Accounting has changed significantly in the last generation or so. It used to be a simple process of keeping records – companies sent money out, they took money in, and they had accountants for recording all these transactions and ensuring proper financial reporting. Today, the job still entails all of that, but it also includes much more.
Modern-day accounting practices involve looking at both the present and future. If you know how your company's finances look today, and you have enough data to project where they'll be tomorrow, you can make intelligent decisions about the direction of the organisation.
Of course, it never hurts to have the right technology on your side.
The "track and pivot" approach
Companies are moving toward a "track and pivot" approach to managing their finances.
Now, accounting is a multi-faceted challenge. You're no longer working just to keep accurate records – you're trying to do a few different things at once instead. Accounting Today recently noted that companies are increasingly moving towards a "track and pivot" approach to managing their finances. In other words, they're still tracking all their current data, but they're using this data to adjust their corporate strategies based on any new findings.
This can be a powerful strategy for improving your business model. While it is not impossible, it can be tough to pull off. For starters, you need the right accounting system to make it work.
Cloud applications are the new trend
If you're looking for a fast-paced, dynamic way of managing your company's data, you should look no further than cloud-based business software, which has grown massively popular over the course of this decade. Research from Markets and Markets revealed that by 2019, the market for cloud apps will be worth a total of $66.44 billion. This is a massive increase from $30.43 billion as of 2014 – a 16.9 per cent compound annual growth rate over that five-year period.
It's not hard to see why. Companies are adopting cloud solutions because doing so makes it far easier to collect information, analyse it in real time and share data-driven insights with collaborators quickly. This is the way the modern business world is moving.
What Jiwa Financials gives you
To pivot toward a more dynamic, data-driven future at your place of business, it would make a lot of sense to consider the benefits that Jiwa Financials has to offer.
Business strategies are constantly evolving, and it's tough to stay competitive in today's marketplace. But with Jiwa Financials, you can move one step closer – what you get is a financial solution that was designed from the ground up to meet whatever demands you're facing. Even if times are tough, we have the right tool to help you meet today's business challenges head-on.
