CLOUD-BASED TECHNOLOGY

AND THE FUTURE OF THE

ACCOUNTANTS
A FinTrak Software Perspective
CONTENTS

Throwback on Accounting
Accounting Solutions Case Study
Emerging Accounting Technologies
Interesting Accounting Tech Stats
Benefits of Cloud-based Solutions to Accountants
How Accountants Can Prepare for the Future
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THROWBACK ON
ACCOUNTING
Let’s start with a look at changes through the ages
In the words of Warren Buffet - accounting is the language of
business. That language has gone through many changes
throughout the ages. But through all the changes accounting
technology has always played a part in making the accountant’s
job just a little easier. 

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 EVOLUTION OF THE ACCOUNTING
TECHNOLOGY

As technology With Excel, an Smarter enterprise

The earliest
accountants used advanced so did accountant now had applications. Software
Abacus to keep speed and accuracy an electronic programs. Improved
track of with a calculator spreadsheet. The efficiency to store,
calculations in supported. Financial need for adding process and
business information was machines, transform data into
documented in the calculators, ledgers accounting
form of paper and pencils was information over a
eliminated 6
records. network.
“
According to Thomas Wailgum, CIOs have told
that “Their core ERP modules were used chiefly
for accounting and financial applications
(96%).” And when asked which areas of their
business ERP worked best, respondents
overwhelmingly cited, “The financial side of the
house (70%)” (2008). ERP improves the
business performance because management can
get a full picture of how the business is
performing at any given moment which can help
with major business decision making 

(Laudon, et al, 2006, p.339).

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 FINTRAK SOLUTIONS
CASE STUDIES
Example of solutions that offer effiency over accountants
 HOW FINTRAK IMPROVED
CASE STUDY
BUDGETING AND MPR

BANKING
REPORTING

• Automated Monthly Management

ORGANIZATION:
Reporting
Access Bank Group
INDUSTRY: • Transfer pricing and fund Charge
Financial Services calculations
COMPANY SIZE: • Group IFRS Reporting
Large • Balance Scorecard
APPLICATION USED:
• Annual Budget Planning and
FinTrak Performance Insight
PI360 Process

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PI360 SOLUTION DETAILS
CHALLENGE
▪ Access Bank Group needed to increase the
alignment between its strategic goals and its
day-to-day performance across customers,
products, accounts and hierarchical SBUs.
▪ Inability to generate comprehensive
management performance reports in hours
▪ Total headcount of accountants responsible for
collating and producing group management
report was 50 and counting . Which took days
and usually plagued with errors.
▪ Required a system for management reporting,
budgeting, reforecasting and the calculation of
complex performance metrics to reflect bank
wide hierarchical views of all reports.
SOLUTION BENEFITS
▪ Implemented infrastructure to achieve full
management reporting and scorecard daily
which in 2 hours or less.
▪ Facilitated self-service reporting by
organization's users, including management
reports, KPIs, and Actual versus Budget
variance analysis
▪ Enhanced the organization's ability to produce
budgets and forecasts across multiple
scenarios.
▪ Headcount of analysts required for producing
MPR dropped from 50 to 10.
▪ Improved business decision making which
resulted in annualized Return on Average
Equity (ROAE) stood at 21.0%  9
 CREDIT DIGITAL
CASE STUDY
TRANSFORMATION USING

BANKING
CREDIT 360
• Faster digital credit granting
process
ORGANIZATION: • More secure risk profiles
First Bank of Nigeria • Lower credit lifecycle operating
INDUSTRY: costs
Financial Services • Consolidate credit monitoring
COMPANY SIZE:
from multiple channels into one
Large
scalable platform
APPLICATION USED:
FinTrak Credit Risk 360 • Enable a credit risk Datawarehouse
that transforms its credit granting
and underwriting processes 10
CREDIT 360 SOLUTION DETAILS
CHALLENGE
▪ Required a tailor-made technology to drive
its credit transformation initiative
▪ Collateral management headache.
Customers collateral information were in
silos
▪ Long duration for processing corporate
loans
▪ Manual risk assessment process
▪ Manual review of credit bureau reports for
loan customers
▪ The bank had over 100 designated credit
analysts in in its regions to preview loan
applications before it was sent to head
office
SOLUTION BENEFITS
▪ Implemented an AI assisted loan pre-evaluation and
risk assessment process to establish reliability
▪ With the adoption of Credit 360 Application all loan
application channels were funnelled into the system
with capacity for the system to make acceptance
decision for certain loan products. Eliminating the
need for the over 100 credit analysts in the regions.
▪ Simplified the lending processes and increased
transparency, the new solution streamlined back-
office operations.
▪ Service and loan product personalization for
individuals and economic sectors
▪ An integrated system with Credit Bureau and
Collateral Registry platforms would aid validation
of customer creditworthiness. 11
 ACCURATE AND COST SAVING
CASE STUDY
CASH RECONCILATION APP

