5 developments in your accounting

The major trend of digitalisation

The world of “Accountancy & Finance” is ready for change. Digitalisation has advanced and is now widely available. A rethinking of digital and automated structures is taking place in more and more companies, in particular in commerce and trade SMEs. The generation change often plays a decisive role in this.

Five developments in market and technology will lead to the major trend of digitalisation arriving in accounting and companies being able to make their financial processes significantly simpler, more efficient and more cost effective:

5 developments in your accounting

1. Artificial Intelligence is being adopted in document management

Machine learning technology offers many possibilities for intelligent support in finance. It can take on the repetitive, “mindless” work of ongoing accounting such as manual data entry, computational checks, document sorting, approval processes, data matching with bank account and much more.

Automatisierte laufende Buchhaltung und Rechnungsverwaltung
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2. New legislation for digitising documents

The European Union is going ahead with the renewal of laws and policy which allow the digitising of documents. In addition, legal amendments to substitute scanning (RESISCAN) make it possible to scan documents safely and freely. These reforms make it easier to switch to digital accounting.

3. Mobile devices change everyday working life

Access to up-to-date company numbers? Submitting a receipt on the train after an appointment with a client? Approving a supplier’s invoice during your taxi ride? Of course! Mobile devices such as mobile phones and tablets have become an integral part of everyday working life. All processes have been made faster and accounting will also have to keep pace. Your top priority remains the same: absolute accuracy.

Digitale Rechnungsverwaltung
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4. Company succession

A company succession will take place in many thousands of companies over the next five years. This pushes digitalisation as young entrepreneurs are more self assured in digital possibilities compared to their predecessors and as they expect it within companies. Digital organisational structures are therefore accelerating and becoming part of the German business landscape.

5. Finance employees want to develop themselves

Accountants and finance professionals are usually very highly educated and find it a waste of their time to input statements and documents into a computer as a mere “man-machine interface”. They are happy to give up repetitive, “mindless” tasks to be able to focus on other intellectual tasks. This includes, for example, controlling, fiscal matters, compliance, planning, analysis, etc. By focusing on such tasks they constitute a “greater value” in a company and help management to better manage a business. Entrepreneurs are securing their trained specialists by giving them digital possibilities which allow them to fully tap into their potential.

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