Here's how you can convey the value of innovative accounting practices to stakeholders.

From the first glance it seems that accounting is stable and nothing new can be invented. But there are some changes in accounting standarts which should be taken into consideration. Also there is always a new software and practices you can use to improve the transparency of your accounting system. The modern tools can be very useful and give the opportunity to adapt in the fast changing world.

The world is changing rapidly and so do the business. Every morning we observe a lot of changes in business, environment, people and working style and we have to change the our ways of working so that we are part of changing and innovating world. Accountants are now acting as business leaders nowadays. New ways working and automation (Like accounting software) helps in quick decision making and instant response toward critical business aspect. Embrace the change and adopt new and modern way of working

Innovation in accounting has transposed traditional methods with contemporary methods that are efficient and cost effective; it always important to communicate both financial and non-financial value to stakeholders. From increasing profitability, achieving high returns, leveraging on economies of scale to increased competitiveness, improved brand recognition and value, all need to be communicated to stakeholders to convey the value of innovative accounting practices and this can be done through reporting, illustrations, and conveying data insights.

Some organizations are paying subscriptions for advanced features but dont use it due to unawareness. As professionals I think it is our duty to make them aware and help them adopting for latest technological updates. Initially they resist which is usual. But once explained cost, time and convenience they understand its worth using the features. For an example many quickbooks users do not use bank feeds which makes seamless process of entering daily business transactions .

Transmitting the value of best practices or innovation practices to the accounting departments, especially in the context of innovation, requires a strategic approach that bridges the gap between traditional accounting methods and modern technological advancements. Is mandatory to have a leadership support, executive sponsorship ensure that leadership, including C-Level executives, actively support and advocate for the adoption of best practices in accounting, without forgetting that these best practices must be supported by tools that add value to the operation.

To convey the value of innovative accounting practices to stakeholders, efficiency gains can be very useful. Efficiency gains entails working with lower costs with the goal of making greater profit. Introducing automated machines can help stakeholders perform tasks with little or no human intervention. In accounting the use of automated system results in improved efficiency. It results in production of accurate financial information compared to manual data entry. Automated accounting software saves time using basic technology and receipts can be generated automatically.

Muchas veces cumplir con un trabajo nos deja tranquilos, pero en nuestro interior sabemos si pudimos hacerlo de manera más eficiente. Quizás lo logramos, pero ?lo hicimos de la mejor manera con las herramientas disponibles? Sería más provechoso usar nuestro tiempo en analizar los datos en vez de solo introducirlos al sistema. ?No sucede que nos sentimos satisfechos al introducir los datos y luego ni siquiera tomamos decisiones con ellos? La automatización libera tiempo para el análisis estratégico, y por eso debe ser una meta en toda administración.

Uno de los retos que se presenta hoy en día es conocer los diferentes lenguajes de programación de los sistemas contables, esto con la finalidad de poder crear procesos automáticos generando eficiencia en los tiempo y en la información generada.

Implement Modern Tools Introduce accounting software that integrates best practices and innovative features. Use automation to handle repetitive tasks, allowing accountants to focus on more strategic activities. Incorporate data analytics to provide deeper insights into financial data, helping the team make informed decisions. Present and celebrate milestones and successes to motivate the team and reinforce the value of adopting best practices. Key Performance Indicators (KPIs) Defining KPIs to measure the impact of implementing best practices on efficiency, cost savings, and accuracy. Provide regular updates to the accounting team

Efficiency is essential for every department to thrive. If we fail to record costs efficiently due to human error, profits may be overstated or understated, leading to poor decision-making. Introducing technology and automation brings more accurate results, saving time and costs. It's important to note that during these transitions, employees should not feel isolated. Instead, they should be delegated responsibilities that align with their skills and expertise, ensuring they remain engaged and valued throughout the process. By upskilling and reskilling our team, we can ensure a smooth transition to new systems and unlock the full potential of our organization

el analisis de los datos va de la mano de conocer el ciclo administrativo y operativo de la empresa, teniendo este insumo se puede tener un conocimiento mas amplio de su funcionamientos y comprenden de las diferentes temporadas que tiene la empresa, de esta forma se establecen tendencias y prospectivas que permitan la toma de decisiones acertadas.

Advanced analytics in accounting gives us valuable insights, leading to smarter decisions and increased profitability, Moreover By analyzing our financial data more effectively, innovative accounting helps us drive business growth and success.

