Connect with us

Business

REMOTE WORKING SHOULDN’T MEAN A COMPROMISE IN GOOD ACCOUNTING SOFTWARE

Published

on

To be bylined to Simon Kearsley, CEO of bluQube

The increase in remote working has meant that reliable accountancy software has become more important than ever to keep businesses working to their full ability. If your business is still relying on manual, paper-based systems for its accounting needs, now is the time to re-evaluate and modernise its accountancy system.

Simon Kearsley

This may also be true if a business’ existing accountancy software is not up to modern standards and falling behind crucial technological developments. Traditional accountancy systems rely on finite capacity for data and are often inflexible. They can also make accounting more difficult when they are not designed to handle multiple users at a time from different networks and locations. Increasing levels of access needs mean that less-modern systems can become slow and overworked, making it difficult for teams to access and slowing processes down.

Updating accounting systems alongside the progression of software is key to ensuring that a business is performing its best and increasing productivity where possible. If a company is not up to date, they risk falling behind competitors that are turning to automated, cloud-based accounting systems.

 

How to assess if your accounting system is working for you

Below are some integral functions for accountancy software which must be considered.

 

Reliable reporting: It is vital that you are able to access data whenever it is needed. Whilst excel is commonly used for manipulating and reporting on financial data, it puts that data at risk of mistakes and makes confidential information more at risk of comprise. Having reliable means for accessing information and reporting on it reduces the chances of these issues occurring and ensures you’re able to utilise that data for informed decision making.

 

No unnecessary costs or overspending: With reliable access to data comes productivity. As members of a team across a company have instant access to the necessary data, such as budgets and spending reports, it means that there is full transparency of up to the minute costs. This ensures that there is no risk of employees being unaware of the current financial status of the business.

 

Improved performance levels: Implementing efficient cloud-based accounting software will ensure your business performs more efficiently and productively than before. Heavy traffic on databases is easily managed, keeping your system running quickly and saving you time extracting the necessary data.

 

Scalable and adaptable: Modern systems are structured in a way to be adaptable and scalable alongside business growth. As your business grows, the volume of accountancy items your system will need to process will change and the way in which you need to report on that data will also evolve. With the right system in place, you can add additional modules, users or data storage in line with your business needs.

The right cloud-based software reduces the risks of your company being held back by a legacy system that is behind the curve.

 

How cloud-based systems can help businesses with productivity

Growth comes with obstacles, but your accounting system should not add to them. Up to date systems should help with business productivity, ensuring that time and money is spent on the most important things. This reduces the risk of businesses being phased out by higher performing competitors utilising modern, and often cloud powered systems.

Modern, cloud-based software is more flexible than ever before. Modern web-service data links will improve the ease of sharing real-time data across business systems, which in turn allows finance staff to direct their attention away from manual processes and toward more commercial objectives.

These modernised systems can also provide specific employee by employee access to varying data sets and varying areas of the software. Tailored access ensures staff aren’t overwhelmed with information they don’t need, or information you don’t want them to see, enabling them to login and help themselves to real-time figures. This makes it quicker for people to access the data they need and reduces workloads for financial teams who previously had to run and collate endless reports for budget holders and management teams. Highly tailored access to your accounting software is also a safer choice, as only those who really need the information can see it.

Another advantage of an effective, modern accounting system is the ability for data to be updated at any time, from anywhere. Again, this can speed up financial processes and ensures that decisions are always being made with real-time figures. With remote working becoming increasingly common, this is an integral feature that can help with financial efficiency.

In order for your company on to fulfil its potential in terms of efficiency and productivity, it’s essential you have the right software in place to support it. The core finance team in particular will be able to free up time to focus on strategic tasks, and decision makers around the business will have access to financial data like never before.

However, if your accounting system is falling behind in terms of these modern features, they may be holding your business back.

 

What to look for in an accounting software provider

Firstly, if you’re looking for a cloud-based system, find out where your data will actually be housed and what security protocols are in place. Not all cloud systems are created equal, and the level of security your data receives can vary tremendously.

Once you’ve ensured it’s secure, it is good to make a judgement on whether it is utilising the best technology available in the market. This will include secure data handling, as well as having user-friendly interface, making it accessible to users throughout the business, not just your core finance department.

