Fintech Trend #1: Your accounting is going digital

Do you have an external bookkeeper? Do you end up taking a box full of receipts to your accountant every month? Do you have a real-time financial overview of your results? Do you still need to print out documents and sign paper copies before scanning and sending them? There’s a good chance that this is exactly what you’re doing.

Our survey showed that most of you can’t wait for the full digitalisation of your accounting documents and processes. 68% of respondents define a completely digital accountant as one of the most important future developments within FinTech.

‘Taming the paper tiger’ in the office is a challenge for both internal and external bookkeepers. The launch of a digital solution would not just mean a change of behaviour but also a change in how we work with customers. Ease of use and precision are key factors here, vital for enabling customers to see and accept the benefits of the digital solution.

Once digitization has begun – on both sides – it will be possible for the bookkeeper to adopt a more advisory role. This will deepen the partnership between the two parties and lead to a more sustainable relationship. Customers will be happy as they will have real-time financial data on their mobile devices and no longer need to print, scan and email.

Bookkeepers will also experience more satisfaction as a result of the efficient service and expertise they can offer. The proverbial shoebox full of receipts will be replaced with a constant stream of digital documents. There are numerous advantages: no more peaks at the end of the month for the bookkeeper, no need to enter invoices or bank statements manually and a transparent process for businesses, which can now monitor their accounts at a digital portal.

At Isabel Group, we are firm believers in this evolution. As a result, various solutions are already available for parties wishing to digitalise their accounts. Both purchase and sales invoices can be sent and processed directly in your accounting package, whether or not you use the PEPPOL network. In recent months, SD Worx, Liantis, Proximus and Belfius have subscribed to the CodaBox invoicing service. More major clients will follow their example in 2019. You can also receive your wage documents, bank statements and other documents digitally with CodaBox and ClearFacts.