Technologies Accelerating the Digitalization in the Accounting Industry

Work from Home (WFH) became the standard for all industries across the globe earlier this year as a result of the coronavirus outbreak. Most of the industries have planned out the test cycle with more performance than they would have anticipated.

Fremont, CA: The advent of sophisticated technology has brought monumental changes, particularly in the COVD-19 scenario, to most industries, including accounting. Some of the manual, repetitive accounting activities of the past are now being carried out by disruptive technology.

Accounting is least likely to adopt technology given its focus on legacy practises. But with the new threats raised by the pandemic, this sector has woken up. As the business world has evolved into a new age, accounts now need to update to their arsenal in order to adapt and keep pace with these changes.

Cloud adoption of a smooth WFH service

Homework (WFH) became the standard for all industries across the globe earlier this year as a result of the coronavirus outbreak. Most of the industries have planned out the test cycle with more performance than they would have anticipated.

Although the WFH model cannot replace the physical existence of the workplace, a mediated alternative is taking shape. Many businesses adopt a hybrid return to work strategy, a split between a conventional office and home-based work.

Colliers International's survey found that 53 percent of companies will have staff in their offices once or twice a week, and 33 percent will carry workers to their headquarters 3-4 days a week. With employees starting to work between two or more sites, ample document storage and file access from anywhere is necessary to ensure seamless workflow integration through the hybrid approach, using the cloud is still a top priority for accountants.

The Essence of Cyber Protection

Digital transformation in accounting is in full swing and can no longer be seen as a matter of preference. The FBI has registered a 300 percent surge in cyber attacks since the coronavirus outbreak. Cybersecurity should be an important part of accounting plans for the implementation of technology.

Finance teams must work closely with the IT department to build an enterprise-wide cybersecurity plan for handling vulnerabilities in real-time. They must spread awareness among their workers about the importance of cybersecurity, conduct an overview of the information security gap, and conduct penetration tests to ensure that protections are robust and sensitive data are safely protected.