How can you simplify your accounting processes ?

May 7, 2020

Faced with the current Covid-19 crisis, a large number of CFOs find themselves on the front line to manage cashflow, make forecasts for 2020 and 2021, monitor the various regulations put in place, and manage the closing and consolidation of future accounts.

As the world of work evolves faster and faster and crises multiply, CFOs find themselves faced with increasing complexity and multidimensionality and need to adapt more quickly.

This ever-increasing complexity involves several challenges for accounting processes

  1. Organisational: Multi-site, multi-business, multi-activity, decentralized organisations, etc…
  2. Transformation: Employee experience, hyper-growth, digitalisation of the company, regulatory constraints.
  3. IT issues: Fragmentation of IT systems and data sources, obsolescence of solutions.
  4. Strategic: Investor relations, external growth, internationalization, predictability and reliable management.

Tedious, repetitive and costly accounting processes

Accounting processes are essential in the financial departments but are still poorly automated. These processes put a great deal of pressure on the financial departments for several reasons.

  • The obligation to dematerialize invoices
  • The complication of processing the different formats related to incoming invoices
  • The accounting audit
  • Consolidation and closing (invoices not received, reconciliation)
  • Duplicate management
  • Optimisation of the deadlines imposed by the Finance Act

All of these essential business processes can be easily simplified and automated. According to a study carried out in partnership with Markess, the three priorities for Finance Departments in 2020 are the automation of low value-added tasks 81%, the optimisation and simplification of processes 72% and performance management 65%. All of these priorities are aimed at guaranteeing the financial sustainability of the company and freeing it from time-consuming and tedious tasks.

Financial digitization

The issues expressed by the decision-makers questioned in terms of digitalization of the finance function are therefore primarily based on an approach to improving and improving the efficiency of the function:

  • Automate certain tasks with low added value (for 81% of the decision-makers);
  • Optimizing and simplifying processes
  • Gain in efficiency
  • Improve productivity

Digitalization of invoicing

The digitalization of invoicing is a fast-growing subject that is responding to efficiency issues:

  • Consolidation and standardization of processes
  • Operational efficiency and productivity gains
  • Acceleration of settlements and WCR optimization
  • Fluidification of the customer path

Many of the tools currently in use are obsolete, which triggers numerous modernization projects. The invoicing process is cross-cutting, ranging from commerce, to production, accounting and collection, and requires a collaborative approach.
The digitalization of the Order-to-Cash (O2C) process is a first step. New applications integrating Machine Learning now make it possible to provide predictive functionalities useful for collection and customer risk.

The benefits of dematerialization

Despite some regulatory constraints, the benefits of dematerialization remain multiple and rapid:

  • Reduced processing complexity (between 22 and 35 days on average)
  • Cost reduction (saving paper and archiving)
  • Acceleration of administrative processing time
  • Reducing the risk of fraud
  • Shorter payment terms
  • Better automation of accounting records

Yooz and Talentia a strong partnership

  • A complete and high-performance financial offer that makes it possible to meet all the challenges and missions of the CFO in a simple way.
  • A SaaS service for accounting and financial management and dematerialization and automated processing of supplier invoices.
  • The alliance of two perfectly integrated solutions.
  • A complete accounting and financial management approach adapted to complex ETIs
  • Strong interoperability and good common references
  • An innovative approach to the dematerialization of purchases and invoices.

Talentia Financial Suite, a unique and scalable platform

In this context of growing complexity in Finance, Talentia offers to ETIs its Finance Suite, Talentia Financial Suite, a complete and integrated solution providing all the essential building blocks for the optimization of finance processes: Consolidation and Closing, Financial Management and Performance Management.