Holland Fintech is presenting a monthly series of informational articles – Navigating The Fintech World – about the ever-changing world of fintech, delving deeper into a new topic each month! This month, read about how fintech transformed the accounting and ERP industry!
We don’t want to sound nostalgic, but back in the days, there were times when all the accounting was performed manually, writing rows of numbers by hand, calculated using tablet-size calculators. Endless hours and the frustration of noticing an error…
Luckily, the integration of fintech has brought a significant transformation in the accounting and enterprise resource planning (ERP) industry, leading to a fundamental shift in the way businesses handle their financial operations. By facilitating the efficient management of financial data, fintech has not only increased the accuracy and timeliness of financial reporting but also contributed to a noticeable improvement in overall business performance. Here are a few changes brought by fintech innovations:
Real-Time data – one of the most prominent changes is the ability to access and analyze real-time financial data, which allows businesses to monitor their financial performance and make informed decisions based on up-to-date information. No more waiting for the end of the quarter to figure out how you’re doing – you can see how you’re tracking in real-time!
Automation – another integration that fintech has enabled, helps businesses save time and reduce errors by automating repetitive and time-consuming tasks. This allows companies to focus on higher-level financial analysis and decision-making.
Accuracy and Security – fintech has increased the accuracy of financial reporting by avoiding manual data entry errors and improving payment processing. The use of blockchain technology has also improved data security by creating a secure and transparent ledger for financial transactions.
Accessibility – Finally, cloud computing has made it easier for businesses to access their financial data from anywhere, allowing for more efficient financial reporting and decision-making.
The incorporation of fintech into accounting and ERP systems has resulted in a complete transformation of how businesses manage their financial operations. Real-time data access, automation, improved accuracy, enhanced security, and cloud computing are among the features that have significantly impacted accounting and ERP data.
With fintech’s continued evolution, we can expect to see further progress in the field of accounting and ERP systems, enabling businesses to make better financial decisions and improve their overall performance. Our members, including Mobilexpense , ENDYMION Amsterdam , iBilly , Informer , Minox , and SBR Nexus , are actively operating in the accounting and ERP industry.
Join us on March 9th in our upcoming Holland Fintech March meet up to learn more about ERP and Accounting in FinTech world from professionals in this field!