Digitised accounting saves employees' time
Technological progress and a series of disruptive events are inevitably leading to a turning point where successful business operations without digital solutions will be simply unimaginable. All signs indicate that this threshold will be reached within this decade. Forward-thinking business leaders have already realized this and have either completed or are currently implementing digitalization processes; the rest will follow sooner or later.
For entrepreneurs less familiar with modern technology, the all-encompassing term "digitalization" can be confusing. What does it actually entail? Should digitalization be implemented across the entire company at once, or should it be broken down into steps? And where exactly should one begin?
Step-by-step change
The good news is that this comprehensive process can be broken down into many small parts, starting with the simplest or most necessary ones. Depending on the nature of the business, this will vary for everyone. The most important thing is to start with routine tasks, as automating or digitizing them will make life easier for employees and increase the company's efficiency. For some, this might be an order tracking system; for others, it could mean eliminating the printing of hundreds of pages of contracts and other document piles.
A proven and secure step toward comprehensive digitalization is moving accounting from paper to computer. Many companies have long used accounting software, but due to habit or a misunderstanding of legal requirements, a large number of them still duplicate every document on paper. Eliminating this practice could save an accountant dozens of working hours each month.
The law states that a company has the right to convert paper accounting documents into electronic form for storage in an electronic environment. This regulation is welcome, as it helps reduce paper usage within the company, saves resources on paper and printer ink, eliminates postage costs, and more. Not to mention the benefits of a greener lifestyle and the conservation of natural resources.
Start with the simplest
The easy path to digitalization involves starting with the simplest and most necessary tasks. For example, those working with business clients can implement the circulation of electronically prepared and machine-readable invoices. Their content is automatically "pulled" into the accounting software, freeing employees from manual data entry and preventing potential transcription errors. Furthermore, the data is processed automatically and can be used for preparing all types of reports.
Meanwhile, retailers have had access to digital receipts for several years, which will sooner or later completely replace the traditional paper slips on the market. This is inevitable, both due to the "green deal" and because digital receipts offer more advantages than printed ones—they do not get lost, crumpled, or faded, which helps customers when they need to approach a manufacturer or retailer with quality claims. These receipts are easy for both the buyer and the seller to find, which speeds up the resolution of disputes. Secondly, digital receipts are easily searchable and accessible—one simply enters the merchant's name into a search engine, and the system automatically displays the necessary ones. From an accountant's perspective, it is, of course, extremely important that data enters the accounting system without external assistance, eliminating the need for manual entry.
Entrust storage to specialists
Digitalization also solves the issue of archiving. There is no longer a need for an entire room or multiple shelves for annual reports and other financial documents, as they can be stored in a digital format in cloud storage. Its advantages have been discussed hundreds of times. Placing accounting data in the "cloud" allows access from anywhere in the world with an internet connection, and it is possible to create solutions that display data in a web browser or on a smartphone. Moreover, data in the "cloud" cannot be lost because the service provider creates backups stored on different servers. A properly chosen service provider uses certified data centers with high security levels, where data is encrypted and not easily accessible to unauthorized parties.
Although the listed solutions may seem confusing at first, in reality, everything is much simpler. Service providers have already developed comprehensive solutions that have considered everything. For example, the cloud solution Jumis essentially provides everything a company needs for accounting: from remote access and automatic updates to storing all information in secure, guarded data centers. All necessary services are included in one contract, so there is no need to worry about them anymore.
