The need for digitalisation arises for accounting activities, which are typically carried out in the client's office rather than in the client's office, or by staff working from home, so digital documents are needed.
Typically, the digitisation of accounting is done by scanning the company's paper documents with the client's own multifunctional machine and uploading them to the location specified by the accountant. If you use our DocIT system, the document is then also optically character recognised (OCR).
Data can then be recorded using traditional manual recording, but also with the help of artificial intelligence.
In the case of domestic invoices, data from a digital source is already available from the NAV, which can serve as a control function, but it can also be the primary source, in which case the content must be matched with the scanned documents.
The same is the case for bank statements, where the PSD2 directive has led to the development of banking interfaces through which they can be made available from a digital source directly from the bank or downloaded from an aggregator company.
While auditing is a less regular activity and does not typically require data recording, it is also facilitated if all accounting records are available digitally.
The benefits of digitisation for accounting and auditing:
- The documents transferred are immediately available, reducing the campaign nature of the accounting
- Documents can be accessed remotely, allowing teleworking
- Data capture can be assisted by artificial intelligence
- Free text search helps you find a specific document
- In the accounting system (as far as it allows), the document can be displayed visually by referring to the digital archive
Lending schemes do not usually include the underlying contracts for the loans, nor details of the collateral contracts. This is because these systems are primarily concerned with the financial performance of the loans, calculating interest rates and costs.
Contracts are needed when loans need to be renegotiated due to default, stock needs to be sold or, as a last resort, collateral needs to be enforced. In these cases, however, it is essential that the contracts are available quickly and in good quality. Digital document management can provide a solution.
Promptness is important because in certain proceedings (such as bankruptcy and liquidation), failure to file a claim is a statutory offence. And quality is important because if it turns out that the contract is not valid in whole or in part, for example because it has not been properly signed, there is also significant economic damage. Our data processing service can effectively help avoid this.
As there are flaws in the functioning of any organisation, it may be worth digitising loan and collateral contracts and checking their completeness, validity and consistency with the data in the banking systems as a preventive measure. Prevention is important because if there is an error or omission, it is obviously easier to correct it as long as the customer is solvent.
During the project we will digitise and OCR the contracts. Then, using artificial intelligence, we can carry out checks such as:
- Whether the signatories to the loan agreement are consistently indicated (the name of the person whose name appears in the main text at the time of signature) and whether they legally represented the financial institution at the time
- Whether the main details of the loan agreement (names of the partners, amount, maturity, etc.) match those in the banking system
- Whether there is a pledge agreement for the collateral and whether it is notarised
- Whether the main data of the pledge contract (names of the partners, amount) match the data in the banking systems
- If external control information is available (e.g. Takarnet, MOKK collateral register), the comparison can be made with them
In the healthcare sector, digitisation is most worthwhile because of the length of time documentation needs to be stored: for example, X-rays need to be kept for 30 years and surgical documentation for 50 years. This is such a long time that digitisation can pay for itself in storage costs.
Existing paper documentation should therefore be digitised, while for new documentation it is advisable to avoid paper production altogether and to use an efficient document management system apply. For example, documents can be authenticated by the doctor and the client using a biometric identifier.
The benefits of document digitisation in healthcare institutions are therefore:
- Lower lifetime storage and search costs
- Documentation can be made available to patients from the system
- The information from the finds can also be used for scientific research and to market new services
In the course of legal and tax consultancy work, the firm typically encounters a large number of client documents, so it is not easy to store and search for them in an organised way, as the system of documents varies from firm to firm. Clients often provide documents already scanned. In addition, the proportion of documents that are already originally generated electronically is increasing. The three types of documents (electronic, paper scanned, paper) should be managed in one system, which is impossible without digitisation. This is the basis for effective document management.
The docIT system can be used to manage documents in a uniform way. It is also possible to subsequently OCR documents scanned by customers, making them searchable.
The benefits of digitisation are therefore:
- Uniformly organised storage of data
- Managing electronic and paper client documents in a single system and workflow
- Controlled access to client documents
- Searchable identifiers (date, partner name, document type, etc.) that can be trained using artificial intelligence
- Free text search
