Electronic financial administration

In the financial sector, and especially outside it, there has been a long debate on automation of work, robots doing accounting and the transition of financial administration to a fully electronic format. However, in the past the truth has been something else, especially for SMEs and many accounting firms. Rows of files and stacks of paper were once a very common sight in accounting firms, and many companies are used to submitting their monthly data in paper format to their accountant. It is only in the late 2010s that electronic financial administration has reached such a level of functionality, practicality and efficiency that it can be said to save time and resources for both the company and the accounting firm in almost all cases.

What is electronic financial administration?

When the financial administration of a company is fully electronic, all accounting records, including all receipts and partial accounting records, are in electronic form. This means that invoicing, sales and payables accounts, statements of account, payroll, monthly accounting, management reporting and financial statements are all done electronically and generally primarily through the cloud. Also, the filing of receipts and financial statements required by the Accounting Act is generally easy in electronic financial administration, with documents, minutes and contracts also being consistently stored in the cloud archive. Electronic account statement with postings help to keep track of the audit trail in accordance with the good accounting practice. While fully electronic financial administration is a goal, it is not always feasible or functional for a company, and it is the job of a competent accounting firm to discuss and find the best solution for each client. You can read more about accounting and financial reporting here.

Financial applications as a part of your daily business

The most important tools of electronic financial administration are financial applications. Modern applications run as cloud services, so they are available anytime and anywhere. Fiscales Oy uses Procountor and Netvisor software, which are versatile and functional financial administration solutions. Based on state-of-the-art cloud technology, this software provides tools for invoicing, sales and payables accounts, payroll, financial reporting and tax filing in full electronic form. It is possible for a client company to handle real-time with its accounting firm invoicing, sales and payables accounts, invoice posting and payments, reducing the delays in everyday operations and reducing the workload for both the accounting firm and the client company. A company may have a very light version of the financial administration application with only features that are appropriate for the current situation. As the business changes and expands, services of the financial administration application can easily be expanded and eventually fully electronic solutions can be achieved for financial administration, effectively eliminating paperwork.

Sharefile used by the client and the accounting firm helps everyone’s work

We create electronic folders for our clients making it safe and easy to use and archive documents.

Role of the accounting firm in electronic financial administration

Above all, Fiscales Oy provides its client with the most functional and versatile environment in which electronic financial administration is implemented. As financial administration applications need to serve the client in addition to the accounting firm, our goal is to find the right electronic financial administration solution for every need. A client of an accounting firm can easily think that using electronic services and learning how they function are left for the client. However, the role of the accounting firm is to support and advise the client not only in financial administration but also in the use of the applications - it is an integral part of the service. Whether it is electronic financial administration applications, MyTax service or electronic filing, our role as an accounting firm is to help in using them and to ensure that business operations are as easy and functional as possible.