The Bureau of Internal Revenue (BIR) first introduced eBIRForms in September 2013. From then on, there arose a shift to digital payments and improvements of the accounting process, but this time, done digitally. The introduction of accounting software, applications and other online tools is definitely helping businesses, regardless of size, as they improve productivity and their organization.
To maximize the advantages of technology, it is essential to undergo regular training or continuous learning because it is only through these methods that business owners, accountants and other professionals will be able to optimize these digital tools. Training must be a balance of know-how in both technology and compliance, most especially since there are regular changes in legislation and standards.
The advantages of digital accounting tools include reliability (accuracy in numbers and computations as a result of cloud computing), cost-effectiveness (ease of reconciliation and linkage to bank accounts) and efficiency (digitization of documents and calendar management).
On another note, it is important to take caution when it comes to the use of digital tools. There’s the risk of potential hacking and misuse of information.
Thus, business owners must make sure to diligently protect any and all financial information. Another issue is hardware malfunction due to virus or lack of maintenance.
It is important for both business owners and accountants to keep up to date with technological advances in order to respond to market conditions and clients’ needs. In today’s world of digitization, technological innovation is paving its way in how accounting is done. Business models are evolving to include digital transformation in both accounting and finance.
Dorelene Dimaunahan is an entrepreneur, educator of the country’s top universities, a host and an author. She is also a Certified Franchise Executive, Certified Management Accountant and a Certified Human Resources Practitioner.
This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail.com.