Digitization – A Time Waster?

Wednesday, 2. February 2022 | 0 Comments

While digitization offers great potential for optimization, working with paper is still the order of the day in many medium-sized companies. According to the digital association Bitkom, the main hurdles to digitization are the high investment requirements and a general lack of time.

However, the human factor also plays an important role. Because if employees are not fully convinced of the benefits of digitization, implementing any innovation will be inhibited. That’s why it’s important for companies to involve their employees in the digital transformation right from the start and to proceed in small steps. It is not necessary to convert the entire administration from one day to the next; on the contrary, a lot can be achieved with small steps. A good starting point for digitization is invoice management.

Digitalisierung Zeitfresser

Invoice management as an entry point for digital transformation

After all, invoices, receipts, and other documents arrive not only by mail but also via various e-mail inboxes or have to be laboriously retrieved from customer portals. For example, the turnaround time for invoices is often too long to take advantage of discount opportunities. GetMyInvoices remedies this by automatically collating receipts from various sources. In addition, GetMyInvoices includes a mobile app that captures paper receipts and easily uploads them. In this way, all incoming accounting-relevant documents are available centrally. Digital invoice verification or approval is also part of the functional scope and replaces the shuttle folder.

Digitization measures minimize the effort required in bookkeeping

The integrated banking module connects accounts and credit cards with the invoice management solution to import transactions. It then automatically matches transactions to their associated documents, freeing users from this laborious manual task. Invoices are then automatically transferred to the accounting software, to the tax advisor, or other applications. This allows users not only to save work in preparatory accounting but also to significantly shorten the invoice turnaround time.

Thus, digitization is not a purpose of its own, but a pragmatic way of streamlining processes and freeing employees from routine activities. This applies to accounting in particular. With the help of intelligent invoice management solutions, companies can save around ten hours, twelve kilograms of paper, and a lot of nerves every month.

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