5 sätt att digitalisera ekonomiavdelningen

5 services that digitize the finance department

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If you are in the starting blocks to digitize the finance department at your company – congratulations! Big rewards in the form of lower costs, higher efficiency and more time for important development issues await. But before you can reap the fruits of successful digitalization, you need to decide which tools you should use – digitalization must permeate all the department’s workflows.

1. Digital accounting

Digitizing the finance department may require you to invest in a new accounting program. In order to optimize the digitization work in its entirety, there are a few things you need to consider when making the choice of accounting software.

  • Digital feed
    The accounting software must support a digital flow in order for the other parts of the digitization work to work forward. Make sure that the accounting software you choose has the possibility of integration between the business systems and services you use (or are considering using).
  • Cloud-based
    Make sure your accounting software is available anywhere, anytime — flexibility is an important part of a modern, digital finance department.
  • Scalable
    Most companies have plans to grow. Choose an accounting program that scales up as your business grows.
  • Appreciated
    Choose an established accounting program that has received good recommendations from other customers. They often have a well-functioning customer support, which is a security for you.

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2. Digital receipt management

Does it feel unreasonable to spend several days each month matching receipts to expense reports and bank statements? Many companies start their digital journey by investing in a digital receipt management service. The good reasons are several!

  • Good for the environment
    When you handle receipts digitally, paper consumption is reduced.
  • Easier to find
    All digital receipts will be searchable.
  • Fewer errors
    The service loads the numbers from your receipts automatically, which means that fewer mistakes sneak into the accounting.
  • All warranties in one place
    With digital receipt management, you get better control of the guarantees for the company’s products and inventory.
  • Better collaboration with accounting consultants
    Both you and any accounting consultants can access the company’s receipts without any hassle.
  • Less work with expense reports
    The time you and your employees need to spend writing expense reports can be spent on more proactive work.

The range on the market is large and you can choose to digitize your receipts through an app, or take it a step further and invest in smart payment cards for all employees at the company. Some services automatically import invoices and receipts that end up in your email into the accounting program. Check what the company’s needs look like.

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3. Automated invoice processing

With the help of a service for automatic invoice management, administration and approval of invoices are minimized. In addition to the fact that an invoice portal frees up time, the finance department also gets a clearer overview of the company’s costs. This in turn provides a better basis for decision-making and facilitates the digital accounting process.

4. E-signing

Contract work occurs to a large extent in finance departments. The final stage of the contract process usually involves the need to sign many papers in several versions. Having to be in a certain place at a certain time is rarely time-efficient. Nowadays, there are smart services for digital signatures, so-called e-signing. It has both pros and cons.

Advantages of e-signing:

  • Better traceability
    E-signing may be better from an evidentiary point of view, as it is often easier to track.
  • More difficult to counterfeit
    Signatures with e-identification are more difficult to forge.

Disadvantages of e-signing:

  • E-signing is not always allowed
    For example, contracts relating to wills or transfer of immovable property require a physical signature.

There are a plethora of e-signing service providers on the market. Choose a service that is compatible with your digital tools in general, or even integrated.

E-sign documents and agreements – legally binding

5. Automatic analysis and report

Here, the CEO and CFO have a lot of valuable time to gain. The ongoing reporting to the board and management is a time-consuming process that is often handled manually in eg. Excel. Different types of data are collected and processed by hand in a management that leaves room for error in several steps. Today, it is possible to automate the entire process, from data collection to fully completed reporting.

  • Automatic analysis
    Instead of collecting data yourself and producing key figures, graphs and tables, a digital reporting tool can do the work for you. The tool reads your accounting and presents it in ready-made graphs, tables and key figures.
  • Automatic report
    In the same tool, you want to be able to compile the finished analyzes in report templates, according to your reporting needs. Once you create your first report, the ongoing reporting only takes minutes each month. A digitization opportunity that you should not miss.

Let it take time – choose solutions carefully

You can’t digitize the finance department over a day. It is a project that requires the entire company’s administration to be reviewed and several change processes need to be put in place at the same time. Everyone has to be on board. A digital initiative should have a clear purpose – set clear goals and choose solutions with care.

Boardeaser offers tools such as: Digitizes budget, forecast, analysis and report work. Get in touch with us and we will tell you more about how we can help you save time. Log in or sign up for free to test Boardeaser’s analytics and reporting tools.

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