‘No hands accounting’? It’s when your bookkeeping is fully automated, saving you a significant amount of precious time. Real-time invoicing is the first step – and it’s soon on the way.
‘No hands accounting’ sounds pretty futuristic. And to be honest, there’s still a way to go before it becomes a reality. But even today, you can still start cutting down on plenty of those mind-numbing manual tasks. For example, did you know that more than 80% of purchase invoices are processed by hand? If that includes you, well, please stop. Right now.
The real purpose of accounting
Let’s get back to the real purpose of accounting: accumulating and reporting on financial information about your business performance, financial status, and cash flow. That all gives you the valuable insights you need to make solid management decisions. Are you in a position to invest in new machinery or a larger warehouse? Are you ready to expand into new markets or countries? Should you borrow money to launch a new product? To make the right move, you need the right real-time data.
OK, as an entrepreneur you have better things to do than the bookkeeping. And guess what? You aren’t alone. That’s why most administrations are outdated. In fact, administrations managed by entrepreneurs are 17 days behind on average. Think that’s bad? Well get this: administration’s managed by accountants are an average of 45 days behind. But don’t blame the accountant. Entrepreneurs using an accountant for bookkeeping purposes, put their invoices etc in a shoebox and bring it to their accountant as late as possible. So how can you possibly make the right decisions or gain good advice when your data is so out of … date?
Time for a change
Exact wants to change things for the better and we’re starting with real-time invoicing. We aim to reduce processing time from the average of 16 days to mere seconds. How? we hear you gasp. Well, the plan is making it easy for you and your suppliers to use electronic invoicing. Sending and receiving electronic invoices dramatically speeds up processing time. It not only eliminates manual data entry, but also the risk of error that entails.
The secret to success is PEPPOL (Pan-European Public Procurement On-Line). We are busy integrating this European e-invoicing network into Exact right now. And when it’s ready in the second half of 2017, you’ll be able to send and receive electronic invoices to and from your customer and supplier using PEPPOL. Smart technology even detects whether or not they are connected. ‘No hands accounting’? It’s not as far off as you might think.