Digitizing Accounting - Past, Present, and the Future

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The document discusses the evolution of accounting from ancient times to the digital era, highlighting how it has transformed alongside technological advancements. It emphasizes the importance of digital accounting in the 21st century within the digital economy and notes the challenges faced by small and medium enterprises (SMEs) in adopting cloud-based solutions. The future of accounting is seen as a vital component in supporting online businesses and integrating with fintech networks.

Small Business & Entrepreneurship

Digitizing
Accounting
Past, Present, and the Future

What can we learn
today?
● History and evolution of accounting
● Trend of modern professional accounting
● Future of accounting in combination with technology

www.pymlo.com
About me
Kaniz Lin
CEO/CTO & Founder @ Pymlo
Programmer, developer, designer of
business-intelligent and financial
applications.
Email: kaniz.lin@pymlo.com

www.pymlo.com
Accounting
[uh-koun-ting]
art of analyzing the financial position and operating
results of a business house from a study of its sales,
purchases,overhead, etc.

www.pymlo.com
Wow, accounting
is an art?
● Theory of Evolution applies to accounting
● Survival of the fittest…
● ... the fittest practice for human needs

Takeaway 1:
Accounting evolves
in the way we need
it to be.

www.pymlo.com
Ancient times
(5000 BC)
● Accounting grew with
writing, counting,
money
● To control agricultural
activities and good
trades
● Auditing was born to
favor taxation

www.pymlo.com
Medieval period
(15th Century)
● Birth of double-entry
accounting
● Introduction of
liabilities and bank
loans
● Also journals and
ledgers

www.pymlo.com
Modern period
(19-20th Century)
● Foundation of modern company laws and
accounting standards
● Accounting networks and associations formed

www.pymlo.com
Accounting first
computerized in
1953

www.pymlo.com
1980-90’s
● Rise of PCs in offices
● Accounting software
became mainstream
● ACT, SAGE,
QuickBooks...
...Not satisfactory enough
as true digital accounting!

Digital accounting?
Accounting
+
Digital economy

www.pymlo.com
Digital economy
(21 Century)
● Most businesses
happen online or
semi-online
● Faster, more dynamic
and flexible
● Lower overheads and
prerequisites

www.pymlo.com
SaaS/Internet-based
Accounting
● Aka “Cloud Accounting”
● Remote collaboration among staff
● Scalability at lower cost
● Connection to digitized commercial and
financial interfaces, systems, and online
services

“Fintech”
● FINancial TECHnology
● Technology that revolves consumer and
business financial management
● Cloud accounting in the core in charge of
transaction and data integrity

Takeaway 2:
Digital economy is
the trend, and
accounting should
grow with it.

www.pymlo.com
US$ 13B
Online retail sales volume in ASEAN in 2012

www.pymlo.com
64%
Avg. cloud adoption rate of global SMBs in 2015
Top 3 applications:
1. Collaboration
2. Financial management
3. Customer management

www.pymlo.com
40%
Avg. cloud adoption rate of Thai SMEs in 2015
Top adoption verticals:
1. Telecommunication and finance
2. Trade, retail
3. Education

www.pymlo.com
Challenges
Commerce is booming, but there is no
enough infrastructure to support it.
● Inadequate technology supply
● Inappropriate technology service
provision
● Lack of technology knowledge resulting
in incompatible solutions

www.pymlo.com
What’s the place for digital
accounting?
● Become a backbone to support front-end commercial activities
● Bridge more business essentials, such as annual reporting, taxation,
bank financing, and “fintech” networks
● Emphasize on collaboration and efficiency
● Evolve beyond digitization to automation

Takeaway 3:
Fintech is young in
SEA. It means a lot
of potentials!

Thank you!
Any questions?
Visit www.pymlo.com today!

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Digitizing Accounting - Past, Present, and the Future

1. Digitizing Accounting Past, Present, and the Future

2. What can we learn today? ● History and evolution of accounting ● Trend of modern professional accounting ● Future of accounting in combination with technology

3. www.pymlo.com About me Kaniz Lin CEO/CTO & Founder @ Pymlo Programmer, developer, designer of business-intelligent and financial applications. Email: kaniz.lin@pymlo.com

4. www.pymlo.com Accounting [uh-koun-ting] art of analyzing the financial position and operating results of a business house from a study of its sales, purchases,overhead, etc.

5. www.pymlo.com Wow, accounting is an art? ● Theory of Evolution applies to accounting ● Survival of the fittest… ● ... the fittest practice for human needs

6. Takeaway 1: Accounting evolves in the way we need it to be.

7. Accounting in the Past

8. Accounting is thousands of years old.

9. www.pymlo.com As old as them.

10. www.pymlo.com Ancient times (5000 BC) ● Accounting grew with writing, counting, money ● To control agricultural activities and good trades ● Auditing was born to favor taxation

11. www.pymlo.com Medieval period (15th Century) ● Birth of double-entry accounting ● Introduction of liabilities and bank loans ● Also journals and ledgers

12. www.pymlo.com Modern period (19-20th Century) ● Foundation of modern company laws and accounting standards ● Accounting networks and associations formed

13. Accounting in the Digital Era

14. www.pymlo.com Accounting first computerized in 1953

15. www.pymlo.com 1980-90’s ● Rise of PCs in offices ● Accounting software became mainstream ● ACT, SAGE, QuickBooks... ...Not satisfactory enough as true digital accounting!

16. Digital accounting? Accounting + Digital economy

17. www.pymlo.com Digital economy (21 Century) ● Most businesses happen online or semi-online ● Faster, more dynamic and flexible ● Lower overheads and prerequisites

18. www.pymlo.com SaaS/Internet-based Accounting ● Aka “Cloud Accounting” ● Remote collaboration among staff ● Scalability at lower cost ● Connection to digitized commercial and financial interfaces, systems, and online services

19. “Fintech” ● FINancial TECHnology ● Technology that revolves consumer and business financial management ● Cloud accounting in the core in charge of transaction and data integrity

20. Takeaway 2: Digital economy is the trend, and accounting should grow with it.

21. Future Opportunities & Challenges

22. Online businesses are growing in SEA

23. www.pymlo.com US$ 13B Online retail sales volume in ASEAN in 2012

24. www.pymlo.com 670% Growth from 2005

25. But cloud adoption is rare among SMEs

26. www.pymlo.com 64% Avg. cloud adoption rate of global SMBs in 2015 Top 3 applications: 1. Collaboration 2. Financial management 3. Customer management

27. www.pymlo.com 40% Avg. cloud adoption rate of Thai SMEs in 2015 Top adoption verticals: 1. Telecommunication and finance 2. Trade, retail 3. Education

28. www.pymlo.com Challenges Commerce is booming, but there is no enough infrastructure to support it. ● Inadequate technology supply ● Inappropriate technology service provision ● Lack of technology knowledge resulting in incompatible solutions

29. www.pymlo.com What’s the place for digital accounting? ● Become a backbone to support front-end commercial activities ● Bridge more business essentials, such as annual reporting, taxation, bank financing, and “fintech” networks ● Emphasize on collaboration and efficiency ● Evolve beyond digitization to automation

30. Takeaway 3: Fintech is young in SEA. It means a lot of potentials!

31. Thank you! Any questions? Visit www.pymlo.com today!

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Digitizing Accounting - Past, Present, and the Future

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