Accounting made easy: how to digitize your office as an SME

Creating invoices, checking receipt of payment, paying bills and keeping accounts: for many SMEs, these administrative processes are a necessary evil that consume precious time. Time that could be better spent on their core business. They are nonetheless key processes, as a sound financial basis is vital to the survival of every company. Any business seeking to eliminate superfluous procedures, increase their flexibility and bring an end to the war on paper should digitize their office environment step by step.

Digitizing receipts

Receipts can be quickly forgotten or lost. Or they pile up, because you don’t get around to entering them or sending them to your fiduciary. Once these tedious tasks have finally been completed, all the documents then have to be filed again. Some companies still use folders, which take up a lot of time and space, while others scan in their receipts. There are some excellent tools available today which can reduce the workload significantly. For example, receipts can be photographed immediately and uploaded or sent. Important: if original copies are not retained, the receipt must be clearly readable and easy to find again.

Tip: with the The link will open in a new window PaperCut app, receipts can be photographed with ease and uploaded to the accounting portal of your choice.

Digitizing accounts payable and receivable

Office work can be completed quickly and easily with online solutions. A one-off import of customer and product data is generally enough – then quotations, order confirmations, delivery notes and invoices can be created and managed online: for example, quotations can be converted into invoices in no time at all after order completion. If invoices are also integrated, payments can be settled automatically. That saves time. Anyone using a browser-based platform not only has control over accounts receivable and payable management anytime and anywhere, but also has no need for installation or maintenance.

Digitizing accounting

If all relevant processes – such as receipts, invoices and payments – are automated, accounting can also be digitized. A wide range of accounting tools are available, and these also make life easier for SMEs in particular. Whether simple payroll processes or more comprehensive financial accounting with VAT invoicing, batch entries or foreign currencies: the perfect solution meets the relevant requirements and ideally enables double entry – even if this is not mandatory. Entry is no more complex, but does provide valuable information for future budget planning, as data is entered on two different accounts.

How to make the switch

Companies looking to switch to a paperless office now should not simply launch into digitization. Detailed planning is vitally important to ensure a smooth transition. The key points to reflect on:

• Time and process planning: what needs to be implemented and by when?
• Suitable tools: which requirements must be met?
• Smooth integration: do new solutions have to be compatible with old systems?
• External fiduciaries: how will future cooperation work?
• Test phase: does everything work as required and without any errors?