It is also significant that the system is reliable and not underperforming when you need it most. For it to be reliable it needs to also be scalable, as your business grows your cloud system should be able to support it, no matter the size of your business. A great cloud supplier will also be constantly investing in new technology behind the scenes, ensuring your software remains at the forefront of modern tech and leaving you to simply focus on the day job.

Finally, if you feel confident in your choice, it is always good to check current client reviews on how the system has positively affected their company. This will help to figure out the potential cloud journey you may undertake and it’s always reassuring to know you’re in the right hands.

 

Final thoughts

If you want to keep up with digital evolutions, changing your accountancy software to a future-proof solution could be a critical step towards maximising your company’s efficiency and productivity, allowing more time and room for your business to grow.

 

 

Business

Ransomware chokes COBRA: How AI-powered data analysis can support financial services’ plight

Published

on

By Toby Butler, Financial Crime Solutions Manager at Ripjar

 

Ransomware attacks are on the increase in the United Kingdom. Most of the British Government’s COBRA meetings have been convened in response to ransomware attacks, showing how cybersecurity breaches are as pressing as national emergencies and crises. The National Cyber Security Centre’s (NCSC) annual review found this year that the country was hit by 17 ransomware incidents that were so impactful they “require a nationally coordinated response”. That extends to the financial services sector, which saw an increase of ransomware attacks with 55% of organisations hit in 2021.

Where does this leave the sector and how can artificial intelligence and machine learning be instrumental in understanding the risks companies face against future ransomware attacks?

Toby Butler

Company information is being stolen and sold to different threat groups, who prey on the individuals in that organisation who are more likely to pay them. The UK is one of the most cyber-attacked countries in the world and the Government has been criticised for being “ill-equipped” to deal with this exponential rise of fraud cases.

 

Ransomware-as-a-Service

Ransomware is one of the most common forms of cybercrime. Fighting it has become one of the biggest problems that organisations today face during their everyday operations. For instance, Malware (malicious software) encrypts the files of a single computer, then works its way through an entire network to reach the server and inflict maximum damage. Company information is being stolen and sold to different threat groups, who prey on the individuals in that organisation who are more likely to pay them.

When these attacks occur the victims, more often businesses, are left with minimal options. If they have substantial backup solutions already in place, they can attempt to restore the encrypted data to their servers. But if that data isn’t already secured elsewhere, they may need to pay a ransom to the criminals behind the attack. Thereby allowing the business to function once again and restoring their reputation. The cost of paying the ransom will feel considerably smaller compared to starting a business again from scratch. Sophos’ State of Ransomware in Financial Services 2022 report found that 52% of financial services organisations paid the ransom to restore their data, the average remediation cost in financial services was US$1.59M.

Cybersecurity Ventures estimates that ransomware is set to cost global businesses more than $256 billion by the end of 2031. By that token, organisations need to be extremely mindful of the potential threats they may face. Businesses need to understand the methodologies these hackers use, to address the weaknesses within their domain and take measures to isolate and prevent further ransomware attacks from happening again.

 

The rise of WAMs

According to a recent report by security firm CyberSixgill, 19% of the 3,612 cyberattacks that took place in 2021 were traced back to Wholesale Access Markets – or WAMs for short. WAMs are, in essence, underground internet flea markets. These markets are where aspiring attackers come to purchase network access from threat actors – the individual or entity involved in carrying out the cyber-attack. Types of threat actors include insiders, cybercriminals, rival organisations, or even nation states stealing data.

WAMs sell access to multiple compromised endpoints (or pathways) for around 10-20 dollars. Researchers found that WAMs listed access to approximately 4.3 million compromised endpoints in 2021, which include access to both provider and enterprise software (for example, an organisation’s Slack channel) up to 180 days before the attack itself took place. This shows how long these compromised endpoints remain undetected without proper internal analysis.

 

How can Financial Services stay ahead of the curve?

The use of Artificial Intelligence (AI) and machine learning is undisputed across modern businesses and sectors, and continues to revolutionise processes across the board. AI is a significant player in the financial services industry, building the ‘cyber-wall’ against nefarious users. It gives organisations optimal insights into reducing the likelihood of a ransomware attack in the future.

