More and more South African companies across industries and sectors are coming to the realisation that a paperless system is the way to go. Moving from a paper-based system to a digital and cloud system to be specific, not only simplifies operations but makes it seamless. This system is financial management on the tip of your fingers.
Although we cannot replace the role that accountants and bookkeepers play in updating business ledgers, at the core of a highly functioning business is how it stores its client’s data, financial data, and other information that is important for the business to thrive. Axcelerate in partnership with leading software accounting firm —Sage has been the leading accounting practice to slowly phase out a paper-based accounting system.
There are benefits to the new way of doing things, and considering the impact of paper on climate, more businesses have an interest in the need to do things digitally. The system allows both clients and business owners to keep track of all transactions, send and receive invoices, record sales, and file tax returns on behalf of for their clients. With the newly launched tax wizard, business owners and accountants are able to file their tax returns through a ground breaking integration to SARS’s e-filling.
Other benefits include the following, according to Axcelerate’s Executive Director, Tshepiso Sekudu
- There is little room for human error, a challenge most companies face when dealing with a paper-based system, i.e., capturing the client’s details incorrectly, information asymmetry and other accounting errors which poses a risk to the internal control environment;
- Growth: Migrating to a paper-based accounting operating software allows the business to scale to its fullest potential by enabling the company to manage their client’s information and data without seizing the capacity to do so;
- Proper record keeping: Record keeping can be a nightmare for both business owners, accounting officers and bookkeepers, as information constantly needs to be updated, and this system allows for the updates to be automated without changing a whole document by hand.
- Increasing profits: Increasing profit margins and multiplying revenue is an important part of growing the business. This also comes with the idea that when you have the correct systems and processes in place, the business can thrive. This also reduces expenses incurred when using paper.
- Focusing on the bottom line: Moving to a paperless operating system also offers the business overall financial growth. It attracts customers worldwide and allows business owner to manage their data and information remotely without moving or being physically present.
- Integration: software that allows for integration to e-commerce platforms, digital account management for customers to manage their accounts and secure online payments via various payment gateways.
- Lastly, it offers the convenience of not losing important information, which may be backdated and needs to be kept on record for future filing. All historical and current information is kept within the same system, which allows for auditing purposes to be seamless.
“Our clients and our counterparts are always curious about how we keep our competitive edge as a business. And we are quite clear that part of growing the business involves moving with the trends and new ways of doing business, which involves technology and improving on systems”
He also adds that the system places the client’s needs for privacy and data protection at the centre. As an accomplished accounting firm, Axcelerate believes in compliance and ensuring that clients can trust in them for managing personal and sensitive information correctly.
Who can use this product?
Whether you are a newly founded business owner, freelancer or an existing business, this software is for you and all your clients’ needs to be able to manage information correctly and in the most reliable way.