We can’t put the genie back in the bottle.
The words “Digital Transformation” have become something of a buzz phrase since COVID-19 turned our world upside down last March. The fact is that digital transformation was already happening at a steady pace ― COVID-19 merely accelerated this shift. The pandemic introduced a plethora of new and troubling business challenges to contend with, and many are here to stay. Organizations have to decide this year if they are going to invest the time and resources to become increasingly efficient and effective, or watch their competitors ― and their industry ― leave them behind. Fortunately, the tools and support available in today’s accounting software marketplace make it easy and cost-effective for nonprofits and businesses alike to implement new technologies that create truly digital organizations.
Salesforce defines digital transformation as “the process of using digital technologies to create new – or modify existing – business processes, culture, and customer experiences to meet changing business and market requirements.” The reality is that fewer vendors want to wait for paper checks to arrive in the mail as payment for their services. Customers increasingly expect to get their invoices electronically and maybe even have the option to pay online. Financial report users – management, funders, customers, contractors – want access to their financial information in as close to real-time as possible. Waiting several weeks for a “print out” of their financials is not only unsettling to them, it also hampers their ability to make informed and timely decisions about what the business needs. The fact is, the faster you can get reliable financial information, the faster you can adapt to changes and grow your organization.
Although the events of 2020 forced many organizations to accelerate their digital transformation, 2021 will be a defining year for completing this important transition for many nonprofits and businesses. Those who focus on creating a paperless environment will have the opportunity to streamline all facets of organizational accounting and reporting, while delivering real-time visibility into the metrics that matter. Dashboards will replace spreadsheets and allow users to see reports, graphs, and score cards evaluating their financial performance at a glance. Siloed data in disparate systems and manual (and sometimes duplicative) data entry will be relics of the past.
Leading accounting firms agree with the AICPA ― 40 of the top-100 CPA firms are Sage Intacct Partners. GRF is proud to partner with Sage Intacct to offer clients access to and support for a best-in-class accounting software solution. To learn more about GRF’s Accounting Technology Services and how we can help you revolutionize your accounting function through digital transformation, contact Jim Norton, CPA, Senior Manager, Accounting Technology Services, at firstname.lastname@example.org.