Since the pandemic, there have been huge changes in every aspect, and if we talk about accounting practices, then there have been developments and challenges that people have to face. However, corporate compliance platform Now Infinity and Cloud-based documentation have supported the resilience and continuity of the accounting practices in this situation of the pandemic.
Now, because of this development, things have become so good, and development has taken place as it is the future-proof for their business. The accountants have done so many things on their behalf in the COVID-19 situation. There have been changes in the policies and sudden shifts in the remote operations; the accountants have worked continuously and help in managing the cash- flow of their clients.
In this situation, technology has also given their support or played a very important role as if we talk about the cloud-first, it has helped the business save money through the software. It maintains the connectivity. As per the report from Telsyte, it has been revealed that several people have adopted the Cloud-first policy. Around 59% of Australian business has adopted their policies, and if we compared that with the before lockdown, then it was 46%.
It has been said by the Andrew Russell, who is the CEO and managing director of Class, ‘ because of the pandemic business has known the importance of cloud-based software, if they want to ensure the continuity of the business.’
Every firm should consider it, and they should adopt the hybrid working and have the technology solution that will ensure that they have the anywhere, anytime solutions.
Streamlining Compliance
Even if there were no pressure of pandemic, there were still so many challenges that accountants and financial professionals have to face. It is the software that allows the users to choose from 70+ prefilled legal documents templates from partnerships, trusts, companies, and many other entities. The data is shared across the integrated platform, and it avoids discrepancies and eliminates duplicates; it also includes the Australian Securities and Investment Commission.
There is one more benefit that you can experience is to avoid the late fees from the ASIC, and the best part is Now Infinity system has also had the inbuilt notification for the clients, which reminds the client when there is some important task that they have to complete which include signing and updating the documents.
The main advantage that you can experience is that it saves time on many administrative tasks. It provides the opportunity that helps the accountant focus on the value-adding services and products. Now Infinity gives the accountant time for the entity management timeline from the starting to the closing of the entity.
Adapting the next normal
For the importance of the business, automation and cloud-based system is growing continuously. Russell has said that the class has developed the product suite so that it can meet the evolving needs of their clients. The software has provided so many great advantages to the accountants, and it has delivered the enhanced deed printing and stamping services.
During the lockdown period- Now Infinity has integrated the e-signature platform that satisfies their clients’ demand- rapid, convenient, and responsive solutions.
In the future the digital signatures are going to become part of the financial services as even today, there has been increased acceptance.
If people will embrace these technologies and also maintain the digital transportation momentum then it will improve the efficiency of the business and not just that it is also future proof for their business.