Virtual Accounting Operations

Is #WFH (Working From Home) slowing down your accounting operations? Do the scenarios below seem familiar?

If so, read on for ways to turn this around!

Working Remotely: A Nightmare for Accounting

As the fight against coronavirus continues, accounting teams are frantically monitoring the financial impacts from the outbreak. Accounting is ever more necessary during these difficult times, working hard on:

Yet, the need to work remotely during the outbreak is giving nightmares to accounting executives, as their teams cannot operate away from the office (access to their desktops and documents, manually processing and reconciling information on premises, etc.).

Culprit: Hybrid Digital/ Analog Operation

Why can't accounting teams work remotely and with less manual efforts? Most businesses are convinced that they have gone digital with ERP and robotics, but the reality is that accounting remains largely hybrid: while some processes and data have been moved online/ automated, the majority are still kept offline/ manual. Old habits die hard, after all.

Such hybrid state creates inefficiencies and challenges to remote working:

Blueprint: Truly Digital Accounting

To introduce efficiencies into your operations and to keep accounting running smoothly in a crisis, accounting executives should empower their teams with the "freedom" to work from anywhere, collaborate in real-time and minimize tedious, manual processes.

How can we do that? We must all go "Truly Digital", rethinking accounting operations from the ground up via 4 steps:

Case Studies: Potentially Significant Benefits

As a "number" person, you may wonder how beneficial digital accounting is. Benefits no doubt vary with company strategy as well as the maturity and scale of operations, however the benefits of digital accounting are promising. Below are some success cases:

How We can Help

Transforming the accounting function digitally is no easy feat, especially when you operate in multiple jurisdictions with disparate processes and systems. To help you through your journey, we offer assistance via:

Let's talk!

Deloitte is at the forefront of defining, researching and transforming the accounting function today. If you’re ready to move from thought to action, contact us.