What changes does dematerialisation bring to the finance function?

For several years now, the finance function has been heavily involved in digital transformation. This dematerialization process is essential to simplify and intelligently automate repetitive tasks. For many CFOs, this is the context in which performance management can be fully realized by implementing ERP software. In other words, managing the performance of employees means installing an information system and tools that enable them to create more added value and participate effectively in the company’s development strategy.

What are the advantages of dematerialization?

The priorities of the finance function in the area of dematerialization of accounting processes are to optimize tasks, reduce supplier payment times, save time in the preparation of accounting files and simplify validation chains. Process dematerialization meets all these needs.

Especially since new technologies can support the activity of management controllers, helping them to be more rigorous in terms of regulations. They are better able, for example, to control payment deadlines and avoid penalties.

In the same vein, the dematerialization of the “Procure to Pay” process is essential. Indeed, it offers time savings, better productivity, improved reporting and more reliable data production. On this last point, the change brought about by the digital transformation of the finance function has demonstrated that only quality data can achieve relevant results.

Digitization, a key change in dematerialization

Automation and digitalization of the finance function are essential today. One of the most important practices within accounting and internal control departments is the implementation of dematerialization of invoices through document digitization.

Moreover, the exchange of invoices by e-mail is already widely used and supports the idea that the use of digital technology for the transmission of financial information in real time is growing. Tools for processing and automating invoice management are increasingly present and used, such as validation workflows or the automatic reconciliation of order and receipt invoices.

Dematerialization: changes within the teams

With the digitization of the finance function, the accounting professions are bound to reinvent themselves. Increasingly, tasks such as data entry and report construction are automated, enabling employees to perform more sophisticated analyses and contribute more actively to the company’s operational and financial decisions.

Similarly, new technology tools, which are much more collaborative, encourage employees to work more regularly in teams. However, this new approach is difficult to apply instantly in departments such as accounting or controlling, where employees are used to working alone.

Also read about the digital transformation of finance functions

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• Electronic invoicing reform: what you need to know
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• 5 obstacles to the digital transformation of finance functions
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