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Zoho’s 2021 finance trends predicts surge in cloud-based and AI-driven accounting

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Zoho’s 2021 finance trends predicts surge in cloud-based and AI-driven accounting 1

Zoho Corporation, a global technology company offering the most extensive suite of business software applications in the industry, today delivers its predictions for finance and accounting in 2021. Zoho suggests that artificial intelligence will become well-entrenched in accounting and finance, with new technology being used for augmented reality functions, like predicting the likelihood of a customer payment and cash flow.

Zoho’s Prashant Ganti, Head Of Product Management – Global Tax, Accounting And Payroll Solutions, for Zoho Corporation, issued the predictions and stated that AI has already started playing a bigger role in accounts payable automation and spend management. He sees this isprimarily in the extraction of information from receipts and invoices, detecting fraud and duplicates, and automatic routing of invoices to the next stage of processing – eliminating manual data entry processes.

Ganti also predicted that AI will play a major role in the reconciliation process in 2021. All this will transfer a bulk of low-level tasks from the hands of accountants and other financial professionals to a computer, freeing them to contribute to more strategic initiatives.

Some of Zoho Corporation’s other 2021 trends predictions included the following:

  1. Acceleration of cloud-based accounting
    Cloud-based accounting solutions have played amajor role in the successful transition to pandemic-induced remote working. We have seen several years of digital transformation in just a few months. Beyond enabling anywhere and anytime access, cloud accounting allows:

1. Systematisation of remote collaboration, breaking the communication impasse between internal and external entities like accountants, CFOs and business owners.

2. Augmented productivity levels due to elimination of data entry and automation of day-to-day tasks.

3. Ability to glean cross-functional, real-time insights from multiple business sources and provide leading indicators into how a business is going to perform rather than having to pour over past historical information.

  1. Technology-driven tax and reporting compliance
    We will increasingly see adoption of the GDPR model of compliance by design. The passage of GST and e-invoicing in India, VAT in the Middle East, and growing movement towards electronic invoicing in Europe and LATAM is a testimony to the fact that authorities across the globe are implementing technology-driven compliance with a threefold aim: reduce tax evasion, increase compliance, and retain flexibility to implement policy changes. This means that internal business systems need to be future-oriented and not just address today’s compliance needs. This also has implications for other aspects of business and economy in general. For instance, the electronic authentication of invoices and tax returns done by revenue authorities can allow lenders to judge the potential of the borrower, which in turn could lead to a boom in lending easily.
  1. Continuous accounting
    In the past decade, we have seen two major technological changes—cloud and mobile. The cloud has ensured that the access to data is continuous, and mobile has allowed continuous transactions with the help of applications. Together, mobile and cloud have ensured that computing is continuous. Despite this advancement, accounting in many companies still works on a batch mode where companies and accountants set aside several days for period-close activities. However, today’s technology can help design financial processes that become an inherent part of typical batch processing activities like financial close and continuous accounting, which ultimately results in operational efficiency.
  1. Customer-driven finance and a new lexicon for accountants
    Over the next few years, we will see the finance function step beyond its traditional focus areas of cost and compliance, and play a strategic role in the organisation. This means finance and accounting will have to be more customer-driven, designing all processes to keep the customer at the centre. This will require all back-office systems and finance to be deeply integrated with other business systems, arming every user, regardless of their role, with relevant information to serve the customer better. In addition to the traditional set of metrics, finance will need to adopt metrics that emphasise customer growth and experience.
  1. Self-service finance-governed analytics
    We will see the emergence of finance-governed analytics that brings operational, financial and transactional data together in a cohesive manner. With the aid of AI tools like natural language processing, CFOs, accountants and finance professionals can run queries on data spanning an entire organisation, supporting operational and strategic decisions.
  1. Emergence of the full-stack finance professional
    With the evolution of no-code and low-code platforms, accountants and finance professionals can not just suggest solutions, but also develop them using deep tech to help their organisation, removing the over-dependence on IT. This, along with the emergence of self-service analytics, AI and other tools, have paved the way for a full-stack finance professional. A full-stack finance professional will be responsible for managing and minimising risk and spending, adopting agile finance and maximising effectiveness, supporting organisation-wide decision-making, evangelising financial shrewdness across the organization, as well as being tech-savvy.
  1. Continued convergence of banking and accounting
    Banking services have seen rapid development in the last decade. More businesses have started using online banking, and the dependence on brick-and-mortar branches has diminished considerably. Banking services are now being offered through mobile devices, and integrated banking technology is emerging. Accounting and banking are no longer separate entities. Most modern accounting solutions offer bank integration, making account reconciliation simpler and faster. In the future, as more mobile accounting apps connect with mobile banking apps, business owners might no longer depend on their computers. They could accomplish their banking tasks right from their smartphones.

