The digital experience in accounting services

Times change with each technological advance and accounting services have been no exception. In the past, an accounting service provider, like a guard on a watchtower, had an overview of the economic realities as these occurred from a third-party perspective and used to process them and translated them into a common language to develop and present a product that was useful for the decision-making of their clients. This meant that the accounting processes were carried out separately and simultaneously with other company processes, many times at different speeds.

This reality has been profoundly transformed by technological advances. At present, an accounting services provider must offer an information system that can integrate accounting processes with the rest of the company processes, eliminating inefficiencies and providing continuous information. Processes such as document management, invoicing, collections from clients, expense reporting and supplier payments, which were previously handled in separate systems or even in Excel, now feed the accounting process in real time using a practical, secure, and affordable system.

The technologies that have given rise to this new accounting service paradigm are:

• Automation and robotization, which have significantly reduced the time incurred in manual and repetitive tasks, and in processes that would normally be carried out by a person, replicating their actions based on instructions provided to a system.
• Digitization and cloud data management, introducing a collaboration and involvement perspective in financial processes, cost reduction in physical infrastructure and space, and especially the flexibility of access information - wherever and whenever from any device with an Internet connection.
• Advanced analytics that allow us to exhaustively use large available databases to determine strategies and make optimal decisions.

In the “new normal” a company seeking to hire accounting services must select a provider whose information systems offers the following:

1. Easy access to data for timely decision-making.
2. Security and confidence in auditable and certified controls.
3. Digitization, to eliminate the use of paper.
4. Automation to reduce time invested in mechanical and routine work.
5. Integration with core operational processes.

With this new paradigm of accounting services, companies will be able to access useful, fast, up-to-date, and instantaneous information, and professionals will now be able to focus on data analysis, processes optimization, and advisory on issues with financial effects on the company.

Interested in outsourcing your company's accounting? At BDO Peru we have the experience, professionals and digital support to support you through our Digital Accounting Outsourcing services.

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