Errors in Excel files! And accountancy is already costing you too much time?

More than half of the finance executives is unhappy with the time needed for accounting operations. On top of that, Excel files often still contain loads of mistakes. Sticking to your classic ‘manual’ accountancy and administration is far from ideal, as seen in the following data, taken from a survey by PWC.

Let’s stay polite: the digital fitness of an average SME could be improved. A few numbers:

•  38% of all spreadsheets/Excel files contain mistakes! However, almost everybody – at least 9 out of 10 users – considers them to be flawless.
•  58% of finance executives is unhappy with the time needed for accounting operations and manual entries at the end of the month.
•  44% of enterprises has not yet taken any steps towards cloud solutions.
•  Why not? For 35%, the most important reason is the existing and outdated IT infrastructure.
•  The biggest concerns of administration and financial management are resistance to change (which comes in second with 14%) and digital fitness and adequacy (which comes in fourth with 12%).

“Huge time-saver”

Impressive numbers, right? But you’re not alone. There are literally hundreds of thousands who still have to take this leap. In fact, even accountants aren’t fully up to speed, while the demand for digital accountancy keeps on booming.

“So, is it a time-saver? If you only compare to trained auditors that can enter data really fast or someone who can scan documents at a frantic pace: not that much. But if you look at the bigger picture, it’s a huge time-saver. Because eventually, you evolve towards a fully automatized accountancy: digital documents, automatic recognition of invoice data, AI for automatic transfers, digital archives,” says Ronny De Goedt, managing director Tax & Accounting Software at Wolters Kluwer, in the March issue of ZO Magazine.

Imagine…

How do you get to digital fitness? But first, imagine what digital accountancy and automatic invoicing has to offer:

Less mistakes, less costs, less waste of time

More flexibility on the job, more insights into your business

In short, more control and more fun

Of course, digitalizing your accountancy and administration is no walk in the park. Assuming you know where to start your walk…

At Avento, we start that walk with Microsoft, more specifically Microsoft Dynamics 365 Business Central. This software is designed in the cloud and allows SMEs to work more efficiently. How? By connecting several time-consuming corporate processes, which are also prone to error, such as purchase and sales management, invoicing and customer relationship management. We’ll discuss this in more detail in a next blog.