Digitization in accounting

Do you remember how people used to buy a bicycle?

You had a choice of three or four models. They differed mainly in the size of the frame and tires, the color and the weight. The other features such as saddle, bell, brakes, gears, etc. were predefined.

Today, on the other hand, you can configure your personal bicycle individually: with this or that saddle, this or that gearshift, with or without mudguards and, of course, in the color of your choice. You buy exactly what you need (or want). And nothing else.

How do you buy fiduciary services?

It is quite similar with fiduciary services. These are traditionally offered to individuals, sole proprietorships and SMEs, with or without employees, with or without real estate ownership, with or without an internal accounting department. For special requirements such as acquisitions, restructurings, company sales, one goes to a specialist.

But how would it be if you could decide quite flexibly and spontaneously which work you prefer to do yourself and which to delegate to the trustee? Depending on your workload, knowledge or „whim“? This is possible with digitalized accounting.

In this article, we explain the advantages of digital accounting and show you how it can help you to easily, inexpensively and securely achieve the right annual financial statements.

Digitization makes accounting simple

For starters, working with your fiduciary becomes easy. Imagine no longer having to lug thick binders, USB sticks or emails to your fiduciary. Instead, you log in, see what information is missing, and fill it in. You scan and upload receipts. The fiduciary opens the same file on his PC, sees what you've added, and gets right to work.

„Digitized“ means in everyday life: the time-consuming sorting and filing of the many receipts is no longer necessary, because all information is exchanged digitally.  

Of course, working with a trustee digitally also involves a certain amount of effort. This is because basic things have to be „configured“ – that is, set up – at the beginning: You are entered into the system as a customer with all your accounts and accounting-relevant business transactions. Relationships between your data records are defined so that they can later be called up automatically by the system. But after that, everything becomes very simple, see above.

For you, digital fiduciary means that you no longer need the following for the annual financial statement:

• Paper
• Your own software
• IT support and specific IT knowledge

You collect and process your data as usual – but in a system provided by the trustee. This eliminates any additional work for you, and the trustee still gets everything he needs to do his job. Quite simply.

Conclusion: Digital collaboration with your trustee eliminates a lot of administrative work.

Digitization makes fiduciary services affordable

You don't want to pay for what you don't need.

But especially for dynamic companies – or companies operating in a dynamic market – it is often difficult to realistically estimate the actual need for fiduciary services in advance. As a result, additional services may have to be called upon at short notice. And that usually becomes expensive.

Digitization can be equated with flexibility. As in the example of buying a bicycle. If you work digitally with your fiduciary, additional work steps can be added or omitted at any time without additional expense. As a customer, you only pay in each case:

• Services that you use
• For as long as you use them

And „pure“, without duplication of work at the interfaces. Because there are no more interfaces – you and the trustee work with the same data records. 

Conclusion: by working digitally with your trustee, you only pay for what you actually need.

Digitization makes fiduciary services secure

Data security is a top priority for digital processes.

Precisely because IT systems, cloud solutions and digital processes are vulnerable to technical or criminally motivated disruptions, professional service providers attach the greatest importance to the „data security“ factor.

If you use your fiduciary's cloud solution, your data is much better protected than if your company were to go it alone on the Internet. Digitizing your accounting means for you:

• You benefit from the security standards of the major IT providers
• Your data is stored on servers in Switzerland, and not – as often – in America
• You can use not only the professional know-how of your trustee, but also his specialist IT expertise.

Conclusion: By working digitally with your trustee, your company data enjoys IT protection and security at the highest level.

Contemporary fiduciary services are digital

Even if it seems surprising at first glance: Today, paper documents and fixed deadlines are too complicated, too time-consuming (also in terms of costs) and too prone to errors.

Switching to digitized processes simplifies collaboration, reduces costs and ensures the integrity of your company data. Best of all, it ensures that you ... Simple Inexpensive Secure ... get to the perfect annual financial statement. Is your accounting still up to date?

At Adcoras, we work with the cloud solution AbaWeb. We will be happy to inform you about the advantages this system has in store for your company.

Adcoras finds individual paths to your goal. Contact us today for a no-obligation informational consultation!