Digitization of documents in the financial area

Feb 17, 2021 | Invoice Management

Today, especially after the COVID-19 pandemic, more than 85% of the world's companies are in the process of digitization. Technology is changing the way documents are digitized. In fact, more than 65% fear that not digitizing their business processes will lead them to lose their competitive advantage, which will affect their company's profits. For this reason, many organizations are working to accelerate their digitization plans.

Throughout this article, we will expose the limitations of document digitization as the only measure for the digital transformation of the company.

What is the traditional view of document digitization?

Document digitization is the process of converting a large number of documents that are in paper format into digital files, records that you may have stored in a document management system.

The most notable advantages of document digitization are as follows

  1. One of the most important and obvious advantages of digitization is the saving of storage space in organizations. In addition, environmental awareness is growing and, therefore, many companies want to stop printing so many unnecessary papers and, in turn, save on printing costs (ink, paper, photocopies, etc.).
  2. Likewise, the digitization of documents provides greater security in the maintenance of information, since, if properly guarded, the loss of documents is prevented. What was previously under lock and key can now be protected with different passwords and restrictions depending on the user. This reduces the risk of information loss or theft.
  3. In addition, with the advent of "teleworking" in a greater number of companies, employees can consult information without being present in the office and need to access information from mobile devices or laptops without having access to physical documentation.

Information stored in paper formats is degradable information and deteriorates further with each manual use. Document digitization ensures that a company's most important databases are saved and preserved for the future.

Is the digitization of documents sufficient?

Although the digitization of documents is undoubtedly the first step towards digitalization, it will not be enough if we stop at that step. digital transformation of the company it will not be enough if we stop at that step.

Once all the "papers" have been digitized, it will be time to automate the rest of the processes. In other words, the digitization of documents is not enough if it is not accompanied by solutions that allow the processing and handling of these documents. automate the treatment and manipulation of these documents. Therefore, first the documents will be digitized and then the digitized documents will be managed specifically by automating the document management and handling processes. processes and handling of the documents. Both processes result in a more efficient and competitive company, with employees dedicated to those tasks that directly benefit the business.

Digitization of documents in the field of electronic invoicing

As document scanning is the first step in the digitization process, invoice scanning plays a decisive role in accounting and finance. Regardless of the size of the company, from the smallest to the largest, the volume of invoices received and issued is high and it is very easy to make mistakes if the management is done in a traditional way. Therefore, the digitization of invoices is decisive in the process of company transformation. In general terms, invoice digitization is a process by which your paper invoice data is transferred to an electronic environment.

document-management-digitisation-of-documentsDigitization of invoices

This invoice digitization process is more complex than it seems:

  1. Specialized tools are required, such as an OCR (Optical Character Recognition) scanner. With it you can transform the scanned paper image, PDF files or a photo into editable text. This will allow us to create a text document that we can edit or incorporate into another document we are working on.
  2. The Tax Agency establishes technical requirements that all electronic invoices must comply with, such as: the use of software and format approved by the AEAT, the digital signature of the document and a minimum resolution of 200 pixels.

At easyap, we have been approved by the Tax Agency for the certified digitalization of invoices. As a consequence, the obligation of physical archiving is eliminated. This allows us to bring our customers closer to total digitalization and a paperless office.

Advantages of invoice digitalization

The advantages of electronic invoicing or the digitization of invoices are numerous, among them

  • Increased employee productivity
  • Cost reduction, converting fixed costs into variable costs
  • Improved accessibility and reduction of lost invoices
  • Process agility and automation

All this will help companies to optimize their results and gain the much-prized competitive advantage over other competitors.

The company that intends to leave behind traditional procedures and is determined to optimize its processes as a way to the digitalization of its processes, needs to start with the digitization of documents, specifically, the digitization of invoices. digital company In the next few years, paper invoices will no longer be an option for accounting and finance departments, and the only reality will be paper invoices. In the coming years, the paper invoice will not be an option for accounting and finance departments and the only reality will be the electronic invoice.

In conclusion, we can see that having optimal document management reduce costsincreases cash flow and improves customer service. All the processes of a company can benefit from the incorporation of an invoice workflow, which allows its development with greater speed and efficiency. If you need information about our solutions and services, fill in the following form and we will contact you to help you.

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