January 1, 2023

Handling Talent Shortages in Tech Departments

Technology advancement has brought about great digital transformation. Unfortunately, this has come with a global tech talent shortage. IT executives highlight the shortage as a huge barrier to the adoption of emerging technologies, as reported by this Gartner study. It is estimated that the demand for tech talent will keep increasing, and this could result in an estimated 85 million global talent shortage by the year 2030. Therefore, companies need to rethink their approach to hiring and retention. Reasons Behind the Tech Talent Shortage It is worth trying to first understand what is causing the tech talent shortage. A few of the reasons that have led to the shortage include: Advances in technology – technology is advancing at a high […]
December 1, 2022

What is Datafication, and Should Business Leaders Take Notice?

Data has become a primary asset for businesses today. Consequently, the survival of a business in our data-driven environment is highly dependent on the ability to have total control over data storage, extraction, and manipulation. As businesses continue being bombarded with vast volumes of data, datafication has become a big trend that provides a solution to turn data into quantifiable, usable, and actionable information.  What is Datafication?   The term datafication was coined by Kenneth Cukier and Victor Mayer-Schöenberger in 2013 when they explained it as the transformation of social actions into quantifiable data. Today, much data is collected at the point of contact with any technology device. Aside from data such as text, images, and numbers, there are logins, […]
November 1, 2022

Quantum Computing Uses That Solve Business Problems

Early technology adopters are more likely to gain better business results, including higher revenue growth and market position. With businesses facing complex problems every day, it is no doubt that they are always watching out for the next big tech that offers a better solution. Although still in its infancy stages, quantum computing is a technology whose commercial use will disrupt the business environment. What is Quantum Computing? Quantum computing is a technology that focuses on manipulating and controlling different laws of physics. This non-classical technology uses quantum mechanical concepts like superposition and quantum entanglement. The idea of quantum computing is not new and has come a long way. The first algorithm of large integer factorization for quantum computing was […]
October 1, 2022

Increase In Deepfake Attacks and How Enterprises Can Prepare

Deepfake technology utilizes machine learning and artificial intelligence (AI) to manipulate or create synthetic audio, video and images that appear authentic. Deepfakes are commonly featured in entertainment and politics to spread false information and propaganda. For instance, deepfake has been used to show a celebrity or leader saying something that they didn’t, and this creates fake news. Unfortunately, in deepfakes, cybercriminals have found a new tool for cyberattacks. Cybercriminals are now using deepfakes to pose a variety of enterprise risks. How Cybercriminals Are Using Deepfakes Deepfake technology is now used to create scams, hoaxes and false claims that undermine and destabilize organizations. For instance, a manipulated video might show a senior executive associated with fake news, such as admitting to […]
September 1, 2022

Risk of Browser Extensions and How to Stay Safe

Web browsers such as Google Chrome, Firefox, Safari and Edge, among others, play an essential role in enabling access to websites on the internet. Most browsers allow users to install extensions, also referred to as add-ons or plug-ins. These extensions are applications or small software modules that add functionality and other useful features to a browser. By means of the extensions, users can carry out various tasks such as password management, cookie management, ad blocking, interface modification, productivity tracking, grammar and spell-checking, etc. However, although the extensions offer different useful functionalities, cybercriminals have taken advantage of them, creating a security risk to users and their data. The Need to Beware of Browser Extensions Browsers enable websites to collect information such […]
August 1, 2022

What Are NFTs and How Can Businesses Benefit?

Non-fungible tokens (NFTs) are rising in demand, and some brands are already generating great results in their campaigns and providing a unique experience to customers. As the hype around NFTs continues, businesses need to understand how they can benefit. What is an NFT? An NFT is a valuable digital asset created using blockchain. Unlike cryptocurrencies, NFTs are not mutually interchangeable as each NFT represents a different asset with a different value. Hence, an NFT verifies the authenticity of a non-fungible asset. This means that the purchaser of the asset/product can only use a product. Unlike other digital products, an NFT can’t be duplicated and sold. This is because the non-fungible asset is made into a token with a digital certificate […]
July 1, 2022

Big Data Storage: What You Need to Know

Today, businesses have to grapple with vast amounts of data from different sources, including emails, mailing lists, customer orders, system logs, mobile apps, social media networks, etc. This data is crucial to businesses in various ways. When analyzed, a business can identify operational issues, personalize the customer experience and manage supply chains – all contributing to better decision-making. However, big data also has challenges, especially regarding its storage due to size and other factors such as collection speed, processing, retrieval and format. This becomes more complicated as the data keeps growing with time and cannot be stored in traditional storage devices, necessitating a need for facilities that store and process the data efficiently. Depending on the business type, a choice […]
June 1, 2022

