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Technology in the finance and accounting sector
Traditionally, collaboration meant working together in the same physical location at the same time. However, technological advancements in recent years is making it increasingly feasible for people to work together to reach common goals. The transition can be linked to the behaviours associated with social media platforms such as Facebook, Twitter and Instagram, which allow people to openly share information. These behaviours have lead to the development of business specific platforms that enable employees and external entities to collaborate without the physical presence and time constraints.
Technology is enabling interrelated companies break down the barriers to collaboration in order efficiently carry out every day business tasks. Specifically, within the finance and accounting sector, which is becoming mostly web based in order for accountants and clients to collaborate on the same information. Today’s accounting professionals use the Internet for e-business.
Electronic business (e-business) allows the accounting firm to coordinate activities for internal management and combines the clients’ relationships with the use of digital networks. Additionally, accountants are adapting to programs that keep track of clients accounting information to improve efficiency.
TaxTrex is a prime example of technology that is transforming the way tax agents, advisors and clients collaborate with each other to prepare an R&D Tax Incentive Claim. The online file storage facility is provides users with a portal to share and store relevant project information. All users are also able to see the status of the claim process and if it is at risk.
Poor collaboration between tax advisors and clients can lead to costly errors and time delays throughout the claim process. It is important for tax agents to be aware of activities that have occurred throughout the year that may or may not impact a claim. Therefore, it is imperative that companies work with closely with their tax agents and tax advisors throughout the financial year to ensure there are no surprises at year-end.
The finance and accounting sector is now speaking a brand new language. In the past the process of documenting, measuring and communicating information was done in the form of paper records, and handwritten statements. Then came the introduction of the calculator and then at the end of the 20th century, programs such as Microsoft Excel which, has almost eliminated paper documents all together. It is imperative for companies to adapt to new technology in order to stay relevant or they’ll risk being left behind.