Using Technology To Improve Your Business

By Daniel Smith

19 December 2019

You will have all no doubt seen how technological changes have impacted your business over the last few years.

Ongoing developments in technology, such as artificial intelligence and the global marketplace will continue to have an impact on the way we do business over the next decade and knowing how to make the most of the advancements will be key to the success of your business.

In a recent survey of accountants conducted by MYOB (accounting software providers) a majority of business owners acknowledged that technological trends will have a big impact in the future, however, two thirds of all businesses believe that they have knowledge and skills gaps when it came to using technology to improve their business.

Overwhelmingly, according to the same survey, only a small number of accountants felt that they are comfortable with advising and assisting their clients with technological change and the impacts that it is having on their clients' businesses.

At PKF, we are seeing first hand the impact technology is having for our clients, and seeing how it is helping our clients eliminate room for error, as well as perform tasks that would originally take them away from growing their business, but now moving in a way that’s complementing their business.

Business owners and managers must know the importance of technology in business, and they need to plan on how to use it well so that they increase the Return on Investment (ROI).

Businesses can use technology in improving all aspects of their business, manufacturing, identifying inefficiencies, identifying customers & markets, customer care, logistics, human resource management, communication, services or product improvement, etc.

However, for a business to get the best out of technology, they must plan and manage this technology very well.

Some examples of where we can use technology to improve the finance function and increase efficiencies within your business include:

  • Use an online invoicing service to reduce the costs of collecting payments from customers;
  • Use online budget tracking to keep on top of and reduce your expenses;
  • Create a new income stream by selling your products or services online;
  • Use accounting software to streamline your business finances;
  • Share digital files with us to enable more timely reporting and financial analysis, giving you better information to make better business decisions;
  • Use time sheets/time tracking software for mapping out where time is spent, by whom. This analysis is great for accountability, process improvement, streamlining and productivity;
  • Use project management and task management tools to stay on top of your daily business responsibilities;
  • Create a digital filing system to make it easier to sort, save, share and find documents;
  • Mobile Working and Telecommuting, increasing efficiencies; and
  • Go paperless to save money on supplies and storage while reducing your carbon footprint.

PKF Central Coast clients received great results assisting many of our clients use technology to improve their automated finance function, to significantly reduce the time spent on medial administrative tasks and to significantly enhance the reporting capabilities. Through our approach we will pinpoint the key frustrations of our clients and find solutions to eliminate the issues or create efficiencies via the help of technology.