A health crisis that pushes for the digitalization of financial processes

April 29, 2020

While the health crisis linked to coronavirus is causing a slowdown in economic activities, it is currently contributing to the need for digitalization. Indeed, with the compulsory containment to limit the proliferation of Covid-19, all professionals have been obliged to find a solution quickly in order to be able to work from home.

It should be noted that many companies did not experience any dead periods during containment: especially e-commerce and all companies that made teleworking possible.

This health crisis came to make us aware that the time had come to digitalize financial processes?

Thanks to technological developments and artificial intelligence, it is now possible to set up an effective system to make your financial data accessible from any computer connected to the Internet.

Does the digitalization of your processes improve the financial management of your company?

The digitalization of the financial processes of your company is an approach that allows you to take advantage of various functionalities that considerably simplify the tasks of the financial manager and his team.

Human interventions are reduced:

  • You no longer need to make manual entries and re-entries that encourage errors and duplications.
  • You save time and become more efficient.

The software solutions available to you ensure that you save a significant amount of time that you can devote to the analysis of your company’s financial data.

This approach is facilitated by all the synthetic information displayed on the dashboard and helps you to make better decisions in order to encourage collaborative work and improve the performance of each department.

Thanks to the digitisation of your financial processes, you can access your data at any time from a terminal connected to the internet. You can respond more quickly to queries from your employees, suppliers and customers, even if you are not in the office. The processing of invoices and other accounting documents becomes simpler: scanning to integrate them into the ERP, automatic reading thanks to optical character recognition (OCR) and accounting modeling according to the entries adapted to the data transmitted.

The use of an adapted management software for the management of the consolidation and reporting process, also helps you to become more efficient and improve your productivity. 

Digitalization of consolidation and closing processes

With containment, the steps involved in consolidating and closing your company’s financial statements can be disrupted. To avoid being sanctioned by the competent authorities, it is advisable to equip yourself judiciously by investing in suitable consolidation and reporting software. This option allows you to better manage your activities. The presentation of consolidated accounts is a legal obligation for listed companies and for groups under external control. The functionalities of the software must meet your needs for production of consolidated accounts and financial reporting within shorter deadlines. You will then be able to control your budget more easily.

The digitalization of your consolidation and closing processes also allows you to create an atmosphere of confidence in a random economic context. You will be able to present consolidated accounts for investor analysis.

The quality of communication and financial information is very important to differentiate yourself from your competitors and to guarantee the development of your business. The use of customized software will help you to secure the consolidation process thanks to indicators that are directly exploitable and that facilitate the analysis of your company’s accounting results.

The process of closing the accounts is very important because it highlights the strengths and areas for improvement of the accounting function. In order to be effective, accounting and financial information must be reliable, produced within a short period of time and with controlled expenses. These objectives can easily be achieved with tailor-made software solutions that enable the accounting function to be better organised.

With the help of a specialized editor, you can determine the functionalities required for a better management of the consolidation and closing processes of your accounts in order to benefit from all the advantages that can be derived from them. Support your teams to improve their performance by providing them with easy-to-use tools. Reduce the time wasted on time-consuming tasks and increase the availability of your staff by strengthening analysis work. This will help you to clearly identify the difficulties encountered and the issues that need to be addressed more seriously.