INSURANCE
BY FINTRAK
• ROI with time saving. 90%
reduction in time spent on
ORGANIZATION: reconciliation
AIICO Insurance • Increased bank accounts with out
INDUSTRY: adding additional resources
Financial Services • 70% reduction in headcount for
COMPANY SIZE: account reconciliation roles
Large • Minimal dependence on IT
APPLICATION USED:
resources to achieve periodic bank
FinTrak Bank Reconciliation
reconciliation
• Electronic import of all bank 12
statements
FINTRAK BANK RECON SOLUTION
DETAILS
CHALLENGE SOLUTION BENEFITS
• Automatic integration with core business
▪ All bank and card reconciliations were
application to import cashbook
performed in Excel
▪ Ability to apply different matching rules to different
▪ No reporting facilities. They used filters
bank
and pivot tables in Excel
▪ Ability to import Bank Financial Statements and
▪ Inability to generate reconciliation
auto-posting of transfers, sweeps and charges.
statement for all banks on 1st day of new
month ▪ Achieved >75% automation on match rates
▪ Increasing time and material cost for bank ▪ Improved Treasury visibility on the businesses cash
reconciliation as transactions and banks flows.
accounts increased
▪ Post solution implementation reduced bank
▪ Required resources for an accountant to
reconciliation desk to 2 from 10.
managed reconciliation for each corporate
bank account

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EMERGING
ACCOUNTING TECH
Technologies taking accounting to new levels
WHAT IS CLOUD COMPUTING?
How Cloud Computing Works
Cloud computing is a way of accessing
services on the internet instead of on
your computer. You can use the cloud
to access applications, data, and
CLOUD SERVICES
development tools from virtually
anywhere. CLOUD SERVICE
PROVIDERS
 Cloud computing which includes AI
& ML enhances expense tracking,
viewing real-time finance data, filing INTERNET
the regulatory returns, and other
accounting operations. It not only
saves time and effort but also offers
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better control of all financial
processes.
USERS DEVS
KEY EMERGING TECHNOLOGIES

Data Analytics Automation Blockchain

The accounting industry Labour and time Made popular by

leverage service to intensive audits, tax cryptocurrencies,
analyze big data and preparation, banking, blockchain is the ledger
gain actionable insights, and payroll  can be fully of the future, One that
detect fraud and automated. Bots can can be continuously
anticipate risks and take solve the problems of updated and verified
preemptive actions monotonous data entry without the threat of
operations. being altered or 17

corrupted.
INTERESTING
ACCOUNTING STATS
Technologies taking accounting to new levels
$4,250,000,000
The value of public cloud accounting market by
2023. (Flexi 2021)

19
 of large companies are utilizing cloud

58%
accounting services, and it's projected
to increase to 78% - Accounting Today

61% Of businesses that migrated

workloads to the cloud - Flexera

67%
Of Accountants prefer cloud accounting
over locally installed software options -
Sage

CLOUD
ADOPTION
STATISTICS
90%
Of accountants say that cloud accounting
and digital business processes can be the
key differentiator among companies in the
future -Journal of Accountancy
20
TOP FACTORS INFLUENCING THE SHIFT
TO CLOUD ACCOUNTING
Marketing Demands Regulations

21% 16%

Client Demands IT Investments

13% 12%
20

Source: FinancesOnline
BENEFITS OF CLOUD
SOLUTIONS
Value of cloud-based solutions to accountants
 BENEFITS
Remote Access
Cloud-based solution offers
accountant the opportunity to
process and generate reports
from anywhere and anytime
Flexible & Scalable
Removes need for upfront IT
resources that may never be
used. Resources can be
scaled down or up and only
pay for what is used.
Data Security
The cloud offers more data
security – Fact! While data can
be accessed remotely,
business critical information
more secured with cloud apps
Access Control
Out of the box access control
to data and application. Better
control of users and roles by
setting permissions for each
user in accordance with their
roles.
Time Saving
Cloud computing eliminates
time and cost associated with
IT maintenance and server
failures as the cloud services
provider guarantees 99%
uptime,
Automation
With cloud computation
accounting & auditors get the
advantage of automating data-
intensive manual tasks that
consumes time. i.e., data entry 22
work.
THE FUTURE
ACCOUNTANT
How accountants can prepare for the future
To keep up with the pace of transition in the accounting industry, every
accounting firm or accountant should look to migrate their workload to the
cloud. Currently, the role of accountants is not limited to just crunching numbers
but also to advise their clients and help them grow their business. Cloud
technology can enable accountants and accounting professionals to be more agile,
productive, and stand out in the competition.

Accountants who stay abreast of new developments within the field of cloud
computing, becoming not only educated but experienced, will be able to aid and
advice in an organizations assessment process of this new cloud-based delivery
platform.
A MUST FOR THE FUTURE
ACCOUNTANT

1. Transition to the cloud

2. Understand Automation –
ML/AI
3. Invest and Embrace
Blockchain – Cryptocurrency
4. Countinious Learning

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CREDITS

▪ The Evolution of Technology for the Accounting Profession

https://www.cpapracticeadvisor.com/home/article/10263076/the-evolution-of-t
echnology-for-the-accounting-profession
▪ Journal of Accountancy
https://www.journalofaccountancy.com/newsletters/2018/nov/prepare-future-a
ccounting.html

▪ 57 Critical Accounting Software Statistics: 2022 Data Analysis & Market

Share
https://financesonline.com/accounting-software-statistics/

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THANKS!
Any questions?
You can find me at:
▪ @NamebeKc (Twitter, IG)
▪ chi@digitalchii.com

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