The Philippines today is an incredibly connected country. With 52% of 95 million Filipinos regularly accessing the internet, making it rank 12th in the world in the world, overall. Mobile phone adoption is also almost universal, and even working-class Filipinos have multiple internet-capable devices. Clearly, most Filipinos are no stranger to technology.
With so many tech-savvy Filipinos and Filipino workers in some of the most demanding fields on the cutting edge of science and technology, it’s surprising that the adoption of modern accounting systems in Filipino businesses tends to be quite low. Even larger enterprises tend to stick with whatever outdated accounting software they have invested in years or even decades ago, failing to realize the many benefits to be had by updating their systems.
Here are just a few benefits Filipino businesses can enjoy by switching to a new accounting system.
1.) Instant data sharing
Modern accounting systems allow relevant data sets to be instantly shared among different teams and departments. For instance, if the sales department makes a sale, the accounting software could be set up to instantly update the business’s books as soon as a sale goes through the POS system. Inventories can also be automatically reordered should the stocks fall below a specified amount, thus reducing the need for oversized warehouses and storage units. Manager and business owners can also use the system to check the flow of assets in real time.
2.) Better mobile connectivity
Older generations of accounting system suites are generally restricted to office and on-site use, which severely limits the access of data to just a small number of devices in a specific location. This reduces the mobility and flexibility of your workforce. Sales teams, in particular, will be unable to update the books unless they are physically in your office, which can lead to errors and lost revenue.
Business owners using older systems will be typically unable to remotely check the status of the books themselves without calling someone in their accounting and bookkeeping department for data, which can lead to lost opportunities and wasted man-hours.
Newer accounting systems like SAP Business One incorporate mobile connectivity features, which makes these hassles a thing of the past. Thanks to the country’s growing mobile infrastructure, it also makes perfect sense to start investing in an accounting system that allows your workforce to be productive wherever they are.
3.) Less time doing paperwork
When integrated into a bigger Enterprise Resource Planning (ERP) system, contemporary accounting systems allow you to spend less time filling out forms and balancing the books, and more time focusing on what your business needs to do to take itself to the next level. The correct implementation of an ERP system with the corresponding accounting software allows businesses to use smaller teams for greater effect. For the Filipino business owner, this means reduced costs and allows them to focus on innovation and customer service.
Find an SAP Partner today to start upgrading your accounting system.