Fast forward to the Future.
The pandemic is forcing change upon us. Millions are working from home now. Our company Andado was planned like this - since five years we provide our services mostly online. No depending on human interaction, office commutes, in person meetings and such. Our prognosis: many will never want to go back to the traditional office. Home Office! And they will not need to: more companies will have a higher number of remote workers. What is change now, will be the new normal and fast forward us to the future. Digital Invoice Management.
Nothing is more challenging than change. We avoid it. "If it ain't broke, don't fix it" I learned from my friends and prospects when I relocated to the US, some 30 years ago. The adversity to change manifests itself in the habit, to limit innovation to what others do. "Does Jon do it? Well if he does it, there must be something to it." If not, then stick with what we've got. However, change is inevitable and inescapable: leaders were always those who had the ability to foresee the future and the guts to invest in it. What we offer, does not even require any investments. Just decisions to "automate what can be automated".
Not only does this crisis force us to change the way we work: restaurants reduce their service to delivery and take out, no more dine in. Cocooning and delivery could stick with us way after Covid19. Many Uber and Lyft drivers are basically out of work unless they switch to food delivery* and the hospitality industry is in the deepest crisis ever: everything we forecasted is now obsolete.
I was born before the mid of the last century and have seen economical crisis before: there are opportunities in every crisis: people have to cut expenses. Companies -like ours- offering tools to such cost cutting are thriving. Innovation is needed: the big thinkers like Gates and Musk, or creative minds like Ferris are on it. To survive in business (and now in the real world) we have to adapt/change and so we will.
Some tools will become even more prevalent: Zero latency analytics; as result of higher automation there are incredible time gains to be made. 'The cloud' is the obvious pre-requisite. With a cloud accounting tool such as Intacct, QBO or XERO you can also improve accuracy and reduce errors. Once you are 'forced' to use an automation tool you will learn the advantages as real and enormous.
While less items are procured the numbers of invoices remain the same (with lesser positions). While economic shocks almost always lead to reduced investments, there is no investment to implement invoice management. Conclusion: accountants working from home is going to be the new normal.
*According to a report this week by Forbes, UberEats has seen a 30% increase recently in sign-ups for the service and an increase in new drivers. Forbes also reported a 10% increase in UberEats sales last week despite the pandemic.