When looking at the current weakening of the economic situation, it seems that one of the most promising lifelines to businesses across the board is technical innovation and automation of daily processes. When talking about innovation, it’s important to understand that it doesn’t have to be some ground-breaking, never-before-seen miracle straight from the lab. Many businesses have a long way to go in order to catch up with digital solutions that help boost the efficiency of their employees and add more value to their daily tasks.
Who better to talk about such possibilities than software providers that help businesses automate daily tasks and modernize processes? Since every business needs accountants and has some type of accounting process, why not start with that. Finbite is offering solutions for invoice digitalization, archive, confirmation, and other accounting automations that can be easily integrated with ERP and accounting systems. That is why we asked our partners from Softera Baltic, Stekas, and Bitsoftas how digitalization can boost efficiency and give a competitive edge to any company trying to keep up with the ever-changing market.
Digital innovation as an easy competitive advantage
“More and more businesses are realizing that digitalization helps them to react faster to market changes and is an important part of their competitive advantage, so digitalized and accurate business data is not a luxury but a necessity for businesses that want to operate efficiently, ’’ said Giedrius Norkevičius, Business Development Manager of Softera Baltic. As a company that helps thousands of businesses across Baltic states make their accounting processes smarter, more efficient, and more convenient, we must agree with him on that one.
The uncertainty that has influenced our economy through the pandemic, ongoing war in Ukraine, and recessions has forced many companies to think about their efficiency as a mechanism to cope with the ever-changing world of commerce and business. In Finbite, we can see that those early adopters who have integrated digitalization and automation solutions into their everyday business practices are already able to see the first fruits of these decisions come to life as competitive advantages. Also, the Deputy Director of Stekas, Antanas Vipartas, said that their customers are very satisfied with the digitization of invoices and the integration that Finbite offers. “It saves them time, eliminates errors, and optimizes their business processes,’’ commented Vipartas. The same values were pointed out by Saulius Palijanskas from “Bitsoftas”: “The benefits of digitalization are best seen by the customers themselves, but as an IT company, we understand that digitalization of processes always pays off” “Bitsoftas” implements solutions to help customers along the way of business digitalization.
Norkevičius from Softera Baltic says that automating routine tasks and processes helps to reduce operational costs and increase employee productivity by eliminating manual work and the risk of errors. Employees can complete their tasks in less time because they can find all the information they need about their business (product, order, stock, or customers) in the system when they need it without having to ask their colleagues or search through archives.”
Stekas sees digitalization as a huge advantage when it comes to accounting processes. Vipartas also puts great emphasis on the two main aspects: first of all, invoice digitalization helps companies save on human resources as the accountants can work more efficiently; and secondly, and most importantly, it practically eliminates human errors. He explained that mistakes can often not be avoided during the initial manual entry of documents by accountants, and when they are noticed later, this often causes great problems to correct those errors.
Focus on finding and combining solutions that fit your needs
As Softera Baltic and Stekas representatives pointed out, the main problems that companies face when it comes to their accounting processes are making their workforce more efficient, enabling them to work from a distance, eliminating manual repetitive tasks that produce faulty data, and gaining a better overview of their financial documents. Finbite offers solutions to all these problems that are easy to integrate into existing processes through ERP integrations. The UAB DAT example shows that you can start small at first and scale later. ,,The integration process went very smoothly and quickly. As the Finbite product met our expectations, it was decided to roll it out to other companies in the group,’’ said Chief Accountant Živilė Penkauskaitė. The integration process is smooth, and API based – digitalization mailbox is created and invoices get digitized through it. After that, digitally confirmed invoices are moved automatically to the accounting system. “We have saved and continue to save a lot of precious time – both in the confirmation of invoices and their automated entry, and we avoid human errors – which would have required additional time to correct,” said Linas Steponavičius , the CEO of MB Megameta, only after few months with the new process implementation.
- Invoice digitalization – a must for every business that receives invoices and enters data into an accounting system. Why enter and correct data manually if this task can be automated and given to OCR and/or AI? Data from the invoice is recognized and entered automatically, with 99% quality, and can be imported into the ERP or accounting system automatically.
- Digital expense reporting – while on a business trip, it is better to concentrate on the goal and not on collecting receipts and later delivering them to the accountant to claim expenses. Take a picture of the receipt as you go and send a structured report to your manager to confirm. It takes only a couple of minutes, and the accountant can issue reimbursement much faster.
- Invoice confirmation tools – there is a better way to confirm an invoice than to physically sign it or send it via email to your colleagues or manager to approve. Confirmation flows can be started automatically, and everyone involved can track changes in real time. Invoices can be confirmed automatically, based on sums and limits, with just a few clicks from any smart device.
- Digital archive solutions – document archive without folders and boxes, easy filtering options, access to an online e-archive anywhere any time.
Unlocking new potential through digital solutions
In a data-driven world, there are various smart solutions that can be used for collecting and storing vast amounts of business data that can be analyzed from different angles. For example, when it comes to invoices, PDFs are easy to store, but the data in them is difficult to analyze. Digitized invoices give us business data that is the basis for the rapidly expanding possibilities of analytic tools, which helps to discover new opportunities for your business..
It’s time to revolutionize your business operations and unlock unparalleled efficiency. Start using professional invoice management services today and experience the transformative power of streamlined processes. Say goodbye to manual data entry, cumbersome paperwork, and missed payments. With our advanced solutions in invoice digitalization, confirmation, and archival, you’ll enjoy seamless invoice processing, improved accuracy, and faster payment cycles. Don’t wait – take the first step towards a more efficient and productive future for your business. Get started with our invoice management services now, and for the first 3 months, you get a –30% discount when using the discount code VZ30.
