As the world navigates the fourth industrial revolution, entrepreneurs and small businesses in South Africa cannot afford to be left behind.
As the world navigates the fourth industrial revolution, entrepreneurs and small businesses in South Africa cannot afford to be left behind. In a case of “adapt or die”, AI and cloud accounting are offering businesses and accountant firms the competitive edge and the opportunity to be at the forefront of the digital revolution.
From project management to social media, everything happens in the cloud. If you're a small business, you're probably already using the cloud in many ways without even realising it. In the past few years, cloud accounting has exploded in popularity. There has never been a more important time for businesses to review their accounting services and embrace cloud and AI technologies.
The main difference between desktop and cloud accounting software is that cloud software runs on the internet and can be accessed off-site, on any device with an internet connection. Desktop accounting software, on the other hand, can also be used on computers where it has been installed. Cloud accounting can update financial information in real time, giving business owners immediate access to their reports. Back-ups and updates take place automatically, making maintenance with cloud accounting software minimal.
AI and cloud accounting have opened doors like never before and have revolutionised accounting companies and the small business industry, offering countless benefits to improve profitability, efficiency and add value to business owners. The benefits of cloud accounting, AI and machine learning are endless. They have become buzz words in the tech industry, and, while it can be daunting at first, the benefits can be explained simply.
Here are some benefits of AI and cloud accounting for entrepreneurs:
If tech solutions take over the bulk of the work, completing time and energy consuming tasks automatically, accounting firms and business owners are free to focus on their core business tasks. They will have more time to focus on their clients, developing their business and growing the economy, leading to job creation and improved employment figures.
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