Digitalisation in business means a fundamental change in the way a company operates. Information technology becomes the core of the company and the company operates in a digital environment. The use of modern technologies not only helps to save time and money, but also provides a company with an important competitive advantage.
In today’s world, digitising data should be a priority for businesses. It enables companies and organisations to transform their previously manual activities and processes into technology-enabled systems. This is a direction that is already irreversible. The question is not what to digitise, but how to do it effectively and when to take up the challenge. This also applies to accounting departments as a vital link in the functioning of a company, providing knowledge of its financial health, assets and liabilities.
Evolution of the accountant’s role
The nature of accounting is constantly changing and the role of accountants and the demands placed on them are being redefined by the increasing complexity of financial regulations and business needs. In addition to the constant updating of their specialist knowledge of accounting and taxation, accountants must also demonstrate their technical competence. Technology is also entering the world of accountancy. Optical character recognition (OCR), electronic document circulation, automation and robotics of processes, digitalisation and integration of various systems, not only accounting systems, through to artificial intelligence, are the current trends that are determining the direction in which accounting is developing. Another noteworthy trend is the outsourcing of accounting processes, i.e. the delegation of accounting services to external companies specialised in this field. The core of their activity is the provision of high-quality accounting, tax or HR and payroll services.
Modern accounting is based on digitalisation, automation and robotics, as well as on the provision of expertise in the wider field of finance. The traditional accounting model, based on paper documentation and manual processing and archiving of data, has become inefficient in the face of modern technology. It is fraught with the risk of errors and delays. Accounting is therefore undergoing a revolution of its own – not only through document digitisation, that is the converting of paper documents into digital form – but also through process improvements and automation, resulting in faster and more accurate data management – from document collection and processing to reporting, both managerial and fiscal.
Accounting digitalisation: key steps to optimise processes
Digitalisation of accounting can be done in several steps:
- Data capture – it’s important to have a proper electronic workflow system that captures data properly and passes it on to the next people in the approval process.
- Document processing and data reading – for example, using Optical Character Recognition (OCR) techniques to replace manual registration of a document by the user with automatic reading and insertion of the required data into the appropriate fields.
- Document approval – digitising the approval process streamlines the process, making it more structured and efficient.
- Document posting – documents that have been approved electronically are automatically posted to the integrated accounting system. The original external document is ‘pinned’ to the accounting entry.
- Data reporting – the automation of reporting, for example through appropriate and direct queries to the database, enables the efficient and timely delivery of aggregated information in a form tailored to requirements – providing the timely and specific information needed for financial analysis.
- Electronic archiving – includes the storage of long-term processed documents, which not only saves physical space, but also makes it easier to find the source document and audit the documentation.
Accounting in this way enables full control within the organisation. It provides continuous insight into processes, tasks, accounts and reports from anywhere, at any time.
KSeF and digitalisation: new standards in invoicing
The digitalisation of accounting is also being forced, to a certain extent, by the digitalisation of tax reporting. It is already obligatory to provide the tax authorities with properly structured and formatted data – in the form of .xml files – such as. VAT returns with records as JPK_V7M files. Other uniform control files are delivered on request (JPK_KR – accounting ledger, JPK_WB – bank statement, JPK_MAG – warehouse, JPK_FA – VAT invoices, JPK_FA-RR – VAT invoice to flat-rate farmers, JPK_PKPIR – tax income and expenditure ledger, JPK_EWP – income register). From 1 January 2025, the largest taxpayers will face other mandatory schemes, i.e. JPK_KR_PD and JPK_KR_ST for reporting books, records and lists kept for income tax purposes and fixed and intangible asset records. Other taxpayers are not exempt from this obligation. However, they have been given more time to adapt to the changes and provide the relevant documentation. The financial statements – the most important accounting document of the company – are now also in the form of xml files according to the relevant schemas. Sending documents to the tax authorities is already almost exclusively done electronically. The preferred way to interact with the authorities is through dedicated e-office platforms, which are gradually expanding the range of services available online.
Key aspects of KSeF implementation
Another major change for business operations is the introduction of widespread electronic invoicing through the National Electronic Invoicing System (KSeF), invoices that meet the requirements of the National eInvoicing System – both on the sales and purchase side. Therefore, the preparation and effective implementation of this change is a major challenge for companies. Implementing e-invoicing is a complex and comprehensive process that requires a series of analyses, including the appropriate mapping of invoice data to ensure compliance with legal requirements, the adaptation of business processes, the testing of implemented solutions and the comprehensive training of employees responsible for the entire process. Support from experienced experts is invaluable in managing the process of this complex transformation.
The digitalisation of accounting is therefore a challenge that is not only transforming the industry, but also constantly improving it. The latest technologies are expanding the role of accountants, enabling them to provide a comprehensive service of the highest quality. As the industry evolves, new technologies will become an integral part of modern accountancy practice. Even today, accountancy is in a state of flux, with a constant need to learn, adapt and evolve.
