Digitalization is becoming the hub for many companies and is creating massive changes. The implementation of the digital roles doesn't stop only on the major operations and value adding chains, but also on the purchasing, human resource and finance areas.
The digital solutions that these positions are providing to the companies are making digitalization a more preferable way for hiring a professional virtually.
The following digital solutions are an example of how transformation to virtual accountants made a change on the field.
Visual accountant digital solutions
The digital solution which is more integrated and accessible has made virtual accountants being preferable. A different system for finance is accessible as paperless contacts in which all the documentation has become digitalized. The most important work in accounting includes effective documentation since each invoice, bank recites or any other papers are valuable. Digitalization made this easier so working virtually as an accountant is becoming most effective.
Interface to a system
An interface to a system in which the invoices and other related documents from external that accountants need for their work can easily be received through it. This digital solution allows accountants to work from anywhere in the world as long as there is an internet.
Quality data management
Quality and accurate data is a must for a company for several purposes. This is needed for future audits, updates or any other related organizational assessments. For this reason, digitalization can check the quality and accuracy which can be validated in a certain time needed for management, for eg; once a year. This digital solution will let accountants to work according to the specification and the requirements the company provides so that working virtually can be as equally measurable and assessable.
Improvements are implemented often in almost every system. This improvement's main goal is to have an easier and better way of performing the work. This applies to the systems of the finance sectors and related works. That's why the accounting work process is utilizing better automatization. Virtual accountants are able to get this up to date process automation so that the latest work reaches to the fullest capabilities.
There are general sets of accountants work which are similar and need to be fixed on some point. For eg: the profit/loss statements that need to be calculated then understood by any other accountant or auditing firm. Such uniformity can be found from digital systems used for finance works. Such digitalization made the accountants work uniform which accelerated the virtual accountants work delivery more clear.
Integrating Consolidation System
All previously mentioned independent accounting entities and the other accountants works that will be pointed out on the next subtopics can be integrated in a digital system. This eliminates and reduces unnecessary and time consuming work. This integration allows works to be performed from any place and still have uniform and consolidated output.
Responsibilities of Accountants to be worked home or office
Accountants can perform their work virtually from any point of the work. The responsibilities are similar specially if a digital system is implemented in the company. Some of the responsibilities are:
• Budget forecasting
• Financial statements
• Monthly, quarterly and annual closings
• Bank payments in certain time
• Tax returns and compute taxes
• Accounting transactions
• Balance sheet and loss statements
• Financial policies and regulations
• Financial documents and transactions for audit purpose
Ensuring accounting digitalization heads towards the intended objective
Since virtual works require a strong digital system, better outcomes related to digitalization appear. Digitalization plays an important role when it comes to managing all accountants' work performance. It's always possible to apply new tools to automate and have effective work.
Structuring data and structuring data resources are the functions where digitalization heads towards ensuring the accounting intended works.
Objectives of accounting digital solutions
Real time reporting
Gives information or data on the exact time needed, special right after transaction is made. A digital system allows integration as described above. In addition, with real time reporting when an innovative accounting system is used. This will help by assuring the uniformity needed in accounting work and provide a rapid analysis.
It's access to financial information such as company reports that needs proper disclosures. This will help to clarify various fees for the company which fluctuate in different times for different reasons. For eg: the fee in which the client must pay might increase or decrease in time. This information can easily be integrated using digital solutions where accountants can work virtually.
Different software that can be used to host in remote servers to be processed and returned to the user. Such frameworks provide correct, secured and better control over the company data whereas backups can easily be stored. This helps companies to diversify their business, initiatives and inputs without holding hesitation.
Big Data Analysis
Accountants with availability of big data enables them to identify issues with real time access and that will allow them to identify evidence and facts. This will boost their decision-making capability and minimize guesswork and assumptions about the financial works they need to perform.
What are the obstacles on the path to digitalized accounting?
There is a challenge in every work in the world, accountants will face difficulties either working virtually or physically presented. Digitalized accounting made the accounting duties much easier, but some obstacles in which some researchers have conducted are the following.
• Keeping up with tax law changes: Most accountants main work is to prepare tax. Since the tax law cha
• Adaptive to new technologies: As mentioned above, digital solutions are being updated in short periods. Some changes need more adaptive and practical observations. Or Some technologies will be preferred by one company to be implemented for financial work which might consume time for training. This makes accounting work time consuming and requires more study to be able to perform duties.
The digitalized era made accountants work to be performed in an integrated, effective and uniform way. This allows virtual accountants to be more visible to be hired in one company. Less paper works, system uniformity, integrating consolidation systems and process automation are the accounting solutions where real time reporting, cloud computing, big data analysis and transparency can be created.
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