Ways Technology Can Improve Business Cash Flow

Cash flow awareness is vital in running the day-to-day activities of a business. Keeping track of the inflows and outflows helps a company make better plans and decisions, such as the right time to expand. Cash flow knowledge reveals where a business is spending money and can protect business relations, among other benefits. However, tracking cash flow is a challenge for many businesses. To avoid business failure due to poor cash flow management, business owners are investing in software applications to help manage cash flow challenges. Modern technology enables access to these applications over the cloud, giving small- and medium-sized businesses the opportunity to benefit from them. These cash flow management tools help companies improve cash flow in various ways. […]
May 1, 2022

Why Businesses Should Be Worried About Mobile Security and How to Keep Safe

Cybersecurity has become more important than ever, especially with the rise in cyberattacks. However, much focus is put on computers, laptops, servers, etc. Mobile phones and tablets seem to be overlooked when talking about cybersecurity. Today smartphones are integrated into the modern workforce as driven by work at home and remote working. To enhance mobility, these devices are installed with business mobile applications that enable access to company systems. They enable users to conduct different activities on-the-go, such as banking, connecting to company networks, business transactions, and other social operations. However, this is raising concerns about the security of sensitive corporate data and other personal information stored on phones. Despite these concerns, businesses continue to be lax on enforcing solid […]
April 1, 2022

The Rise in Ransomware Attacks and How to Keep Safe

Cybersecurity experts estimate that there is a ransomware attack every 11 seconds. This makes it a challenge to individuals, businesses and even governments. In ransomware attacks, cybercriminals encrypt a victim’s network or data, making it inaccessible until a ransom is paid. Despite organizations’ efforts to reduce the attacks, cybercriminals also are advancing their attack methods. For instance, an organization may have backups they can use to restore their systems, but the criminals also demand ransom not to publish the sensitive company information they have in their possession. Ransomware is not a new cybersecurity threat. It is traced back to 1989 when the first ransomware was released through floppy disks and required a victim to send money to a post office […]
March 1, 2022

What Does the Metaverse Mean for Businesses

Metaverse has become a buzzword with much debate on its potential implications once it is fully realized. As far as businesses are concerned, the metaverse presents new opportunities and challenges, especially for marketing, branding and communication professionals. Understanding Metaverse Metaverse became a hot topic thanks to Facebook announcing its rebrand to Meta in October 2021. However, the metaverse is not new and can be traced back to 1992 in the fiction novel “Snow Crash” by Neal Stephenson. Stephenson used the term to refer to a virtual world where people can do different activities. As the internet moves to a new iteration as Web 3.0, different players are working toward creating their metaverse – or rather, a unified virtual space. This […]
February 1, 2022

Importance of Cloud Accounting Certification

Certifications are not a new thing in the accounting industry. However, with new technology trends, accounting departments are faced with the challenge of taking courses in technology in order to carry out their tasks. Many businesses are ditching desktop-based accounting software and turning to cloud-based software. This requires that the users be well-versed with necessary skills to use the cloud accounting solution. What is Cloud Accounting? Among the cloud-based solutions that businesses have adapted is cloud accounting. Cloud accounting has all the functionalities of desktop accounting. However, in cloud accounting all processes are carried out online where the data is stored on cloud servers. Cloud accounting offers businesses various benefits, such as the ability to access the system anytime and […]
January 1, 2022

2022 Technology Trends for The Accounting Industry

Technology has had a major impact on the accounting industry. Gone are days when technology was a second thought and accountants preferred the traditional methods to which they were accustomed. As we start another year, technology is also progressing rapidly. The recent business disruption by the COVID-19 pandemic also has contributed to the acceleration in tech adoption. A major lesson learned from the events of the past two years is the need for digital transformation and prioritizing technologies that will help businesses remain relevant. Since the accounting industry plays a crucial role in running businesses, it is important to be aware of relevant technologies that will impact their future work. Remote Accounting  Remote work is picking up, and accountants have […]
December 1, 2021

