NEWS

HOW DIGITAL SERVICES ARE AIDING RURAL POVERTY WAR

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Digital technologies that enable access of vital utilities such as water and electricity are gradually transforming lives of rural dwellers, with a new report saying such services have the potential to reduce poverty. The report says increased digital inclusion has seen water and electricity top the list of Pay on Demand services that are adding value to the life of ordinary Kenyans. The study by global payments company, MasterCard reveals that Pay on Demand is proving to be an ideal resource in reaching out to underserved population and helping them embark on a path towards financial inclusion, while gaining access to products that improve livelihoods and create income-generating opportunities.

HOW TECHNOLOGY IS MAKING ACCOUNTING INVISIBLE

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Technology is making accounting invisible. Algorithms, automation and artificial intelligence (AI) handle much of the accounting and compliance process. The benefit to accountants is that, rather than recording invoices and doing bank recons, they can use their time and skills more constructively: to help clients build resilient, successful businesses and to understand the impact of technology-driven change in their own firms. The caveat, however, is that technology has also leveled the accounting playing field and has increased the intensity of competition. As more accounting functions are automated, clients soon won’t need accountants to balance the books. The good news is, there’s one crucial thing that can’t be automated: the accountant-client relationship. If accountants want to survive the next wave of digital disruption, they will need to focus on their roles as trusted business advisors who help clients understand the insights generated by AI.