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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 circulate much faster and cheaper than ever. Greater access to data relevant to companies, process automation and the limitless integration opportunities of leading cloud accounting software like QuickBooks®, Xero® with various tools (such as p.sh. with CRM, POS, online payment) are empowering key decision makers in the company by enabling them to make responsible and more informed decisions. Incorporating artificial intelligence and machine self-learning processes into various software and applications promises to reveal deeper information than current analysis can generate.
Automating customer order processes, billing, supply chain, credit checking, cash flow forecasting, reconsilation, accurate CPS report, instant profitability reports will reduce the time accountants have so far spent on these tasks by accessing them in traditional form and giving them space to be more valuable to the businesses they collaborate with. With real-time information, the focus on the accountant's work is transforming from reactive to proactive, from what happened last month to what will happen next month. This is transforming the role of accountant into a consultant and planner of the future. How this will affect business Profits is clear. Businesses, no matter how small, will have access to real-time financial information and reports and mobile access wherever they are. This will enable them to take preventive action or react immediately to new developed situations. This is especially important for small business owners who have so far relied mainly on monthly reports and without analysis and forecasts for the future.
With an integrated accounting system like QuickBooks®, any business can keep existing customers by planning together for monthly, quarterly and annual orders. All this information is stored in the system as extra-financial data and helps to plan sales, raw material orders and above all money flow planning. But there are also customers who require personalized shopping experiences, and the more the business has knowledge of its customer the more can customize the requirements.
If the trend is followed and personalized promotional offers are made, the likelihood is very high that the consumer is constantly connected with the products and services of the particular business. Competition in the market is getting tougher every day, so only those businesses applying new technologies will be able to extract analytical information that will enable them to operate with minimum stock by reducing unnecessary costs and saving capital, but also by increasing staff knowledge and creating more knowledgeable employees.
Employees who can quickly and easily find out if there is a certain item in the warehouse or point of sale at another location, additional product information or information about when the specific item is due will gain more trust in the customers, which will greatly impact sales growth and new customer benefit. In addition to sales and customer management, digital accounting systems like QuickBooks® enable real-time financial reports.
Eventually Kosovar businesses have begun to realize that accounting is not held only for the need of declaring tax obligations, or presenting to banking institutions, but above all for business needs. A business with no digital accounting system is like a ship in the ocean, but without radar, which waves carry everywhere and without any guidance. With the increased likelihood of free movement and visa liberalization, the possibilities of cooperation between Kosovar and international entrepreneurs will increase. One of the key points during the discussion of the partnership is financial management as the language of business is numbers.
At the moment that the market is being accessed by Kosovar businesses, kosovo businesses must play by the rules of the "Champions League" and reporting is done according to international IFRS standards. Digital accounting systems should ensure the protection of privacy in accordance with the General Data Protection Regulation (GDPR) where the external partner wants to have access to the system and monitor the company's operation at all times.
As a business owner, we encourage you to look into every area of your operations to discover how technology can streamline operations, lower costs, expand margins and increase productivity. We will work with you to understand your business needs and how we can help you achieve your goals.
Happy new year 2019!
