Digital Accounting vs. Classic: Exploring the Benefits of Digital Accounting for Businesses

We are in an age where everything is constantly changing, such as invoice processing for companies. The classic methods are being replaced by more efficient ones and almost everything can be found more and more in online processing. The same is now true in the field of digital accounting. But how does it work exactly? What are the advantages? These questions are now discussed in more detail in the following article.

What is digital accounting?

In contrast to classic accounting, where numerous receipts and long waiting times are to be expected, these are eliminated in digital accounting. Digital trust, business plans, accounting, etc. are processed digitally and can be retrieved with the help of apps themselves. This means that all important documents are stored electronically and can therefore be accessed at any time without wasting time having to search for them in a folder. The software used for this are: Bexio, Sage or Abacus.

How does digital accounting actually work?

As already mentioned, it is much easier to retrieve desired documents because each document is already online. Even a tax consultant has less work to do, as he no longer has to cope with all paper coverings. Instead, the existing original coverings are scanned and then discarded. However, he must also pay attention to the completeness and correctness of a document. Despite all the simplifications, the classic tasks are not eliminated in digital accounting. This area of activity includes, among other things: the examination, the posting, the writing of the tax return, etc.

Advantages of digital accounting

The following section explains the benefits of digital accounting in more detail:

  • Receipts are scanned

By scanning, every document is available online, which is why it no longer has to be printed in paper form.

  • Available at the push of a button

Long searches for the right document are no longer necessary, as all excerpts are arranged and thus retrievable as quickly as possible.

  • Digitized receipts are available around the clock

No matter when you need access to your documents, you can easily and conveniently retrieve them around the clock.

  • No notes on original documents

If you want to take notes, you can easily note them on the dedicated note option instead of noting something on the original document.

  • Better control over your own company

If you always have access to your company’s finances, you can control it better and react faster.

  • Better communication with the tax advisor

Due to the online availability, it is possible to get in touch with your tax advisor faster and to get any questions or information answered as quickly as possible.

As has already been shown, digitization offers numerous advantages that save us time and effort. Documents can be called up whenever they are needed and clearly arranged. In addition, the documents cannot be damaged or lost. If you are now interested in learning more about Digital Treuhand, please contact the competent team of PrimeConsulting.


primeAD AG