Digital accounting

Digital accounting – what does it mean?

Business textbooks see a company’s operations divided into real and monetary processes. Real processes are the actual processes that the business is composed of; acquisition of production factors, and production into goods and provided services. Business’s real processes are made of a various of factors depending in the practice and production chain.

For every real process in the chain, a monetary process is automatically generated. The monetary processes are therefore a depiction of the real processes, only in the form of capital transactions.

A company is often evaluated according to the monetary processes. Goals of a business are normally monetary, which allows the performance evaluation to be done by dissecting the monetary processes. By neglecting critical analysis of the real processes, the portrayal of the business as whole can be lost and prerequisite business factors vanish.

Accounting as a depiction of the business

Before the creation of financial administration software’s, the monetary processes were purely evaluated through company accounting. Accounting is a statutory obligation, but it can also be a valuable source of information of the economic situation of a business. Digital accounting has taken huge leaps forward, even more, than is generally perceived.

The monetary processes of a company can be managed and followed in real-time by using digital accounting. In addition to having real-time information of the monetary processes, digital accounting can be used to extract information from any part of the real processes. Prior to the existence of digital accounting, such information was very difficult to obtain. The information available at the moment, is only limited to your imagination.

Accounting, a statutory obligation and a useful source of information about a business and its efficiency, can be much more by transitioning to digital accounting. Digital accounting covers all the digital software’s used to administer the monetary processes of a company.

Tietotili uses the digital financial administration software called TietotiliOnline

We at Tietotili have developed our own software, TietotiliOnline,
that enables SME’s to adopt an efficient and cost-effective modern software to handle their finances. TietotiliOnline is network portal that enables a company to manage all the capital flows generated by real processes.

TietotiliOnline has separate modules for all the essential business features:

  • Receiving purchase invoices, their circulation, and purchase ledger
  • Sale invoicing, receivables, automated booking and sales ledger
  • General ledger, reportage, and taxes
  • Cash-flow management, bank account tracking, domestic and foreign payments.
  • Modern in-depths reports of the information, traditional reports. (pdf)
  • Online access to the archives
  • Transaction are up-to-date everyday. Transactions from bank accounts are automatically updated overnight. All the entries are available up to the previous day each morning. All this information is available vie internet portal by laptop or tablet device, even from the pier of your cottage.

Initializing of the software is fast and inconvenient. Changing your accounting company is simple, all we need is a commission agreement and proof of termination of the prior contract. By mandate we can also take care of the contract termination on your behalf.

Are you ready adopt the advancements in accounting for your company?

Switch to Tietotili. Let us help you reach real-time accounting standards immediately, and you will be astonished how you ever got by without us.

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