The Importance of Internal Digitalisation in Accounting Service XY

The development of digitalisation is a new opportunity for information and communication technologies and the internet, which bring new system solutions and introduce different approaches to the use of digital technologies. An increasing number of companies are becoming aware of the importance of digitalising business processes and, consequently, their entire operations. Based on the estimate of time saved per employed accountant per month, the service could certainly offer additional advisory services to clients, as 70 per cent of survey respondents answered that in exchange for the time spent delivering data, they would like advisory consultations with an accountant. From the evaluation of the survey results, I can also confirm the stated hypothesis that the consequence of internal digitalisation will not be a reduction in the number of employees.

Problem

The development of digitalisation is a new opportunity for information and communication technologies and the internet, which bring new system solutions and introduce different approaches to the use of digital technologies. An increasing number of companies are becoming aware of the importance of digitalising business processes and, consequently, their entire operations. The concept will soon no longer be a trend, but will become an integral part of competitive advantage.

Digitalisation is a necessity that neither accounting services nor companies as clients of these services will be able to avoid. Although digitalisation brings automated and cheaper work, the development of new product and service offerings in many places, and the abandonment of tasks that have become redundant, much is being said and discussed about this in companies, possible strategies have already been prepared, but there are not yet any significant effects on operations. The greatest digital transformation is already being experienced by financial services, as well as by accounting services, which are forced to operate digitally due to the legal basis, whilst companies have not yet recognised themselves in this area.

Paperless operations in accounting services will increase significantly in the coming years, and by 2023 almost all accounting services predict such operations. Time and the acquisition of a greater number of important pieces of information are becoming increasingly important for successful operations. The greatest opportunities for companies are certainly in understanding and analysing digital data.

This is also important for accounting services, as they must become competitive and carry out their work quickly and with quality. Clients of accounting services must obtain information for their business decisions as quickly as possible so that they can make appropriate decisions with better risk management. In addition, accounting services will be able to devote more time to preparing analyses and providing advice on economic and tax decisions that are important for the client's operations.

Electronic data exchange can contribute to clients as well as to accounting services in terms of time savings for processing and archiving documents and thus in terms of costs, but the use of correct and quality technology and ongoing training of employees at clients and in accounting services are extremely important in this regard. In addition to companies as clients of accounting services encountering the advantages of digitalisation, they also encounter shortcomings. These are manifested primarily in low digital literacy and deficient e-skills, but there is a wide range of formal and non-formal education available on the market for acquiring these skills and knowledge.

We still also have companies that have their business headquarters where there are large areas of white spots alongside the existing infrastructure. Limitations and obstacles in capturing, storing and accessing digital content are also represented by regulations, which the state will have to regulate. Given the advantages and disadvantages described and highlighted in the diploma thesis for clients and the accounting service, digitalisation is certainly sensible and should be approached as soon as possible.

Solution and Method

Based on the estimate of time saved per employed accountant per month, the service could certainly offer additional advisory services to clients, as 70 per cent of survey respondents answered that in exchange for the time spent delivering data, they would like advisory consultations with an accountant. Digital transformation would introduce comprehensive changes in business models, procedures, individual productivity and relationships with clients, naturally using new information and communication technologies.

Results

From the evaluation of the survey results, I can also confirm the stated hypothesis that the consequence of internal digitalisation will not be a reduction in the number of employees. In view of all the above, the manager and employees at any level are an important link in digitalisation, as these are the links that ensure good operations and who must know how to use digitalisation tools with the aim of the most successful possible cooperation with all stakeholders in their operations. The effectiveness of introducing paperless operations will be shown in company XY at many levels; according to the research findings, it will be manifested primarily in: – increasing the quality of services, – expanding activities with new services and consequently acquiring new potential purchasers of services, – achieving greater efficiency and greater satisfaction of purchasers of services, – increasing innovation and competitiveness.

In the accounting service as well as in companies that are clients of this service, further digitalisation must be approached systematically, in a planned manner and in accordance with the development of the business environment. Thus, the service's services will have to be adapted to each client individually, depending on the digital channels that will enable clients primarily faster responsiveness and greater accessibility. Paperless operations will thus mean time and money savings.

Providers of accounting services will place greater emphasis on advising and supporting clients in terms of preparing data that clients will need for making rapid business decisions. There is no need for concern that the digitalisation of individual business processes would require individual organisations to reduce the number of employees. It is true that some tasks or procedures will no longer be necessary, but new procedures and tasks will be formed that will require additional staff.

Employees will have to know how to analyse data well so that the decision-making process will be easier. However, the digitalisation process will certainly not be introduced overnight. The entire process of implementing changes will be a major intellectual and procedural undertaking, as it will change the entire approach to work, procedures, the management policy of the accounting service and the way of operating in the accounting service.

This will be a process whose implementation will take years and years. Improvements and updates will be an integral part, as will staff training for successful work. In accounting services, management will most likely also encounter the problem of training staff to work with digital procedures.

Given that already today many procedures, data submissions, the creation of annual reports, etc., take place in software environments that the public administration has already transformed into digital ones and which are not simple to use, staff will have to be constantly educated and trained to carry out procedures in these business environments. As has already been heard many times, accounting services will also have to continue to employ staff who will have a great deal of IT knowledge. An accounting worker will therefore be an expert with very broad competences, as only with a wide spectrum of knowledge will he or she be able to provide quality services that clients of accounting services also expect, and will have a competitive advantage over other providers of such services.

The added value will certainly be in flexibility, adaptability, offering new individual services that will be adapted for each individual and for each individual economic activity. In the flood of providers of these services, it is difficult to remain the best if solutions for improvements are not sought daily. Digitalisation is therefore an opportunity that brings the accounting service simpler performance of tasks, more time for an individual approach and advising clients, optimisation of costs and, on the other hand, an opportunity for additional income.

Communication will be faster, further processing of documentation simpler, data will be processed more easily and quickly for various purposes. Documents will always be within reach, searching and archiving will be faster and simpler. And that is precisely why the transition to digital procedures in accounting services is so very important and necessary.