Spokesperson: Rafael Funes, Founder and CEO of LOVIS
A few decades ago, when the word “cloud” was mentioned to me, the first thing that came to mind was the images cartoonists use to project a person’s thoughts in their creations. Everything changed with what many call the “Fourth Industrial Revolution,” this era in which technology has reached unimaginable heights and has changed the way we interact and develop as a society.
We have gradually expanded our vocabulary. Words like “cloud” or “ChatGPT” are part of everyday life and are implemented in almost every industry. However, there are several sectors where a certain gap can still be noticed, despite society advancing rapidly in its digital transformation. These are accounting and the financial sector.
Accounting has served for many years to guide a company and portray the financial situation in a single effort. However, despite business operations growing exponentially in digital terms, accounting records have remained anchored in a distant past. It used to be a powerful business tool, but today it has become a burden, and most organisations have not yet realised it. How did we get here? And more importantly, how do we move towards the already present “Fourth Industrial Revolution”?
A great ally is the aforementioned cloud, a tool that is not only useful for storing personal data but can also be a valuable resource for accounting and the financial sector. One of its greatest advantages is improved efficiency and greater scalability, in addition to providing access to real-time updated information and being accessible from any electronic device.
The cloud also offers advanced security measures to protect information from unauthorised access, essential elements in the financial sector. This helps reduce the risk of data loss and increases confidence in managing a company’s information. Furthermore, it allows for greater collaboration among team members, something crucial for the success of a project’s development. For example, documents and projects can be easily shared in the cloud, facilitating real-time collaboration and reducing the time needed for emails and attachments.
Today, companies in the financial sector need solutions that prioritise the execution of internal processes from start to finish, as well as the creation of reliable accounting records to enhance their competitiveness in such a changing world.
All major companies have accounting and financial systems, but it’s time to look beyond and invest in secure software that offers flexibility and more advanced analytical capabilities to make better decisions and have a comprehensive view of their operations. The digital revolution is here, and although the implementation of new systems may seem challenging for organisations and their employees, it is an element that, in a not-so-long period, will prove to be more efficient and profitable for everyone.
LOVIS
