In the context of the digital economy grows stronger, convert numbers in accounting is no longer the trend that has become indispensable requirement for the business. If, as before accounting primarily focuses on recording and synthetic data, then this technology is helping organizations upgrade process, financial management to a new level: fast, accurate, more transparent.
The same Lac Viet Computing find out the detailed information related to the switch number in the accounting for business how through this article.
1. Convert numbers in accounting what is it?
Convert numbers in accounting can understand the process of business applications, digital technologies such as cloud, artificial intelligence (AI), big data (Big Data) or automation software to change the mode of recording, processing, analysis of financial information. If the former accounting based primarily on book papers or Excel file, then the current data can be stored on the cloud system, automatic updates, create reports in just a few seconds.
The important point here is to convert the number't just stop at the digitized data (transfer from paper to Excel file) but also re-designs the entire accounting process to increase speed, reduce errors and provides valuable information for higher leadership.
For example, a business using accounting software, cloud won't need an accountant, data entry each bill, since the system can automatically recognize the electronic invoice cost classification put into the synthesis report. Thanks to this, our team of accountants have more time to analyze cash flow and make recommendations to help leaders decisions quickly, instead of focusing only on data entry.
A study on the degree of conversion of in accounting in Vietnam showed the majority of businesses is only in the low to medium in which application is the most popular accounting software cloud, but the more advanced technology such as AI or big data analysis has not yet been widely applied . This clearly reflects the fact that many organizations and businesses are finding out information about digital transformation in accounting, but also conservatively ago, the investment cost and requires new skills.
2. Tendency to convert numbers in global accounting
In the world, convert numbers in accounting're going in three directions technology highlights:
- Cloud computing (Cloud Accounting): allows accounting staff to access data anytime, anywhere. This is the factor that helped the business to maintain continuous operation, particularly in the context of remote work. According to the Association of accountants of New Jersey (NJCPA), the cloud solution is becoming the platform standards for the accounting industry, replacing the system installed locally.
- Artificial intelligence (AI) automation: this technology has the ability to handle thousands of documents in short time to detect errors or fraud, at the same time make forecasts based on the data model. Thanks to that, the accounting staff can focus on analysis, advice instead of just performing craft.
- Data analysis advanced (Advanced Analytics): application of Big Data to help businesses forecast, cash flow, trend analysis, cost given optimal strategy finance.
Notably, a report about the financial services industry global shows the application AI and automation can help businesses reduce to 25% of operating costs at the same time significantly shorten the duration of the administration report. This figure shows the actual value that the business can get when deployed in the right direction.
With that context, it can be stated that convert numbers in accounting not only is technology trends, but also the solutions to help businesses increase competitiveness, financial control, transparency and decision support in a timely manner.
3. The mood convert numbers in accounting at the enterprises of Vietnam
3.1 the current Level is not high
In Vietnam, many business organizations are to find out information about digital transformation in accounting, but the survey results, the practice shows that the application level is not really high. A study was done on 200 businesses in many different fields showed that the application of digital technology in accounting is new in low to medium. In it, accounting software, cloud (Cloud Accounting) is the solution is deployed the most popular, but the technology more advanced, such as big data analytics or artificial intelligence, very little is applied.
This reflects the fact that many businesses still see convert numbers in accounting is just additional “support tool”, instead of a long-term strategy aimed at restructuring processes and enhance operational efficiency. With this approach, the accountant must still rely heavily on manual processing, which leads to the condition data is not mined utmost to create value for the leader board.
However, the application level is not high also opened the opportunity for the business to go ahead. The unit invested on switch number will quickly gain competitive advantage from the reduction in time reporting, cost control, better to take financial decisions accurately and timely.
3.2 differences by sector, scale
Application level switch number in accounting there are distinct differences between the industry and scale the business. According to the analysis from a recent survey, industry – trade services are demonstrating the ability to apply technology, accounting numbers better than the manufacturing sector or agriculture. The cause is because of the peculiarities service industries need to handle large number of transactions and vouchers every day, so businesses are forced to find solutions to automation to save time and limit errors.
Considering the scale of capital, the survey results showed that the business has the capital from 20 – 50 billion is the group level switch number highest. This is a business group has sufficient resources to invest in technology, there has been demand management accounting transparency to meet the requirements of growth. On the contrary, the business on 50 billion have application level of lower, cause usually come from system administration complex process bulky, making the changes encountered many barriers.
This suggests that, with each industry scale ranging strategy to convert numbers in accounting also need to be adjusted accordingly. Small and medium enterprises can start from the simple solutions, such as software, cloud accounting or invoicing system process electronic invoices. Meanwhile, big corporations need to pay attention to the synchronization of data between multiple departments, integrating the platform ERP enhanced data analysis to strategic decisions.
