Study of the benefits of automating accounting processes

Intro

Digitization and automation of business processes has been a frequently discussed topic in recent years. Even though digitalization is delivering great results for companies that are successfully implementing it, accountants still spend 69% to 80% of their time on manual data entry and routine processes. The main reasons why firms don't digitize their accounting processes include underestimating the cost of current "paper-based" processing and the fact that digitization can be expensive and complex, especially if the goal is to use multiple applications for different parts of the process, such as invoice extraction, approvals or reporting.

In our study, you will learn about the many costs that most companies underestimate today, the benefits of digitizing your accounting processes, and how to get the process started quickly and efficiently with Digitoo.

Paper World

For most people today, it is now quite common to communicate digitally not only with family and friends, but also with business people or authorities. Unfortunately, this is not yet the case in the world of businesses and their accounting. Did you know that:

Known and unknown costs

In our model example, the actual long-term cost of processing one paper invoice is up to 2.95 USD. With thousands of documents per month, the annual cost of processing these documents alone is up to 35 ths. USD. However, thanks to digitalisation, these costs can be significantly reduced!

Savings from digitalisation

How can digitalisation reduce these costs for you? Of course, you need a solution that replaces today's paper-based processing with a simple digital form. The realised savings can then represent more than half of all financial costs. If you decide to go digital with Digitoo, your typical service cost will consist of only three parts - the unit price for invoice processing, the integration costs and the flat fees for using the service.

For a simple model example of processing 1,000 invoices per month, the cost per invoice might look like this:

• Unit price for invoice processing = $20 to $30 cents - we use an average of $25 cents to illustrate. (The final price depends on the number of invoices processed.)

The total savings thus amounts to thousands of dollars per year, namely up to 78% lower financial costs than paper processing and virtually complete elimination of hidden non-financial costs.

Integrace - easy and cheap!

If you are convinced that you want to get rid of all the costs of paper and digitise your accounting processes, you still have the challenge of implementation. In today's market, you may encounter many problems that have made digitalization fundamentally difficult until now:

• There are already several invoice extraction applications on the market, such as Rossum or Google's solution. However, the accounting systems used today are often not ready for their integration. This can then be very expensive, ranging from hundreds of thousands of crowns to over a million crowns - out of 400,000 legal entities in the Czech Republic, only 1% of large corporations have the budget for integration with such costs.
• Each solution on the market addresses only part of the process - if you want to not only automatically extract invoices, but also simplify their approval or build reporting, each functionality means another application and another integration project.
• Integration in its current form is not only expensive, but also lengthy - it can take anywhere from a few months to a year, depending on the complexity of the system.

Digitisation smart and simple?

Our goal is to make the digitization of accounting processes simple and accessible to small and medium-sized businesses, not just the top one percent. That's why it's not a dreaded six-month integration project - you can get started with Digitoo simply and immediately:

Currently, we have already connected the following accounting systems with our application: Helios, Pohoda, Abra Flexi, Money S3, 6K, idoklad and more are in the pipeline. We will gradually expand the range of accounting systems. If you want us to connect your system as a priority, please do not hesitate to contact us.

Our goal is to digitalize accounting in three clicks. The entire integration process can be easily handled by anyone because it is very simple and user-friendly.

If you are still unsure, you can email us at [email protected] or contact us via the form and we will be happy to advise you.