Digitalisation of Accounting and Company
Client
A medium-sized trading company (approximately 25 employees) processing more than 2,500 accounting documents per month.
Initial situation
The client had long been dealing with inefficient processing of accounting documents:
- Paper invoices and receipts
- Manual re-entry of data into the accounting system
- Printing bank statements (approximately 800 pages per month)
- Lengthy document approval by email
- A high data-entry error rate
- Out-of-date visibility of the company’s financial position
This resulted in:
- Unnecessary loss of time
- Higher accounting costs
Project objectives
-
Speed up document processing
Eliminate manual data re-entry
Gain real-time visibility of the company’s finances
Simplify communication between the client and the accounting firm
Reduce the cost and time associated with printing and filing documents
Give the client online access to documents at any time and from any location
Solution: process digitalisation
We implemented a complete digital workflow:
-
Document collection
- The client uploads documents through a mobile application or by email
- Automated data extraction using optical character recognition (OCR)
-
Accounting automation
- Document data is transferred automatically into the accounting system
- Transactions are matched with bank transactions
-
Approval workflow
- Online document approval
- Clear accountability and a complete change history
-
Archiving and access
- All documents are stored in a digital archive
- Documents can be retrieved immediately at any time
Results
Three months after implementation:
- 60% reduction in the time spent processing documents
- 90% reduction in data-entry errors
- Full real-time cash flow visibility
- Zero paper documents in circulation
