The shared experience of working in the office vanished when the COVID-19 pandemic hit the UK. The feeling of company and teamwork in a space disappeared along with this and challenges soon arose for businesses trying to keep things running smoothly and remotely.
Some businesses coped better than others. Ones which were more used to removing sensitive financial data from the office were better equipped at working remotely. These organisations have been laying the groundwork for years of being able to balance the books from the comfort of their homes, so the pandemic was a good opportunity to put this into practice.
These businesses had worked to gain a continuous accounting process. This automates routine accounting tasks that require complicated calculations such as depreciation and amortisation. Therefore, these processes become continuous because of how automated they are. This automates the generation of financial statements, transfers with eliminations and reconciliation tools including AP sub-ledgers and the general ledger. Technology is an efficient way to process transactions for accountants and counteracts the complexities that come with working remotely.
The goal is for these automated processes to happen continuously. The pandemic has focussed on a need for automatic technologies and has also highlighted the importance of the cloud in doing so. The cloud allows sensitive financial information to be stored securely. This could involve data privacy as well as internal permissions when accountants are outside of the office.
Cloud-based technologies are updated regularly in line with the newest standards and regulations which often change. The cloud is kept modern and running smoothly. This maintains compliance for organisations.
With automated systems, there is increased accuracy. There is no need to rekey information from system to system manually. This reduces the chance of human data entry errors, so saves time that can be dedicated to other internal operations within the businesses. It also increases the quality of work-life for employees when functions are automated and left to the end of the month. The most tedious work has become more automated.
In conclusion, although remote working continues for accountants seven months into the pandemic, there have been advantages that have come with it. These advantages mentioned above have sped up the work of accountants by saving them time and removing more tedious aspects to complete. Accuracy has increased and the overall move to automation couldn’t have come at a better time for accountants.
If you need any help with your accounting needs, get in contact today.