Digital accounting is a concept that is becoming more and more common. It means digitizing and automating the accounting process, making it possible to have a real time visibility to the company’s finances. In addition to simply removing papers, you need to ensure that you have optimum integrated tools and automate your processes with robotics and artificial intelligence.
The results of the successful digitization of accounting means that you can get answers to the following questions on an ongoing basis and trust the numbers you get:
- How is the business developing?
- Is there a sufficient amount of money?
- Are we reaching and following up our goals?
- Where is it possible to streamline business processes?
Modernizing financial management is particularly important for growth companies. This is because it can reduce the administrative time for owners and management, as well as helping you to have control in real time, which is often needed when decisions have to be taken in a quickly-growing organisation.
Automation for digital accounting can be increased eg. in the following steps:
- Customer invoices
- Managing agreements
- Creating invoices
- Sending invoices
- Sending invoice reminders
- Managing invoice collection
- Management of supplier invoices
- Receiving supplier invoices digitally
- Recognition of paper invoices
- Revenue account distribution
- Process for certification
- Management of expenses and receipts
- Receiving receipts digitally
- Digital accounting as soon as a receipt is created
- Adding paper receipts digitally via an app utilised by users
- Reconciling card payments against accounting
- Various types of accounting are performed automatically based on templates or machine learning algorithms.
- Create correct accruals based on the type of transaction
- Payment flows
- Month end closing
- Declarations and VAT
- Create ready-to-use reports automatically in real time
In order to digitize the process successfully, modern integrated tools as well as an understanding of robotics and artificial intelligence is needed. Staria can help upgrade systems to cloud-based tools when needed. Together with the customer, we are looking for the systems that are best suited to the size of the business and the industry. However, our artificial intelligence, robotics, and service solutions are system-independent and can also be leveraged in customers’ current system environments.
Managing digital accounting as an international growth company
Digital accounting is particularly important for managing a geographically fragmented high-growth organization. Transparency of systems enables consistency and real-time visibility into business profitability.
With internationalization, the effective implementation of digital accounting is becoming increasingly important. Local rules must be followed and there are different regulations in different countries about how to report. Staria takes care of both the transparency of internal accounting and the implementation of regulatory reporting, making it easy for the customer to manage.
You can read more about automated accounting in this blog post.