Considerations When Automating Accounts Payables

Accounts payables (AP) is a process in the financial department that can be inconsistent and burdensome. However, today’s workforce has driven AP transformation – especially with remote working. Some businesses do not have much choice but to accept automation while others may have realized the need to automate accounts payables due to the numerous benefits that come with it. Before hastily choosing automation, it’s important to make some careful considerations to avoid mistakes that come with the improper implementation of any business accounting technology. Here are a few guiding considerations: What is the cost-benefit analysis? Any new system comes with its expenses and as such, it is important to measure its return on investment (ROI). This can be calculated using the […]
November 1, 2021

Why you should automate your accounts payables

Accounts payable (AP) is a crucial function to any business, as errors in the process put a company in problems. Although many businesses still use manual methods as they find the system to work fine, it requires a lot of precision from the accounts payable team. There are better – and more efficient – ways to manage AP through automation. Challenges of the Process  An AP team is responsible for receiving invoices, reviewing invoices, approving invoices, and paying suppliers and vendors. Some AP departments also handle other functions, depending on the nature of the business. However, AP can be a time-consuming, strenuous and paper-intensive process. An AP team helps a business control costs, maintain a good supplier relationship and analyze […]
October 1, 2021

Mistakes to Avoid When Implementing Business Accounting Technology

Choosing to implement new technology for your accounting needs is a big step toward improving your business. Accounting technology helps streamline the accounting system, thereby offering various benefits. However, poor implementation can impact your business negatively. To make your implementation a success, there are several mistakes that you must avoid. Importance of New Accounting Technology  Before looking at the potential mistakes, it is important to understand why businesses implement new technologies. Technology advancement has played a great role in various life and business aspects. In businesses accounting, technology such as computerized systems help easily track and record financial transactions.  Various types of technologies have impacted business accounting, such as cloud-based systems, mobile accounting, big data, artificial intelligence, data analytics, robotic process […]
September 1, 2021

Is Your Business Ready to Outsource Accounting?

Accurate and timely accounting is critical for any business’ survival. At the same time, it’s important for entrepreneurs to pour their energy into core business activities and not waste time on day-to-day bookkeeping. Unfortunately, the cost of setting up a full-time accounting department is prohibitive for small and mid-sized businesses. Thankfully, there is an option to outsource functions such as bookkeeping, payroll, tax services, financing, budgeting, chief finance officer services, and more to a third party. In this article, we discuss how to know if you are ready to outsource, the benefits, and how to choose the right professional. How to Know if You Should Outsource Here is how to know when you need to outsource. Business growth – when […]
August 1, 2021

Technology Driven Accounting: How to Prepare Staff for a New Age in Accounting

Technology has no doubt changed the traditional way of doing things. Businesses and professionals are left with no choice but to adopt new technology to remain relevant in a changing environment. However, the successful adoption of this new age in accounting can happen only if you prepare your staff in advance. Why it’s Necessary to Prepare for the New Age Accounting Technology offers many benefits; however, the constant rapid changes in technology create a major challenge to organizations and even to the professionals/employees. Some decide to stick with systems with which they are already proficient. Unfortunately, such a decision is not an option if you want to remain relevant in a changing accounting landscape. Technological changes that have affected the […]
July 1, 2021

Audits in Accounting: Improving Audit Quality with Data Analytics

Auditing is crucial to ensure the accuracy and fairness of financial information. However, one of the biggest threats to audit reputation today is data quality. This is because of the large volumes of data that businesses produce today. To deal with so much data, auditors are now turning to data analytics. Data Analytics and Audits Technology has played a major role in business growth as it aids in reducing operational costs and improving customer service. As such, many businesses have adopted enterprise resource planning (ERP) systems. These systems result in huge volumes of data, making it nearly impossible to analyze using the traditional audit process. Auditors are left with no choice but to also use IT-based solutions; and this led […]
June 1, 2021

How to Choose the Right Accounting Software for your Business

Business accounting activities can be tedious when performed manually and are prone to errors. For these reasons, many businesses have shifted to accounting software that offers numerous benefits, including data accuracy, time savings, easier auditing and on-demand reports. With so many available options, it’s overwhelming to choose the right fit for a particular business. As more software vendors join the market with different enticing offers, it’s wise to be equipped with the right information. Making a Decision Between Different Accounting Software Each business is different and varies with industry. For efficient accounting operations, you cannot afford to choose a one-size-fits-all solution. Here are tips to help ease the selection process. Understand your business requirementsWhether you are a start-up or already […]
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