COVID-19 and the Digital Transformation of Accounting
As companies are forced to restructure their operations, COVID-19 has accelerated digital transformation in the vast majority of industries. From office closures and supply interruption, to restrictions on movement, many businesses have no choice but to implement technological changes rapidly.
Principal Consultant at Dept in the UK, Jonathan Whiteside commented, “the digitalising of operational processes has been on the radar for companies of all sizes for a while… but now, new processes are being implemented overnight; businesses have already adapted, and rely on the technology to facilitate the changes.” Research by BDO suggests that
- 42% of retail CFOs reported they expect to restructure or reorganise as fallout from the COVID-19 pandemic persists into 2021, and
- a staggering 48% report that they are pursuing digital transformation in 2021.
Digitalisation in finance and accounting
The uncertainty of maintaining revenue streams and profits during the pandemic has led to a need for accountants to react faster and communicate more frequently than before. Research suggests that “two thirds of SME decision-makers feel their accountant has met or exceeded their expectations during the coronavirus,” an undoubtedly incredible feat but one which fails to take into account the long-term impacts of overworking and burnout.
There are multiple ways in which accounting can be made simpler, more effective and insightful, the most notable of solutions being the implementation of accounting software. MarketWatch projects that the global cloud accounting software market is expected to “grow at a CAGR of 8.5% during the forecast period of 2019-2025.” These software offer a range of services, including:
- monitoring bookkeeping exchanges,
- dealing with cash streaming all through the business,
- maintaining records,
- overseeing account payables, account receivables, business finance, general record, and different business modules.
At it’s core, cloud accounting software allows for augmented account oversight. This enables efficient record management, scenario planning and forecasting, giving more time to look towards the future as opposed to cataloguing the present.
Your digital solutions
At Sllick, we specialise in finding the best combination of cloud applications to automate your accounts. Every company requires a different, tailored solution to gain the most from their digital journey and we’re here to create the roadmap for you.