With the numeric world development, it became essential to follow accounting digitalisation. World of digits has for a long time been considered complex, requiring thorough handling.
Aware of these concerns digital tools builders have elaborated solutions which will lighten different accounting operations. This relief will also provide a number of benefits such as time saving and productivity for your teams, and this by offering the best customer experience.
1. Why digitalize accounting?
Nowadays, dematerialising documents is an important solution to ensure the continuity of the company. The accounting professions are the first to be affected, since they are faced with the processing of a great deal of information, a time-consuming and hitherto very manual task.
This digitization brings many advantages because it remains at the source of the good functioning of the entity. In general, this concept brings together several tools to facilitate the profession of public accountant. These time and productivity saving tools have different functions such as the automatic retrieval of financial flows, the aggregation of accounting data, or digital dashboards that facilitate reporting. The role of automation is to replace all manual procedures and data entry.
This new digital wave does not endanger the accounting profession; on the contrary, it contributes greatly to simplifying and reinventing the accounting profession while maintaining the relevance of the client relationship.
1.1 New offers to make accounting more fluid
It should be noted that the digital transformation of a company has brought about certain upheavals in the management of the various financial services. For the accounting professions, digitalisation continues to offer advantages and new offers.
– Real-time accounting and automated view: Aggregation of accounts allows reliable real-time data to be received, making the service more cost-effective. This instantaneous data also allows for automated bank statement entry, invoice and payment reconciliation. This contributes significantly to the simplification of data processing as everything is now available on a synchronised dashboard in real time.
– Responsiveness and customer service: One of the major advantages of dematerialisation of operations is the transformation of the relationship with the accountant. The accountant can respond quickly to your requests since the recorded documents are available at any time.
1.2 Multiple benefits for the accountant
From the integration of digitalisation in the accounting department, administrative tasks have been simplified as well as the relationship with the clients. This solution has therefore brought many advantages for the accountant. For data management, the online storage offered by digitisation allows permanent access to information.
One of the positive impacts of digitalisation is the confidentiality of the data recorded. There are digitisation tools that ensure an excellent degree of confidentiality of information. In addition, the activities of the accounting department can be carried out immediately to save valuable hours.
2. From digitalisation to artificial intelligence
As we have seen, the dematerialisation of documentation allows you to obtain more precision in the handling of figures and thus improves the relationship you have with your customers, since each manual step is replaced by an automatic function that analyses and helps in the decision-making process. In an increasingly complex environment, digitalisation is a key issue to be respected.
Before this revolution, remember, invoices, purchase orders or delivery notes were processed manually on paper. A second manual entry was required, but this time into the IT systems, charged, and then forwarded to the relevant managers via banners for approval and payment.
Artificial intelligence and machine learning bring even more advantages since this new intelligent brick allows the interpretation of banking data and the automation of its processing (reconciliation of invoices, accounting entries, reporting, alerting…). Thus, the accountant will no longer lose time when closing the accounts.
3. Adopt a digital platform
To meet your accounting and finance department digitisation needs, you can choose between several specialised platforms. In the list of digitisation solutions using machine learning, there is the IPaidthat platform. This is an application for collecting, storing and facilitating the communication of accounting data to users. The objective of using this application is to maintain the productivity of the company and to save time.
With iPaidThat, the various bank transactions are directly imported into the platform. The accountant can then compare the data from the bank with the data on the invoices. In a few clicks, you have a secure cash management.