Namely, AI and machine learning collects and analyses vast amounts of messy (structured and unstructured) data from disparate sources. The challenge for the sector is to understand the volume and variety of the raw data collected from any source to build better protection in the future.

Structured information could be best understood as the clear data we see in a table. For example, the following attendees made a business meeting: first name – Joan, surname – Smith, age – 46. But unstructured information is information presented in a complex manner. For example, ‘there were five people who attended the business meeting, one of whom was forty-six and called Joan Smith’. Naturally, due to the complex nature of the prose, it would be more difficult for a machine to process that data into a digestible format for further risk analysis. This is where AI continues to prove invaluable.

AI uses natural language processing to understand the information provided on the web. As the software continues to evolve, natural language processing reads the information in a way a human would to extract the key information from the text. By incorporating AI and machine learning within an organisation’s IT infrastructure, companies operating within financial services can be better equipped to handle cybercrime.

These tools are flexible and adaptable, they can be configured to analyse different types of data from different sources to curate key insights. This collated information provides a better analysis of the organisation’s exposure, allowing them the opportunity to get upstream in preventing future attacks. This kind of approach is essential to processing listings on WAMs.

The power to analyse data to identify weakness is vital in the battle against cybercrime. It gives organisations a better understanding into what they could expect to see in the future. Hosting the correct data, and with the analytical skills, financial organisations can gain a better understanding of the methodologies and weaknesses in-house that attackers use and exploit to hold them to ransom. Organisations can then use this as a reference to pinpoint compromised endpoints, giving them a chance to reduce access before this route can be exploited and ruin their business.

With cybercrime and ransomware continuing to remain prevalent, it’s vital that financial services companies understand how they can get ahead of the curve and build a robust security platform within their IT infrastructure that can withstand an attack. In 2022, a ransomware attack occurred every 40 seconds. The mindset for the sector needs to be one of when, not if.

Organisations need to be thinking about an attack now – before it’s happened. Pre-planning and preparing for the worst possible outcome from future threats and adversaries. The introduction of AI and machine learning in the fight against cybercrime is a must, and the sooner the industry gets behind in implementing AI, the safer it will be through the next decade.

 

 

Continue Reading

Business

SVEA BANK ACQUIRES AREX’S FINTECH OPERATION IN FINLAND

Published

on

By

AREX Markets, the data-driven FinTech company that drives financing costs down for SMEs and enables them to get paid quicker, has announced the sale of its Finland operations to Swedish payment and financing institution Svea Bank.

With the deal, Svea will further strengthen its position as a corporate financier, as AREX’s c.1200 Finnish customers and partnerships in the areas of financial management and financial management software will be transferred to the bank’s portfolio. The Finnish operation of AREX has financed over EUR 500M worth of invoices.

AREX’s Spanish and UK operations remain unaffected and remain focused on building embeddable financing products for third party platforms. Customers in Finland have been informed of their transition, and their contracts and service details will port across to Svea.

Svea is reshaping the playing field of corporate finance in Finland, and taking on the operations of AREX in the region is a natural step to strengthen their own business and at the same time offer AREX’s partners and customers an easy path to a wider range of services than before.

“Over the years, Svea has grown a lot also through business transactions, therefore acquiring AREX’s business operations in Finland was a good and natural solution for us. In addition, the deal is pleasant for us at Svea because the focus of our activities is to help partners and customers succeed – offering AREX’s partners and customers a wider range of services is exactly that,” says Pasi Väre, country manager of Svea in Finland.

The deal also brings new opportunities for AREX to focus on the UK and Europe in its roll out of embeddable financing products, which can be white-labelled by neobanks, ERPs and accounting software alike. The business is seeking to bridge the liquidity gap faced by most small businesses in the face of a recessive economic climate.

UK SME’s can continue to access AREX’s core invoice financing product through the Xero marketplace.

“For us at AREX, this is a great step: we are developing a stronger presence in the field of embedded finance, which is underpinned by our sophisticated marketplace software, our strongest point,” says AREX’s CEO, Airto Vienola.

“For the AREX team it was extremely important that we find the best possible corporate financier to take care of the business’ customers and partnerships in Finland. Svea convinced us with their customer and partner-centric approach”, adds AREX’s co-founder Perttu Jalkanen.

