INVOICING
- Copying and pasting data from invoices to the accounting system
- Issuing electronic invoices
and statements in digital form - Verifying the correctness
and completeness of invoices
digital accounting
finance automation
It turns out that the analysis of the documents takes about 30 percent per day WORKING TIME OF ACCOUNTANTS.
RESEARCH CONFIRMS GAPS IN ACCOUNTING Automation
McKinsey's report indicates that 43 percent of the processes in the accounting and finance department are suitable for automation. Especially those that require the collection and processing of huge amounts of data. Such processes take a lot of time, especially if the data has to be entered and verified manually.
HOW TO INTRODUCE digital ACCOUNTING?
There is one basic condition for automation - processes must follow a specific rule-based path. Robots operate on a pre-defined scenarios with little to no variants and decisions that don't require judgment. The more repetitive task, the better. Parts of the work that cannot be standardized are handled as exceptions or left for manual processing, possibly to be automated in the future with help of more emerging cognitive technology.
IS digital ACCOUNTING REALLY A GOOD IDEA?
Certainly, many accountants have doubts about the transition to digital accounting. The argument repeatedly presented against automation is the fact that customers issue invoices in various formats and according to the patterns adopted in the company. In such cases, the possible actions of the robot should be specified - indication of the path that it should follow, according to the forms of incoming invoices.
PERMANENT CONTROL OVER THE OPERATION OF THE ROBOT IN digital ACCOUNTING
Robot's operation is not out of control. It takes place according to the rules, the fulfilment of which is constantly checked. The results are measurable and provided in the form of reports. You can evaluate the effectiveness of the robot's actions at each of the stages.
The tasks that can be automated in the accounting department include:
ADMINISTRATION
- Calculating and preparing a cost statement
- Generating periodic summary reports, e.g. month.
- Calculation of amounts due to customers
DEBT COLLECTION
- Monitoring of payment terms
- Sending alerts about the need to contact a customer who hasn't paid the amount due
- Sending reminders to payers, e.g. e-mail about failure to make a payment to the account
Analytics and automation in accounting work are gaining popularity
Why? Thanks to the solutions of automation of accounting processes, the company:
No company can function without accounting. Processing of large amounts of data in a repetitive, sequential manner makes it prone to human mistakes that can cause a lot of damage - from customers leaving to solvency issues. On the other hand, the repetitiveness and need to eliminate human error makes it a perfect candidate for automation!
We invite companies interested in optimization of accounting processes to contact us. Due to our experience in this sector, we provide professional analysis and constant support in the implementation process of digital accounting.