This is how much time digital financial management will save you
What does digital financial management mean? From the point of view of the party responsible for the financial management of an entrepreneur or a company, digital financial management means that matters are mainly handled online, and you can deal with issues related to financial management directly in the same system as the accountant.
Digital financial management brings more freedom and flexibility and saves many working hours in your busy workday, when the traditional financial management full of paper-pushing can be updated to a more modern model.
In this article, we tell you how and how much time modern digital financial management can save in concrete ways.
In modern financial management, all essential information can be found in the same application
In digital financial management, all essential information can be found in the same place – either in a mobile app or an online service. When the most important key figures in financial management can all be found in one single platform, the company’s financial situation is always available in a format that is easy to read and follow.
At its most convenient, you can buy modern financial management software as a cloud service, in which case everything related to accounting is transferred and can be updated in real time in the mobile version – during business trips or on the road, for instance. Because all accounting is done directly in the common system, the key indicators are always up to date: for example, a sales invoice recorded in the system is immediately visible in the company’s turnover.
Here is a concrete calculation on how much time you could save on the weekly, monthly or yearly level by using to digital financial management – already with sales invoices alone:
| Number of sales invoices | Time spent on manual processing (in round numbers) |
| 1 sales invoice per day | 7–20 min, approx. 13 min on average |
| 7 sales invoices per week | 1 h 30 min |
| 30 sales invoices per month | 6 h 30 min |
| 360 sales invoice per year | 78 h |
Interaction with the accountant also takes place in real time in digital financial management; this means that events recorded in the system are immediately visible in the accountant’s view. Even though regular meetings with the accountant will be important in the future, too, you can save hours in your busy workday, because you no longer need to deliver each and every receipt and voucher physically to the accountant – a picture taken in the app or a recorded number is enough.
Digital financial management makes up-to-date reporting possible anywhere at any time
Financial management is one of the company’s core functions, and no wonder – it includes a large amount of information and key indicators that affect the company’s success.
In the 2020s, it is high time to take full advantage of financial management and use the available information to develop your business. Access rights to the digital financial management system can be conveniently shared with or limited to the necessary parties – such as the accountant or auditors – meaning that they can access the information they need whenever they need it.
With digital financial management, you never have to guess what the key indicators of the company’s finances might be; instead, you can use them in real time. At board meetings or meetings with the accountant, for instance, reporting is much faster and easier, because you do not need to spend time on gathering the reports – let alone printing them.
The reports can be shared and presented directly via a modern financial management system, which guarantees that the figures being reviewed are always up to date. Modern software is pretty user-friendly, and in fact, many digital financial management systems already arrange data in a visual format that is easy to present.
Surely your financial management system already has at least these time-saving features?
There are many different digital financial management systems, but any system should have at least these time-saving features:
- Sending and receiving invoices in electronic format (e-invoicing)
- Option of managing the company’s payment transactions directly from the financial management system
- Electronic receipts and a receipt archive
- Reporting in financial management
- Notifications to the authorities (such as VAT)
The world around you keeps developing constantly, which is why you should not let financial management lag behind, either. After all, it is one of the company’s core functions, and both the company’s financial resources as well as the framework to support decision-making revolve around it! Our experts are ready to share their knowledge with you. Contact us already today.
