The basic human need to survive and thrive over the years has formed the core of business development and entrepreneurship. Along with the rapid population growth, this initiated the progressive movement of many corporations from being backyard establishments to multi-billion-dollar entities.
As you may have it, keeping up with the financial activities in various organizations has immensely evolved, especially in the field of finance and accounting. Modernization has seen the movement evolve from the use of data cards to sophisticated software on personal computers and gadgets. This entails the generation of large data sets which are often termed “big data”.
Of late, much talk has been around the employment of big data in finance and accounting as this has the potential to create better products for both the clients and the customers. This is crucial in driving up sales hence better profit margins are achieved. Big data, as efficient and crucial as it may be, its management and handling can make one lose their mind. This is where PDF software comes in.
1. Databases
Employment of computational techniques in the analysis of big data relies on the usage of a correct data storage format or data type within a database. According to Cristina Puno from itstillworks, “PDF files are a form of binary files, which can be stored in databases in the form of a data type called a BLOB (binary large objects).”
Creating an upload form connected to your database allows for the successful storing and uploading of PDF files with vital information. Thanks to PDF software, the loss of both small and large data sets is now no more than a Stone Age trend.
Unique cloud-based servers created by software companies such as Adobe and Foxit Software have revolutionized PDF storage. Technically speaking accountants and data analysts can make use of these functionalities by putting to rest their oversized briefcases and overworked lever arch files. With the tap of a button, all documents are accessible from the cloud, making everyone’s life much easier.
Feeding information into the database from various sources is highly simplified due to the compatibility of the software with an array of devices. The use of a range of devices in this regard also ensures the capturing of data from multiple sources at the same time. Such a feature is essential in ensuring computation maximization in finance and accounting processes in a business.
2. Security
With the rise of valuable information in businesses, comes the burden of dealing with corporate espionage. Hence, data-controls form the cornerstone of most robust enterprises. However, unlike money easily put away in a bank vault, data security can be a very strenuous issue to deal with.
This need falls right in line with the focal point for PDF technology creation – this being the need to preserve and protect content as well as the layout of the document according to Adobe who is the brainchild of this technology.
PDF software makes use of various security features that range from passwords, use of certificates, digital signatures, watermarks, or security policy reading options. This goes a long way in mitigating data theft in a simple and cost-efficient manner.
Global content IQ companies such as ABBYY have been able to tap into this niche by helping companies benefit from these exciting features. These incredible tools ensure investor confidence, which is a major priority in most finance and accounting endeavors.
3. Data Visualization
Looking at financial data can be as hard as solving a cryptic puzzle with a blindfold on, especially if the data is poorly organized. The multi-dimensional nature that PDF software allows is a welcome breath of fresh air.
Incorporation of text, images, and vector graphics is the first step that PDF software takes in removing the noise from your data. In moving with the trends and catching up with the depleting reader’s concentration span, you can also input animations, audio files, interactive fields, and 3D models into the PDF file. This is sure to make financial reports understandable helping drive the business in the right direction.
In most cases, the input of large data sets into a file often has the drawback of the file growing too big and diminishing the quality of inputted graphics. This unwanted outcome has made others stay in the pre-tech age. However, PDF software deals with that hiccup by maintaining data and file integrity no matter how big the files it may contain.
Document transfer among various users also gives each user a thrilling experience while going through the data. Unlike soap, the data quality does not wear off each time it is made use of. Hence, archives remain relevant for longer and still have excellent graphic integrity.
4. Cautionary checks
Handling people’s money can be like the “Hunger Games” if you do not get your books right or information becomes lost while you are working on it. This is every financial firm’s worst nightmare, the Grim Reaper in the accounting world.
Software developers are cognoscente of this. Being the top company in engineering PDF technology, Adobe has created a way of ensuring original formatting is maintained irrespective of the number of edits made. The redact function recently incorporated enables hidden data deletion hence more security if data controls are breached.
5. Setting up
The transition from one system to another can be cumbersome, but this is nothing to worry about. According to BUSINESS TOWN, there has been an integration of old systems with the new ones in software such as PDF Element which has seen the transformation of paper forms to PDF formats which can be handled with ease nowadays.
This again goes back to the requirements of a particular firm, as this will ensure choosing the correct software to cater to their business needs.
6. Convenience
Accounting professionals have it easy with the optical character recognition (OCR) feature in most PDF software. This feature mitigates data, captures errors, and makes it less timeous to capture relevant data with no data entry clerks or a big budget.
In this regard, an account simply scans a receipt, and the software extracts all the relevant information to be captured. This OCR system can also work in allocating an invoice by just scanning the ticket. So much easier than going through piles of dusty old files, right?
Apart from the data extraction, the information is well organized and structured in a usable format with minimal hustle. In this manner, no time gets wasted sitting for hours doing the same thing repeatedly.
Since this feature is pretty high-tech, it is understandable to note that not all PDF software may have it. In addition, this may not be that necessary for smaller companies although it is a good thing to be prepared. In order to have access to OCR, using Adobe or PDF Element would be a good idea.
Another cool feature, in most of the available PDF software, is field recognition. Typing in of key fields in the system can help retrieve helpful information generated years back for use to solve a current or recurrent problem in an organization.
Other seemingly minor yet critical tools include page labeling, batch processing, and a good organization screen which in turn all drive up productivity in firms.
7. Cost-effectiveness
With all these great prospects for using PDF software, one is justified in asking if this initiative is financially feasible, and the answer is YES. Depending on the software you decide to use for your business the payment plans can either be monthly subscriptions or a one-time payment usually not surpassing $500.
