Blockchain

Blockchain is not a new concept anymore. It has become more of a common term that we come across almost every day. Blockchain is seen as the ‘future of financial services information’, which has game-changing capabilities in the accounting industry. Here we list out some of the many advantages of adopting blockchain in accounting;

No need to keep separate records as companies can write their transactions directly into a joint register

No falsification or destruction of entries

Fully automated audits

Reduces cost and time

Artificial Intelligence

Artificial intelligence is an advanced concept that delivers immense opportunities to accountants.  It has endless potential that simples the work of accountants and processes data at lightning speed. Artificial intelligence;

Automates data entry and data categorization

Leads to faster analysis of broad financial trends

Can reduce or eliminate errors

Has the power to completely revolutionize accounting

Leads to improved operations

Enables decision making

Cloud Accounting

Cloud accounting lets you access data from anywhere, anytime and you don’t need anything more than an internet connection. Using cloud computing in accounting streamlines accounting practices and leads to;

Automatic updating of financial information via the cloud accounting software

Accurate account balances with nil error

Greater visibility throughout an entity

Effectual management of multi-currency and multi-company transaction

Faster decision-making

Companies that fail to embrace technology at the right time, will eventually succumb to failure. Even though there might be few hiccups in the initial stages of implementation and the never-ending debates on ‘humans vs machines’, the final product will be something beneficial and innovative.

Most of the firms which provides accounting services Dubai, UAE have realized the importance of technology in their operations and have already implemented or is in a move to implement these technologies.

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RPA automates complex processes and routine tasks and can be used across sectors such as HR and payroll, that involve intensive and bulk operations. It enhances the speed and accuracy of your work, which helps in improving the overall work productivity.

An industry that reaps maximum benefits from RPA is payroll. RPA makes the lives of employees easier by adding new functionalities to the processes, with a greater degree of accuracy and efficiency.

Software robots are way more productive than humans in carrying out monotonous tasks. They are designed with self-learning artificial intelligence (AI) capabilities that enable response to changes and conducts tasks that are not limited to just basic processing. The varied functions carried out by the software includes collecting and copying data, running reports, processing and submitting emails, feeding data in HR or payroll systems and pre-populating forms. Modifying or retraining the robot’s automated tasks is not a herculean task and is in fact easier than re-training a staff.

Running payroll manually is monotonous and it attracts risks. A minor mistake can cause serious damage to the whole system. RPA enables an automated validation check before running payroll, thus eliminating the process of checking data and looking for errors. This can be done in a matter of seconds.

There is a multitude of activities that can utilize the benefits of RPA. These include contractual changes such as designation, benefits, roles and responsibility, permanent changes like hike and contact details, temporary changes that include bonus and expense payments, over time, new hires/separations or departures, attendance records, validation checks and deductions that include pension, union, travel card and loans.

RPA is a constantly growing technology that has the potential to make a huge impact in the world. It has unmatched integration capabilities and is becoming a massive sensation, not only in HR and payroll outsourcing services department but across various sectors within a company. The software fulfills tasks exactly as they are programmed to; hence the question of trust never arises.

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