Digital documents and fewer meetings – what changes must businesses adapt to?

Two meters between colleagues. Transparent walls between sellers and buyers. Video calls instead of meetings. These were just a few of the changes experienced this spring by nearly every second inhabitant of the planet. Precautions against the coronavirus brought noticeable changes to the work of many professionals, including accountants.

While three out of every four Latvian accountants continued to go to the office and perform their duties on-site during the state of emergency, other colleagues were not as frequently encountered in person. This prompted company leaders to seek solutions to the challenges posed by remote work. Often, the solutions to these problems were already available, long accessible, but previously undervalued and therefore not yet implemented in the company's operations.

The state of emergency encouraged swift and purposeful changes to ensure the company could continue to work effectively. Since March, interest in accounting programs that provide remote access to data, such as Jumis Pro, which can be used both in a web browser and as a mobile app on a smartphone or tablet, has grown rapidly.

The inability to access data outside the office was the main reason why accountants were forced to go to work during the peak of the outbreak. More than half of the surveyed accountants went to the office solely because important documents were printed on paper. These could not be taken home, as doing so would prevent other responsible employees, such as the company manager, from accessing the documents. Meanwhile, copying is time-consuming, inefficient, and absolutely unsuitable during an already stressful period.

Faced with such a reality, it is only logical that 45.5% of company representatives in a survey conducted by Tildes Jumis at the beginning of May acknowledged that the most urgent task for easing daily work is converting all documents into electronic format. This would allow the company to function normally even if employees do not meet physically. It's not just about issuing orders and preparing invoices, but also enabling employees to remotely submit expense receipts and incoming invoices, as well as allowing management to receive and approve employee vacation requests.

Although social distancing and movement restrictions have halted global economic growth, labor market experts suggest that remote working may become the new world order.

One of the first heralds of such a future is the microblogging site Twitter. In mid-May, the company's management announced to its employees that remote work would be implemented "forever" for those who wish to do so. Soon, other companies that successfully reorganized their operations and even gained financial benefits from emptying offices may follow suit.

In such companies, accountants should anticipate that future work with documents will only occur in electronic format, as some employees will meet only at corporate parties, while others may never meet at all. Consequently, it is clear that document storage will happen in some cloud storage – either public or maintained by the company itself. Accountants will have to get used to storing documents in electronic folders rather than neatly binding paper sheets.

Latvian companies are also preparing for tomorrow. Already 32.7% of respondents are considering implementing e-invoices in their company to ensure that invoice sending and receiving occurs electronically. This way, accountants can work fully, issuing and processing received invoices, "armed" only with accounting software that supports e-invoice circulation.

Of course, such a work model will require accountants to acquire new skills and improve their digital competencies. In today's rapidly changing world, this is nothing new. Most accountants have already introduced innovations into their work routines and are using new skills, often without even realizing it.

The events of spring reminded us once again of both humanity's incredible ability to adapt to circumstances and how interconnected the inhabitants of the modern world are. Even a brief interruption in collaboration with colleagues or losing the ability to grab a document folder from the neighboring desk, which has always been within arm's reach, can make work less efficient than desired. Therefore, it is important to prepare for unforeseen situations in advance. The sooner a company transitions to electronic collaboration, the more productive it can work both under normal conditions and during various restrictions.