Digital transformation of business financial management

Centralize information and integrate areas: that is the purpose of a digital transformation. In this case, we will talk about how to transform financial management to meet strategic objectives.

The financial management of a company represents a backbone, since it is the one that shapes the bottom of the business strategy. In this sense, we cannot think of a business technological transformation without including accounting responsibilities within it.

And it is that today companies face the great challenge of extracting and processing data in real time, to redesign strategies and find new business opportunities. It is time for the financial directors of the companies (CFOs) to understand that they must think about new practices that allow the optimization of their processes and facilitate their integration with other areas of the organization. These are some technologies that can be implemented.

Robotic Process Automation (RPA)

Removing repetitive tasks from people and leaving them in the hands of robots or software tools  this is what RPA enables. As explained by Ignacio Ignacio Carou, general manager of  2NV , in the article  Robotic Process Automation: the trend that brings robots to offices , accounting and financial management is exposed to daily tasks such as registering invoices payable and receivable , the management of approvals and others, which are usually very exhausting. Now, with the implementation of this technology, all this information is stored automatically, accurately and without possible human errors.

SaaS Solutions ( Software as a Service )

The key is in the use of clouds. Yes, share information in real time and from anywhere. Centralizing the relevant information for financial management in one place allows you to store large amounts of files. With these  services , companies do not need to install software systems , but rather it is possible to access them from an Internet browser. Thus, program update problems that delay the operation are avoided.

Technology will not replace human talent and should not be seen as an ultimate goal, but as a means to achieve business objectives.

Electronic billing

It is about the evolution of the traditional method to a process in which the invoices are generated by means of a  software,  which implies a saving in printing and delivery costs of the documents. In addition, it allows you to store all the information easily and safely. According to the  DIAN , it has the same legal validity as a paper invoice and can be received by email, software  or  a server. To implement this model, you must have tools that meet the technical specifications required by the DIAN and a digital signature certificate.

How to invoice electronically?

  • Through self-developed software.
  • Through a technological ally like Cadena. Find out about our electronic invoicing service here.
  • Using the free billing service of the DIAN.

And all this for what?

In addition to productivity and optimization, including technological transformation in financial management guarantees assertive decision making. The CFO is a key ally for the management of the company; because, as explained in the publication Financial Transformation: A More Strategic Business Partner, “through technology, critical accounting and finance data is always available, without the need to wait ‘close’ once a month to know how the company is doing. Download the full publication here.



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