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First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace

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First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace 2

Powell Software’s first in a series of wellbeing technology innovations help remote employees socially connect with colleagues and keep the workplace culture alive

As the third UK lockdown continues and many countries worldwide face severe restrictions, Powell Software, a global organisation creating digital solutions and tools for the digital workplace, has launched the first of its kind Virtual Coffee Machine, an application within Microsoft Teams to ensure employees stay better connected, positively engaged and take regular breaks while working from home.

With employee wellbeing at the top of the global workforce agenda for 2021, Powell’s Virtual Coffee Machine app positively connects employees through virtual chats to maintain a culture of togetherness, even when apart.

Replacing the absence of the in-person coffee catch up, HR can swiftly set up a Virtual Coffee Machine break within any Teams channel, encouraging employees to take regular short breaks while inspiring networking and socialising between colleagues.

Matthieu Silbermann, Chief Product Officer at Powell Software said: “The effects of the Pandemic have reshaped the Digital Workplace and research has found that three quarters of employers intend to shift some employees to remote work permanently. However, with one in five remote employees naming loneliness as their top complaint regarding work from home, reinforcing togetherness needs to be a top priority.”

Take a virtual coffee

HR can set up a Virtual Coffee Machine meeting within any Teams channel defining time, frequency and date, and number of people. The app then uses an algorithm that collects data from employees registered in Powell Teams, automatically comparing outlook calendars and generating meeting invites based on the criteria of the meeting. For example, if the Virtual Coffee Machine meeting criteria was set at a maximum of five people and ten people are available to join then two meeting invitations would be sent.

Virtual Coffee Machine consciously avoids one to one or full team meetings, focusing on creating intimate, short social breaks where employees can take time out to engage with colleagues in a positive digital space.  Colleagues can also ‘travel’ to differently located virtual offices across their organisation to meet colleagues for a coffee break in different virtual buildings.

Employees are unaware of who else will join the group until the event, to encourage different team members to meet, chat and get to know each other. The app automatically books an agenda and also suggests ice breakers like ‘what was the last film you saw or book’?

If a team member does not want to or cannot join a Virtual Coffee Meeting, they simply decline the meeting invitation.

Silbermann continues: “Powell Software is passionate about connecting employees to their organisation and to each other, ensuring that they have a positive and stimulating experience at work, every day. Remote workers need to be connected, they need to feel part of the company, the culture and feel able to socialise in the hybrid or remote workplace.

“Powell’s new Virtual Coffee Machine app is all about the employee. We all miss the little social moments at the office, whether they be at the coffee machine or the cold water fountain. Coffee Machine allows us to progressively see our workplaces positively come to life again in a virtual way, promoting connectivity, collaboration and employee wellbeing. It’s part of a bigger goal and series of initiatives to bring the virtual building to life.”

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Top 5 Ways To Lose Your Video Files

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Most Video Content Created in the Summer Months, Finds Veritas Research

There are lots of reasons why you can lose video files in your system or device. While some of these problems are avoidable, others are inevitable. Simply put, it is only a matter of time before the latter problems will be experienced. The major challenge is that most people don’t understand why their video files are either missing, damaged or deleted.

Are you amongst those mentioned above? Do you always ask why a video file can get lost, deleted or damaged? Don’t waste time to rack your brain on a such topic/matter. This is because you have come to the right place. This well-researched blog will provide you all the top reasons why you are losing your video files. Before thinking about which video recovery software to start using, it is recommended you know why files are getting lost in your system.

Power outage

This is a common problem that is responsible for loss of data. However, most people are yet to discover it. Have you ever noticed any situation whereby there is sudden power outage in your system? Simply put, your system suddenly shuts down. In such case, applications and other files (photos, videos, audios and doc) will be closed without any prior warning. The implication of this is that your video files are likely to get damaged.

Top 5 Ways To Lose Your Video Files 3

You may want to argue that systems come with batteries. Therefore, there will not be a problem of power shut down. This is not true in any way as power shut down can happen due to some reasons. It could even be that your system is malfunctioning. Even when your video files are not damaged through such incident, there is every chance that your hard drive will be adversely affected.

