The alternation in working conditions caused by the pandemic has forced many companies to accelerate their technology strategies.
Cloud technology is rapidly becoming among the key investments for future-proofed businesses, with 30% of businesses thinking about moving to cloud systems and adopting Software-as-a-Service platforms as a main concern during the next year.
The advantages of cloud computing in finance – increased efficiency and flexibility, improved cash flow, and much more – has long been the power behind adoption. But an additional benefit of the technology in lessening costs, ensuring server availability, and preventing unforeseen disasters is something businesses have grown to be very familiar with.
Alongside these black swan events have been the sudden alterations in working environments, moving to more flexible/ remote practices, and more questions being raised about cybersecurity.
This is especially true for remote teams handling sensitive financial data. Securing data and sensitive financial information was a main concern for 36% of finance leaders within the next 12 months, based on a brand new survey.
To help businesses embrace the future and a new-look finance department, there are three technologies to prioritise:
- Remote cybersecurity
Thanks to new technology, colleagues will work wherever they please, with the new office environment being between your kitchen table, city centre office, or by the pool.
But cyber issues are continuing following changes in working habits. Employees are signing in for their computers using less secure public networks – hotel Wi-Fi signals, logging in in the gym between work-outs, using their iPad in the park while walking the dog – which is increasing the risk of sensitive data.
The situation is creating a chance for cyber criminals to identify a chink within the armour – a weak password or an outdated software system – to compromise into networks and steal vital business information.
So how will you ensure your IT infrastructure doesn't come crumbling down?
Staff first need to be equipped with the data they have to protect your data. Basic cybersecurity training will go a long way here as many colleagues simply aren't aware of how cyber criminals gain access to systems. You are able to go so far as to operate a “live fire” exercise to show how easily you can fall victim to an attack.
Secondly, make encryption your friend. Particularly for employees working at home or perhaps a remote location, encryption can protect company files from unauthorised access and from theft. Accounting departments should therefore invest in an accounts payable solution that provides encryption services when the information is not being used.
Remember that cybersecurity is a team effort, and you have to put your employees capable of succeed.
- Cloud technology
Mobility is the top new trend within the working environment, therefore the priority at this time for businesses is to minimise any future, unknown disruption by becoming as flexible as possible while ensuring finance teams can get use of data while on the move, and without being compromised.
Accountants can certainly have a much their head within the clouds, with 30% of finance leaders saying cloud software/SaaS systems is among the top regions of investment for that year ahead.
- Automation
Automation within the finance department is easily becoming the glue that holds processes and teams together, helping mitigate risk, reduce the time taken to alert stakeholders, and increase speed to resolution.
Automation in finance improves data accuracy by removing repetitive manual administration tasks from employee tasks. Finance system integration synchronises critical data between databases, reducing the risk of human error and making processes quicker and simpler.
The range of automated solutions available means core finance tasks, for example invoicing, book-keeping, expense management, is now able to automated. This not only reduces the chance of delays and inaccuracies; it also frees your team to do a lot more useful stuff.
Automated traceability and cyber security are part of this rigorous process, making these solutions quite effective in fighting fraud.
AP automation not just allows data to be captured and stored securely, but also easily shared through data visualization and ERP solutions to support remote working employees across the business and allow finance leaders to have use of real-time data.
The new-look accounting department
Without doubt, remote working is and can continue being one of the greatest challenges and opportunities to day-to-day operations – one which has accelerated the shift towards digital technologies such as the Cloud and automation.
Businesses have to concentrate on embedding revised security measures right from the start so that their employees can keep operating securely, wherever they're in the world.