Arben Ymeraga, Executive Director
3 minutes read
Internet usage will outstrip TV usage in the context of consuming minutes of contextual information (this does not count the time that we have TV turned on and no one follows it) these projections to be realized in 2019.
This means that financial information will flow much faster and cheaper than ever. Greater access to company-relevant data, process automation and limitless integration of leading cloud accounting software such as QuickBooks®, Xero® with various tools (such as CRM, POS, online payment ) is empowering key decision makers in the company by enabling them to make responsible and informed decisions.The incorporation of artificial intelligence and the machine learning process into various software and applications promises to reveal deeper information than current analysis can generate. Automating customer ordering processes, billing, supply chain, credit checking, cash flow forecasting, reconciliation, accurate COGS report, generation of instant profitability reports will reduce the time that accountants have so far spent on these tasks by approaching them in the traditional way and giving them space to be more valuable to the businesses they collaborate with. With real-time information, the focus on the accountant’s job is shifting from reactive to proactive, from what happened last month to what will happen in the following month. This is transforming the role of accountant into consultant and planner of the future. How will this affect business? The benefits to businesses are clear. Businesses no matter if it is a small or large business, will have access to real-time financial information and reporting with mobile access wherever they are. This will enable them to take preventive action or react immediately to new developments. This is especially important for small business owners who have mainly based on monthly reporting without analysis and forecasts for the future. All this information is stored in the system as off-balance sheet data and helps in planning sales, raw materials orders and above all cash flow planning. But there are also consumers who are looking for personalized shopping experiences and the more the business knows about its customer the more the requirements can be customized. If the trend is followed and personalized promotional offers are made, the likelihood is that the customer will be consistently associated with certain business products and services. If the trend is followed and personalized promotional offers are made it is very likely that the customer will continue to buy certain business products and services. Competition in the market is getting tougher every day so only those businesses that apply new technologies will be able to extract analytical information that will enable them to operate with minimum stocks while reducing unnecessary costs and saving capital, and enhancing staff knowledge.
Employees who can quickly and easily find out if there is a stock in a warehouse or point of sale at another location, additional product information or information on when the stock is expected to arrive will gain more customer confidence and will greatly affect sales growth and profitability of new customers. In addition to sales and customer management, digital accounting systems such as QuickBooks® enable real-time financial reporting. Eventually, Kosovar businesses have begun to realize that accounting is not only for the purpose of tax declaration, or presenting it to banking institutions, especially for its own business needs. a business without a digital accounting system is like a ship in the ocean, but without radar with no orientation. Increased opportunities for free movement and visa liberalization will increase the opportunities for cooperation between Kosovo and international entrepreneurs. One of the key points in the partnership discussion is financial management. As we enter the European market, Kosovar businesses must work according to the “Champions League” rules and report to IFRS international standards. Digital accounting systems must guarantee privacy protection in accordance with the General Data Protection Regulation (GDPR) where the external partner wishes to access the system at all times and monitor the performance of the company.
Digital accounting systems must guarantee privacy protection in accordance with the General Data Protection Regulation (GDPR) where the international partner can access any time the system and monitor the performance of the company.
So, as a business owner we encourage you to look at every area of your operations to discover how technology can streamline operations, reduce costs, expand margins, and increase productivity. We will work with you to understand your business needs and how we can help you reach your goals.
Happy new year 2019!