From Manual Entries In Ledgers To Digitized Accounting

Emmanuel Christi Das, Special EditorQuite interestingly, small and medium enterprises (SME) in India have always been business driven. Increasing revenue is what drives a startup and small business owner to work every day, slug it out and survive another day of managing clients and operations. While technology is a boon for their businesses to grow, it's a bane for business owners. Entrepreneurs who have been out in the field in the daytime have to sit back on the computer and digitize their business accounting overnight in the wake of Goods and Services Tax (GST) and its bookkeeping complexity.

As companies face mounting pressure to optimize pricing, costs
and efficiency, more business are creating a `paperless office' within their finance functions. Companies of all sizes that manage more than 3,000 documents annually could consider digitalizing their financial functions. With the necessary technologies and regulatory frameworks in place to support a digitized business environment in finance and accounting, organizations only need to implement the right technologies, systems and procedural changes to start deriving benefits. Doing this efficiently and effectively ­ while minimizing risk ­ is challenging. Businesses need to ensure that they manage the procedural change to avoid operational risk, while maintaining a deep understanding of the latest legislation to reduce potential regulatory compliance issues.

Digitization can transition your accounting and reporting documents and storage from a traditional paper-based system to an electronic format. Because it reduces process time and errors, aids cash flow and improves transparency on income, digitalization will definitely help business leaders make better decisions about how to lift business performance. It can also make an organization more competitive.

We get that and therefore, dedicate this issue to the companies who have acquired a niche in developing software for streamlining the accounting and bookkeeping department of businesses.

Do let us know what you think.