BUSINESS CONTINUITY IN FINANCIAL REPORTING | Ronalds LLP

BUSINESS CONTINUITY IN FINANCIAL REPORTING

In light of the Novel Corona-Virus Pandemic, the future of most business functions continues to be uncertain. Corporate leaders are considering key issues around managing severe business shocks, recovery plans as well as keeping essential functions of the organization alive, majorly based on perspective.

Following the ‘Work from Home’ government directive, organizations are leveraging and continue to be inclined towards cloud systems and applications that support social distancing while enabling them to carry out various functions efficiently. The accounting function has notably remained afloat for organizations that have embraced cloud accounting and financial document management solutions.
The accounting field has primarily leveraged on Hubdoc, a financial document management solution for accountants with which documents are automatically fetched (via an automated account connection, email or manual upload), processed and published to a cloud accounting system for reconciliation and financial reporting.
As business leaders pursue ways to mitigate the COVID-19 possible impacts, Hubdoc continues to reassure them of financial reporting continuity by enabling:

Hub Doc

 Hubdoc allows clients to easily capture and manage their bills and receipts. They can upload their documents using their desktop, mobile device, email or scanner – giving the accountant access to the documents on a need and timely basis.

Hubdoc auto fetches financial documents from over 700 utilities, telecom providers, and online vendors, extracting the key financial data, and then seamlessly syncing the data into a cloud accounting platform.

Hubdoc seamlessly syncs financial documents and their data with a cloud accounting system. It turns receipts, bills, and invoices into accurately coded transactions with key data entered and source documents attached.

Hubdoc provides accountants with confidence that their financial documents are organized, secure, and always available. All data is also verifiable with the source document.

Hubdoc has notably overcome the disruptions caused by the COVID-19 Pandemic by digitalizing manual accounting practices. Accountants can now spend more time on analysis and interpretation of data rather than routine tasks with negligible Return on Investment, increasing practice efficiency and effectiveness.

Ronalds LLP

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