5 Advantages of Interoperability for Accountants

“Customers require the effective integration of technologies to simplify their workflow and boost efficiency”. - Anne M. Mulcahy, Former Chairwoman, and CEO of Xerox Corporation

In addition to the above statement from Mulcahy, an Enterprise Resource Planning survey says, 69% of best-in-class companies use integrated technology. This means that information from various sources is consolidated onto a single platform so data can be shared seamlessly. These best-in-class companies also have processes that flow across different applications without the need to switch between them or make modifications.

This interconnectedness was defined by our sister company, Caseware IDEA, as interoperability. According to a recent article, "3 Ways IDEA 10.4 Integrations Boost Your Audit Team’s Performance", interoperability is the ability for software and computer systems to exchange information. For accountants, this creates the following advantages:

1. Increased productivity
   1. • Repetitive tasks and bottlenecks - like data extraction and consolidation - are automated to save time
      • Task automation allows practitioners to focus on providing more value to clients
2. Consistency

         Employing an integrated system will:

• • • Reduce the risk of human error
    • Ensure policies and procedures are uniform
    • Create an audit trail of compliance activities

     3. Valuable data collection

• • • Information is easily entered and processed in one location
    • A holistic set of data to improve accuracy for easy decision making

     4. Enhanced security

         When dealing with one system and location for data, firms are empowered to:

• • • Focus on building complete, secure solutions that help mitigate risk
    • Become more efficient in managing security features - especially for larger organizations

     5. Improved visibility with real-time data          

• • • Colleagues and clients always have access to the most up-to-date information
    • Integrated systems transfer data in real-time, ensuring timely information

Thus, to achieve the simplified workflow and improved efficiency Mulcahy noted above, accounting firms need to leverage interconnected software. At Caseware, our integrated solution suite will transform the way you work. Interested in learning how?

Watch the recording of our webinar, Caseware TechTalk: Embracing The Technologies At Your Fingertips.