The Corona crisis has put many companies and entrepreneurs to a tough test. Despite the extensive economic stimulus package, 38 percent of tax advisors believe that further bankruptcies among their client base are likely in the next six months DATEV Corona Barometer . But many other companies are now under even greater cost and efficiency pressure than before the crisis. Cost reduction is the order of the day and, given the economic situation, it is vital for survival, like the consulting company Deloitte noted has. Digitalization represents one lever, for example in preparatory accounting.
Great potential for efficiency in accounting
The background is that conventional invoice management is, among other things, complex and cost-intensive. One Study by Sage shows that German companies spent 3.9 percent of their time on unproductive administrative activities last year. Most of this capacity was tied up in manual tracking of unpaid invoices, invoice processing in general or processes in the HR department. In these areas in particular, processes can be “noticeably slimmed down” through the use of intelligent technologies and digital tools. GetMyInvoices also helps diligently.
Our invoice management solution relieves accounting staff of a lot of unproductive work by automating many activities. Specifically, GetMyInvoices automatically collects invoices from a wide variety of sources - from online portals to email inboxes to invoice creation tools. Receipts that arise on the go can easily be digitized using a scanning app. All receipts are collected in a central location in the cloud. They can be conveniently managed and researched using a web browser, regardless of device and location. In addition, it is possible to automatically transfer receipts to other applications. These include common accounting solutions, document management systems and the solutions of tax consultants. The access data only needs to be stored once and transfer conditions defined. Then invoices and receipts get to where they are needed without any manual effort. This way you can Save up to 80 percent of work on accounting .
AI as an all-round talent
This effect is also based on the fact that relevant information such as invoice number or invoice amount can be automatically read out and further used electronically, for example for payment or for automatic evaluations. In addition, a crucial factor is that new documents are recognized and processed almost in real time. This means business decisions can be made based on up-to-date data. This has recently become apparent, for example, when applying for funding, when entrepreneurs were able to use GetMyInvoices to determine sales in different time periods with just a few mouse clicks. Deloitte confirms that such functions are extremely useful. “AI-based analytics solutions help to identify and implement savings potential more efficiently and precisely,” say the experts. Of course, this doesn’t just apply to accounting.
According to Sage’s recommendations, HR processes can also be made more efficient, for example by using employee portals. “Vacation requests or sick notes that previously had to be submitted and processed via the human resources office can, for example, be processed directly between the employee and the supervisor and administrative costs can be reduced.” In addition, virtual consultations and meetings can be used to avoid many time-consuming and cost-intensive business trips possible hazard potential. The range of possibilities is immense.
Which tasks remain with you
It is important to note that digital processes work differently than analog ones. An analog process cannot be transferred 1:1 to the digital world, as the example of electronic invoices makes clear. Manually compiling invoices and recording information is completely unnecessary in the digital sector, as AI takes care of this, as described above. For this purpose, among other things, a control step must be established in which it is checked whether the information read out corresponds to the original shown. Another example: Different security factors apply in the digital space. For example, employees who have access to these solutions need to know how to use passwords securely. That sounds banal, but in practice it often turns out to be a crux. Unencrypted password lists are on many computers - or are printed out. And when access is needed, a search is carried out, which in turn takes up time. In short: The existing processes must be completely questioned and adapted. In the case of passwords, we recommend 1Password - a solution that is considered very secure, can also be used in a team and is currently even free due to the Corona crisis.
Admittedly, it takes effort to find out about these aspects. But: If you really want to increase your efficiency, digitalization is an extremely effective starting point. You not only save costs and effort. You can use the newfound time for your core tasks, which will certainly be more fun for you - and that’s an efficiency boost on top.
