Digital transformation is now considered the most important factor to help businesses transform and improve competitiveness. The Covid pandemic is both an opportunity and a challenge to accelerate that transition. The better prepared businesses will be, the more they will be able to withstand many difficulties and rise to seize opportunities while other businesses struggle to find solutions. In this important transformation, technology plays a role of leverage, helping businesses to thrive.
1. Economic situation and State policies related to digital transformation of small and medium enterprises
According to Mr. Nguyen Quang Vinh - General Secretary of VCCI and Executive Vice President of the Business Council for Sustainable Development (VBCSD) - the impact of Covid in 2021 is like a blow to all activities. economy in general and businesses in particular. Facing many difficulties, the State leaders and enterprises are gradually applying new technologies such as: Internet of Things (IoT), Big Data (Big Data, and cloud management system). .. to integrate information, accelerate transformation, connect and make executive decisions.
In the current challenging situation, businesses have been accelerating the wave of digital transformation. Businesses are beginning to realize transformation on a large scale, not only using tools and solutions, but also adjusting the scope of structures at the operating level, business systems and company culture.
Accordingly, the digital transformation in enterprises will go step by step from Doing - Becoming to Being, specifically as follows:
- Doing or individual digital transformation. At this stage, it can be seen that businesses are gradually experimenting with technology solutions, focusing mainly on connecting with customers and improving the performance of the hard supply chain. The scale of digital transformation has not yet become a common standard for the entire enterprise.
- Becoming is the stage of using technology for deeper changes in business operations. As can be seen here, the connection between the different parts begins to flow smoothly. Enterprises start digital transformation for accounting with optimal solutions to integrate sales data, import and export, and bookkeeping. In addition, the transformation process is also taking place strongly in the human resource management departments.
- Being is the ultimate stage of digital transformation. Virtually the technology integration is applied to all key departments. In this period, digital transformation for accounting is a top priority, as it is the backbone of financial operations and business operations. Besides, the smooth coordination between departments on the basis of improved technology to achieve the highest performance.
2. Digital transformation in financial and accounting management - the lifeblood of businesses to survive and develop
More than anyone else, the company's leader is the person who is most aware of the role of financial management in business operations. Digital transformation for accounting is the first requirement and must be maintained and upgraded continuously, to ensure that the bookkeeping and cash flow recording processes are carried out regularly and accurately.
The importance of passing arguments for accounting and corporate finance
- Reduce personnel and operating costs. If in the past, the recording of accounting books was done manually and required a lot of staff, then the argument transfer helps the accounting activities to be done quickly on the technology platform. This helps businesses reduce costs and create a transfer process between personnel levels.
- Minimize errors as much as possible. For businesses, processing hundreds or even thousands of input invoices every day will certainly be overwhelming. A proficient accountant must manually perform many steps to ensure complete items: information authentication, invoice data entry, data synchronization and document storage. The automation for accounting has proven effective when the data is recorded transparently, clearly, connected and with limited errors.
- Connect and create meaningful information. On the leadership role, business owners need to grasp the business situation accurately, serving for important decisions. Undeniably, technology makes linking data more efficient and faster. Therefore, passing arguments to the accountant is extremely necessary.
3. Steps to perform digital transformation for accountants
- Building a digital transformation strategy for businesses in the short and long term. At this stage, it is necessary to have a long-term vision of the business owner, to be able to grasp and join the trend in Vietnam and the world. Many business owners struggle to make decisions, losing opportunities to grow and gain market share.
- Prioritize the items that are important. As mentioned, the most important parts of the business need to be prioritized, including: finance and accounting, supply chain, human resources. The allocation of investment budget will help businesses achieve digital transformation progress in each stage.
- Work with a professional solution provider. Certainly, a single business cannot go through the digital transformation process on its own. Above all, businesses need to find business support units and are at the forefront of providing automation solutions for accounting.
4. Results of digital conversion for accountants
Bizzi is a professional unit, providing the first automatic invoice management solution in Vietnam. Bizzi solves the concerns of Enterprises, focusing on effective cost management, making the analysis and business decision making process faster and more accurate.
Using AI-based RPA (Robotic process automation) technology, Bizzi's intelligent bots work continuously 24 hours a day, helping to automate accounting, reconciliation, accounting, storage and checking time. information. Software accuracy up to 90%.
Two solutions Bizzi offers today:
- Process incoming invoices in bulk, reducing up to 80% time compared to doing it manually.
- Digitize the cost management process. Task management on the phone, quick handling. The whole process helps reduce 50% invoice processing costs
Thanks to the breakthroughs in the solution, Bizzi is now a start-up receiving investment capital of up to 3 million USD from the leading Fintech company Money Forward (Japan), the venture capital fund Do Ventures and Qualgro from Singapore. This is a certification for Bizzi's professionalism and right direction in Vietnam in the application of digital technology.
Image source:
https://accsurant.com/covid-19-is-accelerating-digital-transformation-in-accounting/