Dubai SMBs: Adapt to Digital Accounting or Risk Falling Behind

In many developed economies small businesses have changed the way accounting is carried out by moving into more digital and cloud-based solutions. They have embraced technological advances to keep their operations efficient and productive. However, many businesses in Dubai are struggling to keep up with the constant and rapid changes which means that they are losing out on more data, across more channels, which hinders them from acquiring insightful analytical data to aid better decision making. Adopting SaaS principles can be adopted by companies across all industries which enables them to acquire new and better practices and be able to measure performance in new and emerging ways. Of course, the business must have a strong desire to extract value from digital platforms to be more successful in implementation. Having a cloud-based accounting software such as Xero at the center of your digital ecosystem will no doubt help with integration be it with CRM, EPOS, inventory management, or billing systems. Many software providers have now made technologies such as machine learning or AI easy and reachable for small businesses to make use of, especially when automating manual tasks.

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Proactive action

Generally speaking, the technical revolution is driven by demand for not only increased data but improved data quality and governance. Software automation is becoming the norm for innovative, growing small businesses, and exploring ways to leverage tools and their integrations helps them service their clients and customers in new ways. The use of new tools allows for more time to focus on future strategies and foster strong client and customer relationships. Businesses that stay on top of their data using the latest trends and tools position themselves favorably and are better prepared to offer the highest level of service to their customers. How should I prepare for the digital changes to come?

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1. Prepare for the new age of workers

Aside from the culture, flexibility, and social needs that millennials expect, they are also entering the workforce equipped with a new level of technical expertise being the generation to quickly adopt the latest digital platforms and time-saving tools.

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2. Teach your staff

With educational institutions adopting new degree programs that are streamlined with the new technology era, small businesses must adopt this same malleable mindset; ensuring they are conscious of the priorities of their recruits. Create an environment where this new age of workers can flourish. Prepare your current staff by providing resources for them to develop open-mindedness, adaptability, and willingness to learn to support the technological shift; after all, these skills will be necessary as new technology will be the new norm of client service. Mastering these skills means that you will be prepared for the future and will no doubt position your firm to provide the highest degree of personalized services.

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3. Embrace remote work

This is a practice your small businesses should already be doing – with policies in place to facilitate flexibility and the ability to work from anywhere. Decentralized work and virtual offices are key for employee satisfaction and productivity. Consider implementing a team messaging and workflow management system such as Slack and Trello, that will give your businesses insight into employee productivity. Time tracking tools can also help monitor staff productivity so whether they are in the office or at home, you can ensure that time spent on the business is not wasted.

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4. Drill down data security Measures

All of these advancements in technology bring new concerns surrounding data security. Educating your team on the best IT security practices is critical in securing customer information. Adopting a data-driven mindset is imperative to staying relevant and successful in the new era of technology. Embracing change and providing innovative customer service will position you as a leading business in your field. Embracing digital tools for small businesses need not be time-consuming or expensive. Businesses should ensure that the culture of their organization is technology embracing to start on the right foot. Once digital applications are in full use, small businesses will serve more satisfied customers, enjoy better employee productivity, and ultimately become more profitable. If you would like to know more about Xero or would like to take up our discounted implementation offer, submit your contact details here and one of our consultants will be in touch.

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DISCLAIMER

This article is written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.

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