Traditionally, we store all accounting records physically in the business premise while the accounting software is hosted on an office-based computer. The drawbacks of using traditional accounting system include limited access to the data, loss of hard copy of the important data, and the need to spend heavily on upgrades and maintenance of the package.
Now, the unprecedented digitalization is creating new opportunities and the adoption of digital technologies has driven significant improvements in every business field. Instead of eliminating the role of the accountant, our objective is to provide additional support to the business and company through the integration of digital technologies into accounting.
Digital accounting refers to the creation, formation, transmission, and storage of accounting data and transactions in an electronic environment. It revolutionizes the traditional way of bookkeeping and provides real-time data capabilities.
With this digital solution, it helps to enhance the quality and accuracy of data and information, increases the speed of reporting, improves workflow efficiency, and reduces labour time on administrative tasks. Moreover, you needn’t have to worry about the costs associated with traditional accounting software such as upgrading and maintenance or even the storage space of the hardware to accommodate growing accounting data.