The ongoing Covid-19 situation has led to many businesses in the UK and across the world, taking a step back to rethink their processes, infrastructure and strategy. It has had an unprecedented impact on every sector, but it has also given businesses food for thought.
The question the pandemic has posed to business decision makers is, ‘can you adapt strategy quickly enough for the business to operate when faced with a significant challenge?’ In short, are you agile?
One area of business that has played a key role since the outbreak of Covid-19 is the finance team. They have had to shock proof their businesses and inform business leaders almost on a day-by-day basis what the figures show, as revenue takes a significant hit.
Yet if they have been restrained by outdated software or left with no access to the right tools, it will have made their role even more challenging. So, should decision makers rethink the financial tools their finance team has at their disposal?
 
Shifting focus
During the past decade the number of tools advanced technology has brought to finance teams’ armory has increased significantly, with many of these proving to have real benefits in the current situation.
Some businesses were already adopting digital tax software (accelerated by the introduction of MTD), cloud solutions, mobile accounting and artificial intelligence (AI) – which in the coming years could have the biggest impact.
AI could in fact see a shift in how finance teams work. The big four accounting firms were early adopters and some of them have already developed their own AI solutions. Other businesses are following suit thanks to finance management software providers developing AI tools or updates to their offerings that allow finance teams to automate once time consuming tasks.
AI isn’t a new phenomenon, but it’s still important to highlight just how big a

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