Digital Financial Accounting

Dominant process until now was paper-based financial accounting

Paper-based financial accounting is often a disadvantage for companies, for various reasons.
The original accounting records are not available in the company during the period that the tax consultant works on the accounting. Analyses about the financial accounting are generally available only several weeks after the end of the month, and if there is a tax audit by the German tax authorities, all accounting records have to presented in paper again. 

Digitally stored records also need to be printed out to ensure that the binder that shifts back and forth between the client and tax consultant is complete. After all the postings, the records are filed at the company. This means that the originals are archived: both the digital copies (which are saved on a storage medium that can be read for many years) and the paper originals in a traditional archive.

The process of digital financial accounting

Switching to a digital cooperation in the field of financial accounting significantly simplifies and speeds up processes and offers the business lasting benefits. The supporting documents (for example, incoming and outgoing invoices) are digitalized depending on how the mail was received. That means a document might be scanned or photographed with a smartphone or — if a document was already in a digital form when you received it, for example via email or on a portal — it is directly uploaded to DATEV Unternehmen online and therefore forwarded to the tax consultant.  The documents are digitally readout and the information is then ready to be used in a payment file for remittances. The accounting happens continuously as the documents are provided, and analyses are available faster. Each posting is linked to the corresponding digitalized document. Under certain conditions, the paper documents can be destroyed and all documents archived digitally. (For more information about this, please read the section about replacing originals with scanned documents).

 

We offer:

  • Posting of all your bank movements and accounting records
  • Managing the electronic cash book
  • Handling your payments
  • Taking over the dunning process

Advantages of digital financial accounting with DATEV Unternehmen online:

  • Avoid wasting resources by having to print digital receipts
  • Speed up the process by eliminating the following process steps: “assemble and send pendulum binder” and “take documents from binder and archive them” after the tax consultant has recorded them in the accounting.
  • Fast posting of everything that happens in your business, including ability to link digital receipts/documents with the corresponding posting records. This makes many things a lot easier, especially when preparing for tax audits.
  • Audit-proof archiving of digital receipts/documents
  • Reduce your archiving costs and/or free up space in your companyfor other purposes
  • Retrieve data that is needed to make a payment run

Video in German: Digital cooperation in financial accounting

Say goodbye to sorting receipts by hand. Find out in this video how you can benefit from the digital exchange of documents with me via DATEV Unternehmen online.
For more information, visit http://www.datev.de/unternehmen-online