Be Adaptable, Embrace Change & Be Relevant To Stay At The Fore Front Of The Competition
The accounting profession is currently undergoing a major transformation.
Tsunami is hitting the accounting profession…
Transformation from “Physical” to “Digital”…
Transformation from “Batch” to “Realtime” processing…
Transformation from “Modular” to “Integration”…
Transformation from “Data-processing” to “Decision Support”…
All these transformations are happening in the accounting arena as we speak.
It’s all in shifting the mindsets of my accounting clients and staff to embrace this unstoppable transformation.
With these transformations, routine workflows are being changed.
Digital Invoicing replaces manual invoicing. Digital invoicing will enable Digital Statement of Account to be auto sent to your customers, enabling them to know up-to-date outstanding balances owing from them, prompting early payments from these clients and better cash flows for your company.
Accounting software will be integrated to your corporate bank accounts. This transformation will allow realtime Bank Feeds into your accounting system, auto posting and auto Bank Reconciliations can be done, making manual human processing unnecessary.
Integrating your accounting software to the bank also allows efficient uploads of Payment files directly on to the Bank, and business owners can now log in to their corporate bank account to approve and release payments, regardless whether they are traveling or not. Auto posting back to the accounting software now allows realtime accounts processing as payments are routed through the accounting software to the company’s Banks.
Images of your business Expense Claims can now be uploaded into your accounting software via apps on your mobile phone. This transformation allows more prompt recognition of travel expenses even when the business owner or his staff is still traveling abroad. This allows timely margin and profit analysis. Receipts can be discarded and no long needed to be brought back to office from overseas travels for processing.
Images of Vendors invoices can now be captured and sent directly to the accounting software, with OCR and machine learning capability, the accounting software can now capture images of source documents together with every journal entry in the accounts. This transformation will reduce Documents Courier costs and Storage costs. In addition, Ease of Retrieval of source documents and Enabled Accessibility to the processed accounting information from anywhere in the world. Gone are the days where hard copy source documents will need to be filed and stored. Auditors and IRAS embrace such transformation because audits will be made much easier.
The role of our accountants is being transformed.
Accountants will now be able to use more of their brains, less of their hands. Financial Analysis can never be replaced by any robots or automation.
Fortunately, my accounting firm saw this accounting Tsunami coming one (1) year ago. My firm has mentally shifted mindsets of our staff and our clients, changed Workflows at clients’ offices, and my firm has since been able to move up the Value chain to provide high quality Decision Support accounting services to all our clients with more time catered to financial analysis for all our clients in the form of monthly Business Commentaries to accompany all our financial reports delivered to clients and we also conduct Business Review Meetings ( face-to-face ) or BRMs in short using timely analyzed information to help drive clients’ businesses. My firm calls this VBBS or Value-Based Business Steering Accounting.
As a result of the many benefits of such accounting Transformations which our clients have experienced since 1+ years ago, we are seeing more new clients referred to us since beginning of this year.
Staying Relevant, Be Adaptable and Open Minded to learn new knowledge, have helped my firm stay above the Tsunami, in fact this Tsunami is powering us to higher growth actually, while many of our competitors in the corporate services industry, who did not see this coming, are fast exiting this Corporate Services industry.
We continue to keep our eyes and minds open.
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
