Digitisation of accounting - process and benefits

THE MOST COMMON PROBLEMS IN ACCOUNTING

How are your accounting processes set up? We mostly encounter the following problems with our clients:

• There is no supporting documentation for the accountant and it is not clear who handed over the receipts, when and how.
• There is no designated lead person in charge of collecting all accounting documents.
• The documents must be handed in individually by each employee to the accountant or sent by post.
• All archiving of documents is done in paper form.
• Documents must be scanned, copied and filed in folders.

Is this system familiar to you? If so, you should know that there is a solution that will turn your accounting into paperless and simplify your individual accounting processes. This will save you costs and, most importantly, time.

THE CONCEPT OF DIGITISATION OF ACCOUNTING

By digitisation of accounting, you can imagine a process whereby all accounting documents are first converted into electronic form and then handled automatically: documents are approved, posted and archived more quickly using the chosen system. Thanks to digital accounting, you have immediate access to accounting outputs and better control over the document processing.

DIGITISATION OF ACCOUNTING IN 4 STEPS

1. DATA COLLECTION

If you decide to digitise your accounting, you first need to set up a simple and fast process for collecting and uploading data. In other words, you need to gather all your documents in one place. For this purpose, in the vast majority of cases, a secure cloud storage is used, which must meet all European and Czech standards.

The undeniable advantage of cloud storage is that you don't have to worry about where you are. You can upload your documents from anywhere, anytime, anyhow. Simply convert them into digital form - by taking a photo, scanning them - and then simply upload them via computer or email to the storage.

2. DOCUMENT PROCESSING - DATA EXTRACTION

The cloud storage must be connected to the system where all documents are automatically prepared for subsequent approval and processing. In other words, it is about extracting the content of received documents. This is provided by artificial intelligence, which can automatically read information from invoices and other documents. The accountant does not have to manually overwrite information or fundamentally manually edit the extracted data.

The error rate is usually minimal, which saves a tremendous amount of time. The digital documents are then stored as structured data for further editing.

3. APPROVAL AND BOOKING

You can now easily edit saved documents, assign them to orders or payment priorities. The approval process itself usually has several levels, and the work can be divided among several people. The moment you approve an electronic document, it is automatically posted to the synchronized accounting system. Ideally, posting takes place by simply confirming the pre-prepared data.

4. ARCHIVING

The posted documents are immediately stored for long-term archiving. Documents are marked with qualified time stamps and signatures for audit purposes.

THE MAIN ADVANTAGES OF ONLINE ACCOUNTING

Saved time associated with manual data entry and lower invoice processing costs are far from the only benefits. Digitized accounting brings you other benefits as well:

YOU WILL SAVE MONEY WITH DIGITIZED ACCOUNTING

If you decide to digitise your accounting, don't expect change by the next day. We know from experience that it can take several months to get the systems right and implement new processes.

But it is certain that the subsequent savings in time and costs are worth it. Thanks to online accounting, errors due to manual transcription of data are eliminated. There is no duplication of documents, invoices don't have to be emailed, everything is processed in one place. The result is simplified and unified accounting processes.

Do not hesitate to contact us if you are thinking about digitizing your company accounting. This will save you most of the manual work with documents and the associated costs. At the same time, you will have visibility and control over your accounting at any time and from anywhere.