As the pace of technology increases, the reliance on real-time data has become more crucial when it comes to make important decisions that will impact your business. Defining and understanding your tech stack needs for your business can make or break your business.
Years ago, many businesses kept their records by hand. Lined paper filled with notes, numbers and various scribbles filled filing cabinets, hallways and even storage units. The cloud didn't exist and scanning documents to a backup server was still a foreign practice. These hand written records were the lifeblood of companies that formed the basis of their accounting records, tax returns and even investor presentations. The manual and repetitive actions were cumbersome and tedious, preventing businesses from being able to scale in size without breaking their budget. Now, the cloud and "fetch it" type applications have changed the way information is handled and the speed in which it is handled. Applications can handle nearly every manual aspect of your business: from tracking your employees time, figuring out which customers still owe you money and even capturing all your expenses on the go. There are applications to help your business in so many ways.
There is just one question: Do you currently have the right applications that are maximizing efficiency so you can get the most out of them?
This is where understanding your tech stack comes in. Your tech stack is defined as the applications you utilize to help you support and grow your business. Knowing how they impact your business in terms of time and money is a level of analysis most people don't have time for.
As real-time data becomes more and more crucial for businesses to strategize and thrive at every stage of the business life cycle, accountants who provide oversight into the impact of a business's use of various applications become that much more crucial. If you haven't taken the time to take inventory of your tech stack, you should do so. If you don't know what your tech stack is, you should be consulting with your accountant to determine what your current tech stack is and if it suits your needs to run your business.
Technology is every changing and how you maximize its efficiency sets the course of success for your business. Always consult your accountant to determine if you have the right technology and applications to properly scale your business that meets your everyday needs.