Streamlining accounting workflows: How to do it?

Issues with traditional accounting

The accounting department is constantly facing many challenges. Lengthy processing of invoices, complicated contract management, errors in maintaining accounting records, and discrepancies in inventory management are just a few. Each of these areas requires careful attention and proper handling to ensure financial accuracy and compliance with regulatory standards. Proper invoice processing involves not only their recording and payment, but also tracking cash flow and managing relationships with suppliers.

• Invoice processing is time-consuming and prone to errors, arising from the need to process a large number of invoices, including their receipt, verification, posting, and archiving. 

• Contract management requires diligent monitoring and renewal of contract terms.

• Errors in accounting records can lead to financial discrepancies, forcing the company to monitor whether it has enough funds for its operations.

• Inventory management presents challenges associated with proper record-keeping and inventory overview, and regular inventory checks are essential for proper accounting management.

• Compliance with regulatory standards involves constant updates and compliance with regulations.

• Supplier relationships require effective management and fast communication.

Benefits of digitization in accounting

Digitization affects all aspects of business, and accounting is no exception. Modern digital tools offer more efficient ways of processing and managing accounting data, leading to a significant reduction in administration and the elimination of paperwork. This saves time and reduces the likelihood of errors resulting from manual processing.

INSIO changing the game

INSIO is not accounting software; it is a robust platform that integrates various business processes and facilitates the work of the accounting department. By being able to connect to various accounting and ERP systems, it enables the automation of many operations that would otherwise require manual work.

Imagine this situation:

You receive invoices in paper form and need to manually enter them into the system. INSIO accelerates this process by scanning and uploading invoices directly into the system, where they are automatically processed and ready for approval or payment.

Key features of the INSIO system: 

• Automation and integration: Ability to connect to various accounting systems, such as SAP and MS Dynamics, minimizes the need for manual data entry. Features automatic extraction of data from invoices down to the item level, matching with orders or contracts, and their transfer to the accounting system.

• Centralized contract and order management: Storing all contracts and orders in an online environment in one place, simplifying access and management. Approval processes can be set according to company policies.

• Asset tracking: Tracking corporate assets and inventory with current information on the status and value of assets.

• Reporting and dashboards: Advanced reporting and data visualization capabilities that allow accountants and financial managers to effectively monitor and analyze the company's financial performance in real time.

• Mobile application: Allows accountants to work efficiently from anywhere, utilizing technologies such as GPS, NFC, QR codes, or barcodes for optimal field work.

• Approval processes: Streamlines the invoice approval process and provides a complete overview of all invoices and their processing status for better financial control.

• Security: Digital document circulation reduces the need for paper records and ensures data security with ISO 27001 certification, supporting green and sustainable business processes.

• Measurable results with INSIO: Users report up to 65% time savings for their accountants, along with the ability to process more than 1200 invoices per day.

Satisfied Clients and References

Companies like UNION pojišťovna and Heimstaden report significant improvements in efficiency and cost reduction. The system has shortened the time needed to approve invoices by up to 35%, and each employee has saved an average of 9 hours of work per month.

Summary

Streamlining accounting processes is not just about saving time and costs. It's about taking control of business processes, ensuring flexibility in daily tasks, and enabling your team to work smarter, not harder.

Want to learn more about how INSIO can help your company? For more information, visit our website or contact us.