Faulty hard drive

If your hard drive is damaged due to one reason or another, there is every chance that your video files will be lost, damaged or deleted. Most of the cases related to data losses can be traced to malfunctioning hard drive. In case you don’t know, hard drives are very fragile. They can easily become faulty because of poor handling. If your hard drive crashes, it is recommended you find out what must have led to such problem. Trying to use a data recovery tool without knowing the root cause of the problem won’t do any good.

There are numerous factors responsible for a faulty hard drive. These could be hot system, frequent crashing, constant freezing, slow processing speed, booting up issues. The longer you ignore these problems; that is how your hard drive will be further damaged. This will in turn lead to loss of video files.

Human error

The truth is that as humans, we are always bound to make mistakes. These could sometimes prove very costly since they can bring about loss of video files. There are cases when important business files have been deleted mistakenly in the past. Human errors are very common. They can bring about formatting of hard drive, data loss and repair of system.

The only way to avoid this problem is to ensure you understand files to be deleted or retained. Most people don’t read messages displayed in dialogue boxes before clicking on “Delete” buttons. This is an easy way to delete important video files without knowing.

Computer viruses

Computer virus is one of the major reasons why people lose video files. Just as the digital world is becoming increasingly popular, viruses and malware are also waxing stronger. One of the most notable causes is when you begin to explore unsecured websites. It can also happen when corrupt files are downloaded and installed in your system.

When your system has been compromised by viruses and malware, there is a very high chance of losing vital files like doc, videos, audios and photos. You will try to open these files but they won’t respond. The best way to overcome this problem is using anti-virus software. This will help to monitor your browsing habit online.

Hard drive formatting

This happens to be another major cause of data loss. Most people format their hard drive without backing up vital files. In the end, these files are lost. Without the help of a paid or free recovery software, you may struggle to get back such data.

It is recommended that you backup important video files before initiating such a process. There are lots of ways to do this. For instance, you can use an external hard drive or even store such files online. This will save you the stress of spending unnecessarily on a data recovery software.

Final words

When it comes to losing your video files, there are lots of reasons which could be responsible for such problem. The tips shared above can help you to a great extent. All you have to do is ensure they are avoided.

 

This is a Sponsored Feature.

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BNP Paribas joins forces with Orange Business Services to deploy SD-WAN for 1,800 retail sites in France

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  • Co-construction approach ensures business continuity during deployment

BNP Paribas has chosen Orange Business Services to deploy an SD-WAN solution in more than 1,800 bank branches across France. Focused on developing and integrating new digital solutions, BNP Paribas continues to provide the highest standards to improve user experience for customers and employees alike.

By integrating Flexible SD-WAN from Orange Business Services, BNP Paribas benefits from a modern and agile technological platform to accelerate its digital transformation. This enables quick and easy deployment of multiple services, such as dynamic routing and path selection, with scalability and flexibility. It also empowers administrators to monitor infrastructure performance and resolve potential network congestion through simple software modifications, thereby optimizing application performance. By deploying SD-WAN, BNP Paribas can take advantage of a fully secure hybrid network that is natively multi-cloud, multi-access and multi-application. The Bank will also benefit from optimized and centralized management and intelligent routing for its new infrastructure.

Close collaboration between business and IT for greater agility

From the start of the project, experts from Orange Business Services and BNP Paribas built the solution design together and prioritized the features to be deployed. More than 3,600 access lines—two per branch, including one Internet access line – are currently being rolled out with a focus on maintaining business continuity for each site during the migration. In addition to the SD-WAN overlay, firewalls for enhanced security are also part of this deployment.

“It was paramount for us to choose a partner who already had proven experience implementing and operating SD-WAN solutions. Orange Business Services stood out as this trusted partner. In addition to their IT expertise, the Orange teams demonstrated a great ability to understand our business challenges, and they knew what needed to be done to support our end-to-end digital transformation. This close collaboration between our teams from the very beginning of the project was one of the keys to its success and to a smooth roll out,” said Bernard Gavgani, Chief Information Officer at BNP Paribas Group.

“We are delighted to support BNP Paribas in their transformation program and deploy the first large-scale SD-WAN project in the retail banking industry for the French market. An indepth understanding of our customers’ business needs is essential to co-develop customized and innovative solutions. Orange Business Services will continue to accompany BNP Paribas’ central and local teams to learn and develop their SD-WAN skills,” said Nadine Foulon-Belkacémi, Executive Vice President, French Major Clients at Orange Business Services.

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