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Jul 12, 2023

Catching Up with The Accounting Revolution: Why Real-Time Data Matters?

Ankit Virani



Remember those days when accounting meant pouring over rows of numbers, your eyes squinting at balance sheets? 

Well, things are changing fast. 

Now, we have the wonders of real-time data turning the tables in the accounting world.

Picture this. You get live updates on your sales, expenses, income, and whatnot - all this daily, monthly, or even quarterly. It’s like having your financial story narrated as it unfolds. 

That's the beauty of real-time data. And it's not just a fancy upgrade. 

This data revolution is charging full steam ahead in the finance and accounting (F&A) sector, fueling a noticeable jump in productivity. 

Big names like Forbes predict AI and machine learning will take over most clerical tasks, making future accountants more strategic and creative. 

Quite an upgrade, do you agree?

So, why is real-time data stealing the limelight in accounting?

1. Speedy decisions: Imagine having instant access to financial information that would otherwise take hours, maybe even days, to compile. With real-time data, accountants, tax experts, entrepreneurs, and everyone can make informed decisions quicker than ever. And the best part? This data is clear of some cryptic code requiring a finance degree. At Suvit, we’re a big fan of what we call "founder-friendly" reports - big data simplified, streamlined, and rendered comprehensible to everyone.

2. Global reach: As businesses grow, so do their ambitions. If you're thinking global technology, especially real-time data, is your golden ticket. Data has dethroned oil as the most valuable commodity in this digital age. The future trajectory of companies is being sketched out not by boardroom discussions but by data-driven decisions.

3. Crystal clear visualization: Raw data, no matter how current, is just an array of numbers unless understood and leveraged effectively. Here's where effective data visualization comes into play. It provides a visual context for the inflow and outflow of finances, making it easier to understand, interpret, and act upon. It's direct, relevant, and a definitive representation of the future of accounting.

4. Audit-ready, anytime: Gone are the days when audits would send accountants scrambling for documents and sifting through mountains of paperwork. Real-time data and automation have revolutionized record keeping. You can maintain all your data for years and access it instantly, eliminating any last-minute rush during audits. Especially with the Suvit mobile app, your financial data is always at your fingertips, accessible anytime, anywhere.

What sets Suvit apart is not just the automation of mundane tasks but also its host of advanced features. With payment reminders for clients, remote data access, and user management, Suvit ensures a seamless accounting experience. It empowers you to save 80% of your time on manual accounting tasks.

Moreover, Suvit promotes a more strategic approach to accounting, allowing you to tackle more projects, expand your client base, and deliver the same exceptional service, all while maintaining the quality of your work.

The future of accounting lies in automation, and Suvit is at the forefront of it. The very innovation is sculpting the modern world of accounting, providing solutions to real problems, and driving the sector forward.

So, are you ready to be a part of this revolution? 

We invite you to join us on this journey of redefining accounting as we know it.

FAQ: Audits Made Easy with Suvit

1. What is real-time data, and why is it important in accounting?

Real-time data refers to information that becomes available immediately as it's processed. This can mean immediate access to financial figures such as sales, purchases, expenses, and income in the accounting world. It's significant because it provides the most current snapshot of a company's financial situation, enabling quicker and more informed decision-making. With real-time data, professionals can spot trends, identify potential issues, and instantly make strategic decisions.

2. How does Suvit simplify the use of real-time data for non-accounting professionals?

Suvit simplifies the use of real-time data through what we call "founder-friendly" reports. These reports translate big data into clear, easily understandable information. Even if you don't have a background in accounting, you can comprehend these reports and make informed decisions based on them. Suvit's goal is to make accounting and financial management as accessible and straightforward as possible.

3. What impact does real-time data have on business decision-making?

Real-time data can significantly speed up business decision-making. Instead of waiting for monthly or quarterly reports, decision-makers can have live updates on financial transactions. This immediacy allows for quicker reactions to financial trends or issues. Additionally, with clear data visualization, real-time data can provide an understandable representation of complex financial information, enabling more effective strategic planning.

4. How does Suvit help with audits?

Audits can be wildly stressful when you're scrambling to gather necessary documentation. Suvit alleviates this stress by maintaining real-time data records that can be accessed instantly. With Suvit, there's no last-minute rush during audits. Plus, with the Suvit mobile app, your financial data is always at your fingertips, ensuring a smooth and hassle-free audit experience.

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