Business & Economy

Tuesday, 10 March 2020 10:59

5 reasons why AI and Cloud accounting is the way to go

Written by 
Online Accounting - Osidon

As the world navigates the fourth industrial revolution, entrepreneurs and small businesses in South Africa cannot afford to be left behind. In a case of adapt or die, cloud and AI accounting are offering businesses and accountants the competitive edge and the opportunity to be at the forefront of the digital revolution.

The world’s first digital online accounting firm, Osidon, is disrupting the accounting/tax/payroll industry through automation. Our system automates a wide range of accounting, tax, payroll and compliance tasks. This makes our online accounting service delivery much more cost effective and increases accuracy and efficiency. Using the latest technology, we have built an intelligent software that enables our team of professionals to shift their focus to advising and supporting their clients, rather than wasting time on menial bookkeeping tasks, thus setting us apart from other accounting companies.

Cloud and AI accounting have opened doors like never before and have revolutionized the accounting and small business industries, offering countless benefits to improve profitability, efficiency and add value to business owners.

The benefits of cloud accounting, AI and machine learning are endless. They have become buzz words in the tech industry, and, while it can be daunting at first, the benefits can be explained simply.

Here are five reasons why you AI and cloud accounting is the way to go

1. AI and Cloud accounting is secure

When you use cloud-based accounting services, your accounts and records are all saved and backed up securely. With Osidon, you will never struggle to find documents again.

2. AI and Cloud accounting is accessible

Because of new technologies, accounting clients can access information in real-time, anywhere and on almost any device. The Osidon system monitors, tracks and manages compliance from SARS, the Department of Labour, the Compensation Fund and the CIPC all in real-time. Osidon clients are able to view live information on your compliance status in all categories.

3. AI and Cloud accounting is affordable

Online accounting is carried out entirely from the cloud. There is no costly IT infrastructure for you to maintain. With automation comes efficiency and affordability on a scale like never before.

4. AI and Cloud accounting is effective

Osidon’s custom-built and exclusive software system is what makes us unique. It gives us a competitive edge in the industry and is the main reason why our service is far superior to any other. At any given time, business owners have a clear view of their financial situation and can make informed decisions using accurate and relevant information. This is critically important in an ever-changing business environment where decisions have to be made quickly and correctly.

5. The integration possibilities are endless 

The integration possibilities offer value-added services to clients. Payment systems, sales systems and stock management systems can easily integrate with platforms such as Xero and Osidon. When these systems work together, clients have access to a one-stop shop to run their business more cost-effectively, productively and efficiently.  Osidon has integrated with Xero and also added numerous other functionalities, such as banking services, access to website platforms and legal advice to their accounting, tax and payroll services. 

What does this mean for the accounting profession? 

In the days ahead, AI is positioned to deliver an immense opportunity to accountants, and promises to bring a new standard of efficiency to their work. In the grander scheme of accounting advancements, AI could radically change the profession in its entirety. In the digital revolution, the role of accountants in small businesses will change significantly. While tech will not replace the human element and the need for human interaction and support, accountants will need to take on an advisory and strategic role. One of the key considerations that often comes from advances in technology is the need to stay agile. This revolution may not replace accountants, but it will require that they position themselves differently. The emphasising terms of skills will shift toward critical thinking and insightful recommendations rather than performing time-consuming tasks.

The opportunity in the current digital transformation accounting is allowing people and AI to work together and rely on each other to nurture and contribute according to their expertise in different areas. If tech solutions can take over the routine tasks automatically, accountants and business owners are free to focus on their core business tasks. They will have more time to focus on their clients, developing their business and growing the economy, leading to job creation and improved employment figures. Accountants equipped with AI will be able to drastically improve the quality and speed of their work, as Osidon has proven. What Osidon does is groundbreaking and unique - we are the pioneers in the evolution in the compliance industry. We are not only disrupting the industry of accounting, tax, payroll and compliance, but we are also entirely re-inventing it.

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