Why move to paperless accounting: 5 benefits + the best tools!
Have you already switched to paperless accounting?
If not, this article will convince you.
Paperless accounting offers many benefits, particularly when it comes to processing supplier and customer invoices: reduced costs, increased productivity, better traceability of transactions, etc.
We'll take a closer look at these benefits in this article.
And since the dematerialisation of accounting processing goes hand in hand with the use of appropriate software, discover a selection of tools to help you get on with the job.
Definition and objectives of paperless accounting
Paperless accounting is a process that involves reducing the use of paper documents (invoices, purchase orders, etc.) in accounting and pre-accounting as much as possible, thanks to the possibilities offered by digital technology.
Two main technologies are used to achieve this:
- ADR (automatic document reading): this enables data to be read and then automatically retrieved when scanned;
- OCR (optical character recognition), or video coding: a text file is created from a scan of a paper document, or from a digital image.
At the same time, paperless accounting means that information flows (from your customers or suppliers, for example) and activities become more fluid and automated, thanks to certain actions enabled by paperless solutions.
These include
- scanning and transferring paper documents
- archiving documents on a platform,
- making it easier to search for these documents on the same platform,
- automatic data recovery using the LAD and OCR technologies mentioned above, etc.
The 5 benefits of paperless accounting
Benefit no. 1: lower costs
According to the European Commission, companies established in Europe could make annual savings of €64.5 billion by opting for paperless accounting.
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The cost of paper and printing, renting premises large enough to accommodate archiving devices, longer processing times per invoice... Handling your accounts manually represents a cost, which is greatly reduced thanks to dematerialisation.
Benefit no. 2: time savings
According to Spendesk, paperless accounting and associated technologies reduce the time spent on an invoice by a factor of 5. This is because they avoid, or at least facilitate, a number of operations. We're thinking in particular of manual data entry (invoices, expense claims, etc.), which is very time-consuming!
What's more, thanks to dematerialisation, searching for a document in your archiving system also becomes quicker and easier.
☝️ This time saving is invaluable for accounting teams. Freed from manual tasks, they have more time to devote to higher value-added activities, such as accounting and financial strategy.
Benefit no. 3: fewer errors and losses
Manual bookkeeping means piles of paper piling up on your desk or your accountant's desk... which means you need to be really well organised to find your way around and not lose anything. What's more, incidents and disasters (fire, water damage, etc.) can also damage or even wipe out your accounting documents.
What's more, to err is human! And the manual processing of a lot of data sometimes leads to input errors.
With paperless accounting, data is automatically processed using LAD and OCR technologies, and documents are securely archived in a digital safe.
Benefit no. 4: improved customer relations
When you switch to paperless accounting, you benefit... and so do your customers!
Thanks to the time savings mentioned above, you'll be able to devote more time to strategic assignments, positioning yourself as an advisor rather than a mere operational executor.
What's more, paperless accounting gives your services a modern image and provides real added value for your customers.
Your customers' transactions are also simplified, since they no longer need to go to your office, your business or the Post Office to send you their documents.
In some cases, even a scanner becomes unnecessary: most dematerialisation solutions allow documents to be transferred using a single photograph taken with a smartphone.
Advantage no. 5: environmental benefits
Dematerialisation means less use of paper and fewer trips to circulate documents.
Dematerialised accounting therefore fits in perfectly with your company's CSR (Corporate Social Responsibility) policy. By reducing your environmental impact, you are helping to convey a positive image to your customers, partners and future recruits.
Convinced by the advantages of paperless accounting? It's time to find out which software will enable you to reap all the benefits.
Which accounting dematerialisation software?
What are the requirements for paperless accounting?
It's important to note that moving towards paperless accounting means complying with certain legal obligations.
Dematerialised documents must have evidential value, i.e. constitute admissible proof, particularly in the eyes of the tax authorities.
Note, for example, that an electronic invoice must meet a number of criteria, including
- document validity and integrity
- the legibility of the document
- the authenticity of the identity of the signatories,
- certified time-stamping of documents.
This is why you need to select compatible dematerialisation solutions.
💡 Since 1 January 2020, any company supplying services or goods to the public service has been obliged to use electronic invoicing, via the Chorus pro portal.
IRISPowerscan: invoice dematerialisation for SMEs
By digitising and capturing data, IRISPowerscan helps SMEs of all kinds to process their pre-accounting.
While the software is aimed at a wide range of sectors and can be used to dematerialise various types of document, it offers an invoice module that is perfectly suited to the needs of small and medium-sized businesses.
IRISPowerscan allows you to scan and import documents from various tools (scanners, email, etc.).
These documents are then automatically classified, eliminating the need for manual encoding of invoices. Finally, the data is transferred and saved directly to your accounting application.
Receipt Bank: dematerialisation and automation for accountants, VSEs and SMEs
With Receipt Bank, accountants, VSEs and SMEs can automate the collection, data extraction and publication of purchase invoices and expense reports.
This Saas-based solution makes it much easier to collect purchase invoice and expense claim data. Customers simply send their documents by photo (via a mobile application), by email or using connectors.
For the accounting department, the data is extracted automatically, using technologies that offer a 98% recognition rate. All that's left to do is integrate the data into your management software (Quickbooks or Ibiza, for example) and process it with just a few clicks.
A win-win solution for both the accounting department and the customer.
Spendesk: from expense dematerialisation to accounting automation
Spendesk is a solution that enables you to view and control all your company's expenses from a single interface.
The solution reduces the number of manual entries by automating as many tasks as possible. This avoids double entry of information (and the errors that go with it), ensures that all receipts relating to purchases and expense claims are present, and automates bank reconciliation and account entry. When everything is in order, you can import the data directly into your accounting software with a single click!
This saves you time, which you can allocate to higher added-value tasks, and gives you peace of mind when it comes to the reliability of your data.
Streamline for Invoices: dematerialising supplier processes
The promise of ITESOFT's Streamline for Invoices? To digitise procure-to-pay processes, i.e. the supplier cycle.
Thanks to a shared and constantly enriched supplier database, the technology for capturing and extracting invoice data is reliable, with a recognition rate of 85%.
Accounting processing (order reconciliation, for example) is then automated directly within the application.
Finally, thanks to its BPM (Business Process Management) architecture, Streamline for Invoices is flexible to adapt to your organisation and your working environment.
Have you already opted to dematerialise some or all of your accounting processes? What tools do you use? Don't hesitate to tell us about your experience in the comments section.
Article translated from French