El increíble desarrollo de la inteligencia de negocios, la ciencia de datos y la inteligencia artificial nos permite ver aspectos que antes solo quedaban archivados. Tener grandes bases de datos disponibles y analizarlas con herramientas avanzadas nos permite desarrollar opciones impensadas hace unos a?os. La contabilidad no debe ser solo de presentación, sino de gestión, adaptándose a las distintas preguntas que podamos plantear. Esto transforma la contabilidad en un cubo flexible y dinámico, capaz de proporcionar respuestas estratégicas y mejorar la toma de decisiones, llevando a una mayor rentabilidad.

The current technologically fast world has huge amounts of data, both useful and irrelevant. Processing data accurately and fast can only be achieved through fast paced innovative data analytics that are able to uncover relevancy and irrelevancy thereof in good time for accurate decision making

Develop a Clear Value Proposition Highlight Efficiency Emphasize how best practices can streamline accounting processes, reduce errors, and save time. Provide examples of specific tasks that will be faster or more accurate with new practices. Cost Savings demonstrate potential cost savings from reduced manual work, better error management, and more efficient processes. Compliance and Accuracy Show how best practices and innovative technologies can help ensure compliance with regulatory requirements and improve accuracy. This way, mitigating or eliminating risks.

Accounting tech got a makeover! New tools like continuous monitoring sniff out financial risks faster and more precisely. Imagine an alarm system for your money, letting you react to weirdness in real-time. Plus, data visualization tools make spotting trends and risks a breeze. These tech sidekicks empower your accounting team to focus on big picture strategy, keeping your company financially sound and your investors happy.

desde la experiencia en el ciclo contable siempre se esta gestionando el riesgo, una de las primeras reglas es que todo lo que sea de carácter legal y normativo no puede ser negociables, ademas que se deben generar estrategias de auditoria con el fin de monitorear cualquier posible riesgo, y que este sea identificado y subsanado lo mas rápido posible.

El análisis de datos debe ser preventivo, no forense. Descubrir patrones antes imposibles de identificar nos permite prepararnos para escenarios imprevistos con anticipación. El riesgo es enfrentar hechos distintos a lo planeado; siempre habrá elementos inexplicables matemáticamente. Sin embargo, el uso de herramientas avanzadas reduce al mínimo lo no identificado, permitiéndonos modelar la realidad de manera clara, proactiva y eficiente. Esto nos prepara mejor y mitiga riesgos financieros de forma temprana y precisa, asegurando una gestión robusta y una salud financiera estable para la empresa.

Risky is the ever present variable in financial accounting. The ability to detect risk instantaneously is critical to the CFO and his team and the use of innovative accounting tools cannot be over-emphasised

En los equipos de contabilidad se debe realizar feedback cada mes, y buscar la forma situar a cada colaborador en un cargo en el cual pueda explotar y desarrollar sus habilidades, ademas de poder identificar falencias y mejoras en el tiempo.

Hacer reuniones despues de cada cierre para analizar el comportamiento de los costos y ver si hacen sentido con la realidad (costo de venta, productos activados, ver recetas de productos, ect). Reuniones activas con los responsables para ver la rotación de los productos y la obsolecencia de estos.

Los mejores trabajos se desarrollan en equipo. Para que el equipo pueda lograr un buen trabajo, necesita la información que influirá en el resultado deseado. La información es poder, y ese poder debe ser administrado de la mejor manera. Esto se logra compartiendo el conocimiento. Al fomentar el diálogo y animar a las partes interesadas a hacer preguntas y expresar sus preocupaciones, se crea un ambiente colaborativo. Esto no solo genera confianza, sino que también hace que las partes interesadas se sientan involucradas en el éxito de las prácticas innovadoras implementadas.

I personally face challenges with top management when it comes to their involvement. They often seem disconnected from the policies adopted. This issue common in companies that have a whole governance body with no one having accounting knowledge. Creating an adoptive accounting environment requires involvement of every single stakeholders in the system. This engagement eases the implementation and evaluation processes of the practices. For your information, below is a list of some of the key stakeholders. 1. Internal: - Finance Team - Management - IT Department 2. External: - Clients - Suppliers - Auditors

As I have said, considering the use of new accounting and financial tools allows us to project a tangible future, which previously resulted in a waste since there was no certainty about market fluctuations, etc. But with the use and improvement of new accounting trends, it is possible not only to project but also to support business practices.