Ten benefits of digital financial management
Digital financial management can bring a host of benefits to businesses. One of the key benefits is that it eliminates the need to print and store paper documents. Product manager Antti Eerola from Accountor summed up the benefits of digital financial management.
A digital financial management system is with you everywhere you go. You can perform everyday tasks and check reports when and where it suits you. All you need is an internet connection and a computer or mobile device. Many tasks can easily be done on a smartphone. At the same time, outsourcing financial management tasks to your accountants is also easier.
2. Ease and efficiency
With digital financial management, you can forget endless piles of paper. Many common tasks can be performed faster or even automated altogether. Receiving and sending invoices is a good example of such tasks. You no longer have to send invoices by post or spend time opening envelopes. Everything can be done with the click of a mouse. This means that you can focus on more important tasks, and it also helps to reduce costs.
3. Access to real-time information
All information recorded in the financial management systems can be viewed in real time, which means that it can be used efficiently to support management and decision-making. Indeed, fast access to data provides businesses with tools for developing new ways to use information.
Digital systems enable flexible collaboration and interaction with your accountants. Different tasks can be easily modified and reassigned. Digital channels offer convenient, flexible means of communication. You can communicate face to face, by email or phone, or via video conferencing.
5. Better decision-making
When all the relevant financial information is easily accessible, decisions and solutions can be based on facts. Predicting future developments is easier, too. Thanks to easy access to information, your accountants can support you more efficiently.
6. Transparency of information
All financial management information is available to everyone who needs it, when and where it is needed. The availability and accessibility of the information can be restricted as necessary. This ensures security and prevents information overload.
7. Integration of financial management into other business operations
Financial management will no longer be a separate entity within the company. When everyone has access to all the relevant information, it can be used efficiently in all aspects of business. Using their expertise, your accountants can bring a much-needed financial perspective to your business’ decision-making processes.
8. Mobile working
Switching to digital financial management helps to make mobile working possible. When all the necessary information and tools can be accessed anywhere, there is no need to bring everyone together in the same place. This opens up new opportunities for managing work and allows for the organisation of work according to the needs of individual employees. This can significantly improve wellbeing and job satisfaction.
Good access to information improves employee equality and encourages participation and commitment.
10. Environmental friendliness
Digital systems reduce paper consumption and printing needs. When information is distributed through digital channels, there is less need for physical deliveries, which helps to reduce traffic-related emissions.