The ability to reconcile financial data, extract reports and manage the process in realtime can be used by businesses to secure competitive advantage in today’s market.
Like many other areas of the business, the accounting and financial management discipline is certainly affected by the evolution of technology. The development, rollout and application of solutions serves to lubricate this vital cog in the business wheel.
Service providers have confirmed that the demand for advanced accounting solutions is increasing as compliance with regulation and the need for collaboration across applications continues to place pressure on businesses.
Those wanting to invest in accounting solutions are advised to consider products that cater for all legislative requirements, and preferably those that ensure quick and easy extraction of reports.
“Effective reconciliation of crucial information is key to any business – cash flow forecasting, current situation, future requirements are needed real time to enable better decision making,” says James McKerrell, CEO, CRS Technologies.
However, user buy-in is essential for solutions to be of any practical use or benefit says McKerrell.
“There are various integration points in an accounting solution – payroll information is key in any business and needs to be effectively reported into an accounting solution. Again the users must understand the reason for using a solution and apply the solution effectively in the business,” he adds.
McKerrell says that the level of sophistication and user interface with solutions has evolved to point that training is largely non-essential. At the same time cost should not be prohibitive to solution investment and compliance.
With the demand for advanced accounting solutions on the increase, the number of service providers has also risen.
“Compliance and regulation is key. One should make sure that the provider of the solution has local compliance and regulatory requirements covered. I think there are a number of local providers who are well known in the market and they should all be compliant. One should be cautious when dealing with an international vendor – make sure the local statutory requirements are catered for,” McKerrell adds.