Continue Reading

Magazine

Trending

Business14 hours ago

Ransomware chokes COBRA: How AI-powered data analysis can support financial services’ plight

By Toby Butler, Financial Crime Solutions Manager at Ripjar   Ransomware attacks are on the increase in the United Kingdom....

Banking21 hours ago

How Banks Can Boost App Innovation, Speed and Compliance

Steve Barrett, Senior Vice President of International Operations, Delphix  As new finance and banking applications disrupt the market each day,...

Business21 hours ago

SVEA BANK ACQUIRES AREX’S FINTECH OPERATION IN FINLAND

AREX Markets, the data-driven FinTech company that drives financing costs down for SMEs and enables them to get paid quicker, has...

News21 hours ago

ICICI Lombard and AU Small Finance Bank announce Bancassurance tie-up

ICICI Lombard General Insurance, India’s leading private sector non-life insurance company, is entering into a Bancassurance tie-up with AU Small Finance Bank....

Finance21 hours ago

Crypto’s tipping point

Chris George, Senior VP of Product at Somo argues that Crypto needs to improve its scalability to be taken seriously Cryptocurrencies are...

Business4 days ago

Why Procurement is key in delivering your ESG strategy

By Edward Cox, Principal at Efficio Consulting   Environmental, social, and governance (ESG) has shifted from a niche to a...

Finance4 days ago

Skedadle to change the game for advertising with Currencycloud partnership

Currencycloud, the experts simplifying business in a multi-currency world, has partnered with Scottish start-up app Skedadle to provide its users...

Finance4 days ago

How financial services organisations can harness the power of low-code/no-code

By Joman Kwong, Strategic Solutions Manager, Financial, at Laserfiche   The UK’s erratic economy, and its spiralling cost-of-living crisis, have...

Finance4 days ago

SaaScada Top Five Predictions for 2023

From BNPL for business, to sustainability and financial inclusion, 2023 is going to be a year of change as the...

Business6 days ago

Hidden channel costs: how to find and tackle them

By Mark Wass, Strategic Sales Director, UK and North EMEA at CloudBlue     Growth for businesses will always be a...

Finance6 days ago

Is your business ready for finance automation?

Mari-Frances Bentvelzen, Business Head and General Manager of Global SMB at SAP Concur   As managers continue to drive their...

Top 106 days ago

The power of a proactive customer service

By Delia Pedersoli, COO, MultiPay   2023 is shaping up to be another challenging period for B2C businesses. While the...

Business6 days ago

Automation nation: Liberating workers from desks, data entry and the doldrums

Gert-Jan Wijman, VP of EMEA at Celigo.   Just when businesses thought the tough times were over, even more challenges...

News6 days ago

Protean and Fino Payments Bank tie-up to expand PAN card issuance services in India

Fino Payments Bank has tied up with Protean eGov Technologies (formerly NSDL e-Governance Infrastructure Limited), a market leader in universal,...

Business6 days ago

What is the True Cost of SMS Phishing?

Gemma Staite, Threat Analytics Lead   Cybercriminals will recycle attack strategies for as long as they are effective. In Fraud...

Technology7 days ago

Digital Asset Management (DAM) To Transform Enterprise Brand Management

Alexander Rich, Co-founder and CEO – Desygner    Rapid digital transformation fuelled by the pandemic has undoubtedly proven beneficial to...

Finance7 days ago

Cost of living: How to identify vulnerable customers

Ellie Engley is account director at REaD Group   In the current climate, the cost of living crisis is a...

Banking7 days ago

Is traditional business banking the best option for SME finance squeezes?

Airto Vienola, CEO, AREX Markets  The pressures facing business and personal finances alike have been well documented. Stories are now starting...

Business7 days ago

Breaking down communications silos to streamline the customer experience

Dave Tidwell, Head of Technical Pre-sales, DigitalWell   The pandemic has, without doubt, moved the goalposts when it comes to...

Business7 days ago

How growth can be a big challenge when a business becomes multiple entities

By Paul Sparkes, Commercial Director of award-winning accounting software developer, iplicit. Organisations don’t just grow in size – they also...

Trending