What are the biggest advantages of digital accounting?
Digitalisation is changing almost every area of business, including accounting. Different companies now offer outsourcing solutions that combine accounting software, banking services, and file hosting on one platform. What are the advantages and disadvantages of such solutions?
Software for DIY accounting?
In principle, you can use software to do your own accounting, but the software is not suitable for every legal entity or operating form. Moreover, you will still need specialist personnel with the necessary know-how and technical equipment including the software. This doesn’t come cheap.
The functions offered by DIY solutions are sufficient for freelancers. However, the situation is more complicated for LLC and Ltd companies. That’s because the DIY software generally doesn’t contain essential features, such as open-item-accounting lists for investors, banks, and internal controlling. The DIY software also can’t create standard reports, such as BAS and SuSa.
Complete accountancy services are available online via digital outsourcing
It is possible to digitally outsource your accounting. Here, a professional service provider will handle all the processing and digital recording of your company’s accounting. This solution means that the customer always has access to digitised documents or reports, regardless of whether that’s bookkeeping, open-item accounting, cost accounting, or payroll. All data is recorded digitally and can be accessed online at any time. In addition, the business owner has a direct connection to the account, so they can access transaction records or digitised receipts.
The DATEV enterprise online platform offers tools such as scanning apps for receipts, controlling apps to quickly view the BAS while on the road, transmission of files directly into the DATEV cloud, and automatic transmission to Dropbox, Google Drive, or Candis. These options can be configured to create an optimal toolkit that is tailored to each company’s needs.
Many inexperienced businesspeople often only become aware of bookkeeping mistakes when their accountant mentions it at the year-end, or when it’s too late.
The advantages of outsourcing at a glance:
Outsourcing offers the following advantages:
– tax accountants and companies can exchange documents and data quickly and easily
– audit-proof archiving for digitised receipts, electronic invoices, personnel records, and evaluations
– easy transfer of payments
– link to the company account
– creation of individual reports for banks and investors
– easy-to-use online portal that can be individually configured to suit each company
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