How is the digital revolution affecting business operations?

Since its beginning, the digital revolution has been seeping its way into the business world.

No industry or field is exempt from digitalisation, meaning the way you work may soon be changing.

Bookkeepers are constantly having to keep up to date with digitalising their processes to meet the best standards and deliver outstanding results to their own clients.

Today, Maximum Business Solutions, a bookkeeping company in Beaumaris, will help you understand what your small business may look like in the technological future.

Is the world becoming digital?

In the 30 years since the internet’s conception, technology has changed the way we socialise, research, and work.

With developing technology every year, it’s hard to imagine just how much more digital the world will be in the future!

Why are companies going digital?

Businesses are moving many of their procedures online because it’s easier and more convenient to navigate, communicate, and manage.

Digitalising small business bookkeeping services provides a more streamlined way to access information.

Both businesses and bookkeepers can keep track of all aspects of bookkeeping:

• You can access the information at any time
• The margin of errors decreases
• Taxation requirements and other obligations are clearer

You can also use cloud-based systems for product inventory, OHS management, tracking and reducing expenses, budgeting, and so much more!

Going digital also offers a ton more flexibility when it comes to how you work. Because these days, work is a thing you do, not a place you go!

Whether you’re working from home (as so many of us have for the last two years), away on holiday, or simply far from the office, work can still continue.

What is the future of technology in business?

But it doesn’t stop there: we will continue to see businesses change as we are introduced to more innovative technology in the future.

The following are just some ways businesses should continue to expect to change in the digital age.

AI and the Metaverse

Living in an artificially intelligent simulation may eventually be how businesses have meetings, host social events, and interact with international clients and suppliers.

Liaising between clients and bookkeepers for things like tax returns may take place in the Metaverse or another similar type of simulation.

Robotics

Have you been to a restaurant lately and been served by a robot waiter?

Robotics is taking over in ways we did not previously predict. The ideas of advanced robots were originally perceived as having emotional and physical capabilities adjacent to humans.

But now, engineers are being more creative and realising it’s more worthwhile for AI to undertake tasks that humans physically cannot carry out, or tasks that will save us time and effort.

On a larger scale, drones are being used in the military and for various Government operations.

Virtual Reality

Now that VR is well corporated into the gaming industry, will virtual reality be used by businesses? And how?

Well, many tourist destinations and hotels are now using virtual reality tours so guests can get a taste of their services before they book.

VR is also helping students learn in various environments from the comfort of their own classroom.

Architects and designers of 3D art can also present clients blueprints of their work without drawing up complicated sketches. Real estate agencies have also been using this technology for inspections during lockdown periods across Australia.

Bookkeeping

Although quantum computers and AI will provide better calculations than any human brains, there will always be a place in bookkeeping for organic and strategic thinking.

Bookkeeping requires creativity and communication, and making clients comfortable is a priority.

Technology may be advancing in the back end to help make bookkeepers report as accurately as possible, but face-to-face value is still essential.

Small businesses still need to know they’re getting advice from the heart and mind of a professional who looks beyonds the numbers to offer support, guidance, and advice that help your business grow.

However, that doesn’t stop bookkeeping from advancing! For quite some time now, we’ve been in the thick of a digital migration, moving from manual record-keeping to advanced online software, like Xero and MYOB bookkeeping in the cloud.

How can I make my business more digital?

Start with bookkeeping: the most foundational field of your business!

Maximum Business Solutions are bookkeepers based in Beaumaris who work with small businesses across Melbourne’s south east.

Our MYOB, Quickbooks, and Xero bookkeeping services in Melbourne allow you and your employees to have full access to a complete suite of online bookkeeping services, from payroll and invoicing to budget, tax, and more, all stored in and accessed through the cloud.

Have a chat with a MYOB bookkeeper in Melbourne today on (03) 9589 0128 or contact us online and we’ll get back to you soon.