Digitalization of accounting not only means moving from a paper-based to a paperless office, but also redefining accounting processes. Thanks to modern technologies, companies can manage, analyze and use their financial data more efficiently.
Selected examples of accounting processes that benefit from digital transformation
In the following, we show selected examples of accounting processes that benefit from digital transformation:
1. automated data capture: Traditionally, invoices were captured manually, which was time-consuming and error-prone. Digitalization allows invoices to be automatically scanned and relevant data extracted. Intelligent software such as DATEV Unternehmen Online automatically recognizes important information such as invoice date, amount and supplier details and supports APIs to ERP software such as JTL.
2. electronic invoicing: instead of sending printed invoices, companies can create electronic invoices and send them directly to their customers. This significantly speeds up the invoicing process and reduces the need for physical documents.
3. bank transactions and reconciliation: by integrating accounting software with bank accounts, transactions can be automatically imported and reconciled with accounting data. This minimizes errors and facilitates account reconciliation. For example, s&w uses the DATEV bank statement manager to import bank transaction data into accounting, which in turn is necessary for preparing automatic posting records (see next aspect).
4. automatic booking records: Intelligent accounting software can recognize recurring transactions and automatically generate appropriate accounting records. For example, monthly rent payments are automatically recorded and posted without the need for manual intervention by an accountant.
5. data analysis and reporting: digitalization enables companies to analyze their financial data in real time. Advanced accounting software provides dashboards and reporting capabilities to monitor key metrics, identify trends, and make informed business decisions.
6. mobile accounting: modern accounting software is often mobile-friendly, allowing entrepreneurs and accountants to access their financial data from anywhere. This promotes flexibility and efficiency in everyday business.
7. digital archiving and compliance: digital accounting enables secure archiving of documents and receipts in electronic form. This facilitates regulatory compliance and reduces the space required for physical archiving. In addition, practice shows that tax audits can be significantly accelerated and thus save resources and costs.
Overall, digitalization of accounting leads to increased accuracy, efficiency and transparency in business processes. Companies can focus on strategic tasks, while repetitive accounting tasks are handled by intelligent systems. The continued development of these technologies will undoubtedly open up new opportunities and further increase accounting efficiency, while allowing companies to ensure their financial integrity and competitiveness.
The s&w team will be happy to support you in digitalizing your accounting. In addition to the successful digitalization of an e-commerce customer, we will be happy to present other reference projects during a personal initial consultation that is free of charge for you. Contact us now.
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Disclaimer: We assume no liability for the accuracy and completeness of the information. The information provided here does not constitute recommendations for action.