencing how companies plan for the future. Today, companies require more than simple accounting software. The finance and accounting profession is already beginning to embrace new technologies such as artificial intelligence (AI) and machine learning (ML). Is your company ready? To future-proof and capitalize on the potential of these technologies, business leaders must develop a financial infrastructure that is accessible and secure, automates processes, adapts to evolving company needs, and seamlessly connect with other systems. And that begins in the Cloud.
While switching from desktop to cloud-based software may seem daunting, many advantages exist, especially in today’s remote and hybrid workplaces. In addition to making your financial data more accessible, collaborative, and secure, cloud accounting can help your business operate more efficiently and effectively.
With cloud accounting, you can access your financial data anywhere, anytime, using any device, allowing you to work on your accounts in the office, at home, or even on vacation. Additionally, cloud accounting provides real-time recordings of your company’s financial activities and enables you to collaborate with your accountant or other team members in real-time, which leads to better communication and more accurate reporting.
While off-the-shelf cloud-based accounting software is readily available, most lack the flexibility and integration of a workflow system that standardizes and automates your internal financial processes. Electronic workflow increases your productivity and efficiency today and will also help set the stage for implementing AI and ML in the future.
As a business grows, its activities may become so intricate that it develops many disparate, out-of-synch systems, making it difficult to understand the company’s operations and financial performance. While investing in enterprise resource planning (ERP) software may not be within your budget, alternative solutions exist.
At Rose Financial Solutions (ROSE), our Finance as a Service (FaaS) is a one-of-a-kind technology and service solution that brings ERP capabilities to small and mid-sized companies. Our cloud-based technology platform, Easby®, seamlessly integrates with your accounting software, simplifies your accounting processes, and provides you with a single place to view all of your finance, tax, and accounting information. Learn more about our cost-effective and scalable solution by scheduling an introductory meeting.
This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business.
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