Virtual accounting

Here are some good links that describe the concept of what I call “Virtual accounting”, or “CFO in the cloud”. The idea is that we are moving away from manual data entry, and mechanical book keeping to more proactive compliance, and analysis of accounting information for decision making. For small and medium sized businesses, it is easier than ever to outsource the accounting function, and business processes associated with this, since we don’t need everyone in the same location any more. For example, Accounting  and reporting can be done in one location, with data entry and transaction approval can be done in another. We can digitize supporting documentation, so that it can be related to the relevent accounting records, and easily accessed by everyone who needs it. In addition, data can be sent and received electronically with business partners like customers, vendors, banks, the government  etc. The main components which enable this are described in more detail below:
Zero data entry:
Paperless:
Electronic payments/receipts (Canadian environment):
Web based access from anywhere:
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About fblauer

Fred Blauer is a senior consultant with more than 20 years of experience providing information systems consulting, ERP implementation, syste
This entry was posted in Accounting/ERP, Business open source, Cloud_SAAS, Deploy_Implement. Bookmark the permalink.

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