What changes does dematerialisation bring to the finance function?
For several years, the finance function has been heavily involved in the
digital transformation
. Indeed, this dematerialization process is essential to enable it to simplify and automate repetitive tasks in an intelligent way. For many financial directors, this is the context in which performance management can be fully implemented by setting up a
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.
Strategy FINANCE
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. The dematerialization of processes 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. The implementation of dematerialization of invoices through the digitization of documents is one of the most important practices within the accounting and internal control departments.
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 building are being automated, allowing employees to perform more sophisticated analyses and to 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.
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Also read in our " ERP Finance project " file:
- What are the key challenges facing finance managers today?
- What are the key regulatory issues for CFOs in 2019?
- Digital transformation of the finance function : where do you stand?
- Digitization of the finance function: what should we expect in the future?
- What changes does dematerialisation bring to the finance function?
- Finance management: what technological tools are available to CFOs?
- ERP software definition: what is an ERP?
- What is the use of an ERP solution for the finance function?
- ERP finance: what do you need to know as a finance manager?
- CFO: what are the advantages of an ERP for the finance function?
- Finance software: which ERP to choose for your company?
- Postmodern ERP: the right choice for your company?
- Should you consider a Postmodern ERP solution?
- The challenges of a post modern ERP
- Post-modern ERP: the checklist
- Help in choosing ERP finance: why use a firm?