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How IT is Transforming Accounting and Financial Firms

By January 5, 2019 No Comments
Managed IT Services in Key West

Information Technology has changed how business work. With the ability to execute thousands of instructions within seconds has scaled-up productivity and ultimately the profits. The accounting profession is no exception in today’s rapidly transforming sector due to optimization available through newer technologies.

IT in accounting and finances is not only about digital transactions, but it is also about improving operational efficiency, regulatory compliance, financial management, and increasing revenues.

Just like any other company, Accounting and Financial firms also require an IT infrastructure including server, data center, and a network. Without hiring an in-house IT department, you can hire IT services in Florida to flourish your business. Managed IT service providers in Florida will help you to use information technology in your accounting firm and keep your business goals on track.

Accounting Software Is Already in The Market:

Financial institutions have been using computers for more than 2 decades. Numerous software already exists to deal with particular areas of accounting. Accounting software makes debt collection, billing, inventory, order management, report generation, journal approval, late payment reminders etc. easier. But the innovation in hardware and software technology has increased the efficiency of traditional accounting tools, exponentially. Today’s software has improved accuracy and reduced margins of error so that you can avoid tax penalties and prevent issues with stakeholders

From cloud computing to behavior analysis using artificial intelligence (AI), technology has improved an accountant’s judgment and critical thinking skills. To meet the competitive edge, hire a managed IT service provider in Florida to adopt the technology advancements and enhance the accounting ability of your financial institution.

The New Technological Advancements in Accounting and Finances:

Cloud Computing:

Cloud computing is the delivery of computing resources over a network, generally the Internet, for processing, storing and retrieving information. With cloud computing, you don’t need to own an in-house server or data center. Instead, you can buy a subscription from a cloud service provider and use his server to host your accounting software. Using cloud computing solutions, business owners and management team have immediate access via his computer to all accounting information. Moreover, you can use your mobile device to access your business reports and manage transactions off-site.

With easy scalability of resources, cost savings, and reliability, large organizations in financial business have come out with their own online versions.

Machine Learning:

Machine learning is a part of Artificial Intelligence (AI) that focuses on computer programs that can access data and use it to learn for themselves. Machine learning is automating complex and repetitive tasks and processes, with extreme accuracy. Machine Learning when used as part of financial planning & analysis, can analyze data to define or refine data models used for forecasting. It can deliver real-time insights, enhance decision making and simplify complex data sets. By adding AI to their IT infrastructure, financial firms have reduced operating costs and increased their efficiency.

Mobile Accounting:

Your business productivity can increase greatly if you allow access to data using a smartphone. Using modern-day mobile apps, accounting firms can manage their business while on-the-move. They can send invoices, add receipts and review documents from smartphones or tablets. Microsoft Office 365, a business utility tool, offers mobile versions of MS Word, Excel, PowerPoint, TeamViewer and much more. With the ability to access and edit financial information and reports on a mobile device, firms can reduce overheads and manage time efficiently.

Cryptography and Virtual Private Network:

Data Privacy is a topic of utmost importance for any industry. Anyone with expert knowledge of IT can utilize his skills to breach the security of an organization. Often attackers try to find weak points of your IT infrastructure to steal your financial information and sell it to your competitors or demand a ransom.

As your organization will grow, you will have multiple business centers located around the globe. Public internet is very unsafe to transmit financial information. Therefore, you need to equip tools to secure the on-premise data and the one that flows between the two branch offices.

Using a Virtual Private Network, you can securely send financial information from remote locations to your data center. VPNs make use of cryptography to encrypt your data as well as IP address from which the data was sent. Cryptographic algorithms are designed around assumptions of computational hardness and it is very hard to break such an algorithm in practice. It is because of advanced encryption and security tools that electronic commerce, digital currencies, and secured payments are made possible.

Conclusion:

Accounting and Financial firms need to embrace rapid advances in accounting technology to remain relevant in the accounting industry. They need to stay up-to-date with technological trends and utilize them to optimize their accounting solutions to meet the needs of their firm.  A technical service provider in Florida can help you in adopting advancing technologies in your firm. Their expert IT support can analyze your needs and devise a solution that suits your budget and increase your efficiency. By investing in managed IT services in Florida, you can allow their experts to install and manage IT resources for you while you focus yourself on business growth.

Contact us today to learn about Bleuwire™  services and solutions in how we can help your business.