The 4 core elements of a well-thought-out digital financial administrative process
Cupboards full of folders, a paper archive, piles of receipts, analog approval flows, and digital invoices stored in printed form. This is the situation in many smaller organizations. There is, therefore, much opportunity to optimize time use, reduce administrative complexity and gain insights into the financial health of your company.
How to digitize your financial-administrative process?
Switching to optimized operations doesn't have to be a challenge. However, we notice that entrepreneurs often don’t know where to start. They are not taking the first steps because "their method has worked fine for years." However, a minimal investment in time and budget can ensure a maximum return.
Moreover, since COVID-19, we have to face the facts. Digitization is no longer “nice to have” but a prerequisite for healthy business operations and remote work. Now is the time to set up a financial-administrative ecosystem. You need a system that functions entirely online and facilitates remote working.
There are four core elements for a well-functioning digital financial, administrative process:
- The backbone of financial operations is reliable online accounting software. Even if you're working with an external accountant, you can opt for software such as 'Exact Online' or 'Yuki.' If your accountant hasn't joined the cloud yet, you can opt for a solution like 'Billit.' These user-friendly platforms offer an overview of invoicing, figures, debtors, and more. In addition, the flow is automated by 'Robotic Accounting': all invoices are sent to a digital mailbox, which makes keeping paper invoices a thing of the past!
- Once your accounting is in order, it is also essential to efficiently manage the influx of receipts. You can use a solution such as 'Rydoo' for this. With this software, you take a photo of each receipt. Rydoo immediately processes it and updates your accounting software. Approving and managing employee expenses has never been easier.
- It’s also essential to optimize the entire flow, from sales to delivery and eventually invoicing. Depending on the sector and the size of an organization, this can be a straightforward CRM system such as 'Teamleader,' which includes commercial agreements, invoicing, work orders, and project management. Or you might need more comprehensive ERP systems that also include logistics processes and stock management.
- Last but not least, you want to gain valuable insights from all that data. To measure is to know. There are various players on the market, from straightforward plug-and-play reporting and dashboarding tools to more extensive analytics that support mature management accounting. Solutions such as 'Bright Analytics,' 'Silverfin,' and 'Bizzcontrol' are great for analyzing data. This software is synchronized with your accounting program. In most cases, it also allows extra-accountable adjustments and provides you with fast and precise online reporting. This way, you can always make an informed decision with real-time, up-to-date figures.
What are the benefits and how can Unikoo help you with this?
By implementing these tools and minimally tweaking these processes, the entire administrative operation of your organization will run a lot smoother. Working from home will become a lot easier as a financial-administrative employee. They can find an invoice immediately without having to flip through overstuffed folders. Employees can deliver their receipts right away, and financial reporting has never been this accurate.
Do you think the time has arrived for a well-thought-out digital financial-administrative system for your company? Unikoo helps you take the proper steps. We analyze the needs, make recommendations regarding adapted processes and tools, and guide the transition to the renewed operation. And the best part? The SME portfolio can support all of this.
Send us a message via hello@unikoo.be or call us on +32 3 376 00 98, and we will see how we can help you!
