September 13, 2024 | Blog

Change is always anticipated and part of any business—good, bad, and in-between. But when it comes to change, a proactive approach is a strategic way of implementing and incorporating successful new processes. Transitioning from old to new is a big leap for any organization that wishes to positively change its current business processes, especially when we’re talking about finance and accounting systems. 

Also read: Steps and Considerations in Choosing the Right Accounting Software

In this digital age and time, digital and computerized accounting are currently taking the scene. Mostly, enterprise-level companies take advantage of their benefits and maximize automation in their processes. As IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and ASEAN region with its technological partner that rallies over sustainable growth, Oracle NetSuite, the benefits for your company to transition smoothly from manual accounting to computerized accounting is just around the corner. With that, here are the five reasons why businesses transition to computerized accounting software. 

Here’s How ITG and Oracle NetSuite Can Help You

1. Efficiency at its Finest  

2. Streamlining Complex Processes 

3. Safe and Secure 

4. Real-time Data Analytics

5. Compliance and Governance

Efficiency at its Finest

As the #1 Cloud ERP, Oracle NetSuite ensures efficiency at all cost. According to Rebeca Bichach, Product Marketing Specialist of Oracle NetSuite, automation is important in finance and accounting departments as it helps to reduce mundane and repetitive tasks, promoting efficiency and at its finest. “Time-savings is one of the primary drivers for process automation. Accounting tasks like bank reconciliation and quarterly reporting have traditionally required finance professionals to check and copy large volumes of data across multiple systems, which is a long and error-prone way of working,” she said. With APA (Accounting Process Automation), accounting data is automatically verified and moved between systems, saving finance teams from spending too many hours on tedious tasks.”

Also read: Transitioning from Manual to Computerized Accounting

Streamlining Complex Processes

We all know that finance and accounting processes have been complex and tedious since the beginning of time. One error of details and data can lead to inaccurate reports and analysis. It is why manual accounting processes are prone to human error. For Oracle NetSuite and as a supreme ERP solution in the Philippines and ASEAN region, the goal is to streamline complex processes that help one department to another—whether internal or external. Best example of this is when it comes to approval processes. “Documents like purchase orders and supplier contracts are automatically uploaded and made accessible to relevant stakeholders, eliminating bottlenecks from the approval process,” Bichach added. Another example is when it comes to receiving payment from a customer, creating the receipt, and updating the inventory right away for the company. So the complex processes from customer service, finance, and supply are all connected and automated as one.

Safe and Secure

Another reason why many companies venture and transition into computerized accounting systems is because of safety and security features it can add to your processes. Data nowadays serves as the equivalent of gold that’s why it needs to be guarded at all times. Customer and client details are non-negotiable and written in law to be protected. To ITG Indonesia’s Head of Business Management Solutions, Fivda Harry, security means trust and integrity to protect what’s important to their business—their clients. Harry explained during World Data Privacy Day that security can make or break the relationship between the integrity of a business and the trust of their customers. “If we have data security in our businesses, we’re making sure to our customers that all of the information is safe with us, ensuring that their personal and financial data are handled responsibly and securely,” he said.   

Also read: A Guide For Your BIR CAS Application

ITG and Oracle NetSuite have some of the best features and practices to protect your business from cyber-attacks, such as data encryptions, audit trails and logging, two-factor authentications, IP address restrictions, data centers security, and data back-up and recovery, to name a few.

Real-time Data Analytics

Recently, Oracle NetSuite introduced AI as part of their Suites products to achieve superior efficiency with accurate visibility. As the #1 Cloud ERP, transitioning from a manual to a computerized accounting system, it is essential to consider if your current processes offer 360-degree visibility of your company.  “Manual data entry often leads to mistakes, which increase in frequency as the business and its accounting needs grow. This is another reason why automation can be an invaluable tool. With APA, finance teams can record, shift, and update thousands of data points at once with minimal risk of that data being lost or compromised,” Bichach said. “APA automates data entry and record-keeping on a centralized software platform. Instead of digging through spreadsheets or actual piles of paper to find a crucial document, accounting professionals simply need to enter the relevant search terms in their APA solution to find the files they’re looking for within seconds.”

Compliance and Governance

Last and the most important reason why most businesses transition to computerized accounting is to ensure compliance and regulatory in their overall accounting and finance management. By doing so, you prevent your company from future penalties and lawsuits. “APA software automatically prepopulates tax returns, creates financial statements and updates tax documents in line with regional regulatory requirements and rates. Not only does the software streamline processes, but it also ensures they are more accurate and compliant. Meanwhile, improved data visibility and integrity improve governance while easing the pressure on accounting teams that monitor compliance,” Bichach said. “NetSuite seamlessly couples core finance and accounting functions with strong compliance management, improving business performance and increasing financial close efficiency while reducing back-office costs,” NetSuite added. 

Also read: 5 Pain Points That the No. 1 Cloud ERP Can Solve

Let’s Venture Together

IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and the ASEAN region. We’re an ISO 9001:2015 Certified company with four regional offices located in the Philippines, Indonesia, Singapore, and Malaysia, helping 200+ clients across the ASEAN region on their digital transformation journey and has a solid portfolio of 250+ successful projects.

For over 20 years of expertise, ITG has been your leading technology partner for system-wide innovative solutions to accelerate your business plans and goals, delivering seamless integrations and processes, from Business Management Solutions, IT Management, Integration & Automation, and Enterprise Data Management to IT Infrastructure.

We help clients across the region experience digital transformation in their business, co-creating and co-owning solutions tailored to their business needs. ITG takes pride in helping businesses from various sectors and industries. Whether you’re a small, medium, or large company, we can help you with your digital transformation journey to make your business transition properly from manual to computerized accounting.