“Everyone is adopting digital transformation; it must be great… I want it too!”
We know that automation is one of the key success factors to growing your businesses, but is it true that you should spend your money on digital transformation? It’s all so fast and advanced, is it right for your business?
Many businesses and entrepreneurs have experienced the massive impact of the COVID-19 pandemic; many businesses (including our clients) are on the brink of crisis while some are still on a harness, and some closed down due to the economy. According to The Star, the Entrepreneurship Development and Cooperatives Ministry mentioned a total of 32,469 small-medium and enterprises (SME) had folded since March 2020 when the government had implemented Movement Control Order (MCO) to stem COVID-19.
Usually, accounting and other back-end processes are the last to be considered under the digital transformation roadmap. One of the reasons for it is because most businesses first focus on digitalizing sales and marketing for business growth, and that’s totally normal. On a personal note, digitalizing the accounting network is critical because it provides the facts and figures of your business performance and the financial position for any major decision making in your business. In other words, it is the key determining factor for your business.
Perhaps digitalizing your accounting work at an earlier stage may help you roadmap your digital transformation with greater clarity. Delaying or having no plan for cloud accounting adoption might just cause your businesses to hit the bottleneck of your company’s growth. And in order to prevent such dismal, we have shared with more than 200 business owners in Malaysia about the digitalization of their business back-end structure: for example, cloud accounting, cloud payroll, cloud inventory, etc., since March 2020. You can read about it here: Top 8 Cloud Accounting Features for Malaysia Startups (2021)
Through this post, we wish to provide you and the public with modern clarity of cloud accounting software adoption. Thus, we came out with this 9 checklist before your cloud accounting journey starts. Have a look at 9 Easy Steps to Adopt Cloud Accounting Software in Malaysia.