4. What factors affect the rate of conversion of in accounting
The switch number in the accounting depends not only on whether a business has “purchased software” or not but also affected by many factors inside and outside the organization. Understanding these factors will help the business to choose how to implement appropriate risk reduction optimal investment performance.
4.1 capacity development, information systems
According to a survey in Vietnam, there are up to 74% of business reviews this is the most important factor in the transition number. An information system weakness will cause accounting data is scattered, difficult synchronized tapping so hard to serve the decision.
On the contrary, powerful system will help businesses easily connect departments, process automation and access reports in real-time. For example, if the enterprise application software, cloud accounting, integrated with the sales system, the entire transaction data will automatically transfer to accounting without the need to enter manually.
4.2 sync business processes and information systems
About 70% of businesses surveyed confirmed this is the key element. If business processes and accounting systems do not “talk” to each other, the switch number will only create more complex instead of optimal.
For example, a manufacturing enterprise application software, accounting software, modern but not associated with warehouse management software, then accountants still have to input manually the number of materials which can easily cause errors. The sync process from the beginning will ensure the continuity of data, increase the precision.
4.3 culture and mindset of leaders, hr
Technology is just a tool, the success depends on how much people accept and use it. In Vietnam, many accountants are accustomed to working under old habits should be afraid to change, while the leader has not considered number conversion is long-term strategy. If your construction business is culture encourages innovation, continuous training, conversion speed will be significantly faster.
4.4 financial Resources, personnel
Convert numbers in accounting doesn't necessarily have to invest too big but still requires businesses allocate budget and planning, personnel training. The small and medium enterprises often have difficulty in this stitch.
However, according to a report by PwC, the business properly invest in financial technology can increase productivity accounting to 30% thanks to automation (PwC). This shows that the cost of the initial investment can be completely offset by the long-term benefits.
4.4 legal Framework, regulations, related
In Vietnam, legal regulations about electronic invoicing standards, international accounting (IFRS) and the tax policy is constantly being updated. This is both motivating conversion number, is both a challenge for business. If the business is slow to adapt, the accounting system will not ensure compliance, risk and legal.
In summary, the conversion speed number in the accounting depends on the combination of several factors: infrastructure, technology, processes, people, financial, legal. Business does capture well prepared these factors will have the advantage to go faster on the digitization process.
5. Opportunity & challenge when the switch number in accounting in Vietnam
5.1 opportunities
Convert numbers in accounting brings many practical value for Vietnam business:
- Increase operational efficiency: Many studies indicate that the business application of digital technology can reduce 20-30% of the time processing vouchers help accounting focuses on job analysis consultants instead of data entry.
- Ensure accuracy and transparency: the Data digitized limit errors manually, reduce the risk of fraud and support internal audit more effective.
- A decision fast accurate: The accounting system number now allows financial statements to be updated in real time, help leaders seize the right business to timely adjust the strategy.
- Enhance competitiveness: Business apply the converted number will soon have an advantage in meeting the requirements of international partners, especially when Vietnam is increasingly deeper integration with the global markets.
5.2 Challenges
Besides these opportunities, organizations, businesses are finding out information about digital transformation in accounting also faced with many difficulties:
- Technical infrastructure is uneven: Many small and medium businesses no platform stabilization technology to deploy.
- Teen number skills in accounting team: Many employees are accustomed to working crafts, yet ready to receive the new technology.
- Investment costs, maintenance: A number of business concerns initially higher costs, despite the fact that the long-term benefits can be outstanding.
- Hard sync process between the parts: recent Research indicates that Vietnamese businesses often have difficulty in the integration of the accounting system with the parts such as inventory, sales, or personnel, lead to data fragmentation.
Can see, opportunities and challenges coexist. Any business initiative to overcome challenges by building clear roadmap, training of personnel, selection of appropriate technology will be able to take maximum benefits from the switch number in accounting.
6. Route suggestions deployment convert numbers in accounting for business
Step 1 – assess the current state IT and accounting procedures existing
Before you start, enterprises need to survey the entire accounting system, technology is used. This includes the review of accounting software, the way the input stage of approval documents and the process of reporting.
Many businesses are still using Excel or other software, discrete, leads to fragmented data, hard sync. The thorough evaluation to help determine where is the “point of congestion,” it is time-consuming costs from that facility to plan digitized fit.
Step 2 – Identify the specific target
Convert numbers in accounting should not be conducted in a generic way, without need to set clear goals. For example, the business may be directed to:
- Reduce 30% of the time financial reporting.
- Automate 80% of the stock from the input.
- Provide financial data in real time for leadership.
The quantitative objective to help businesses easily measure the effect, at the same time convincing the board of investment on technology.
Step 3 – Choose the appropriate technology
Not business would also need the solution too complex. Small and medium businesses can prioritize the accounting software running on the platform cloud computing (Cloud), cost savings and easy to expand.
With big business, the combination of technology automation (RPA – Robotic Process Automation) to handle vouchers and AI to analyze financial data will bring outstanding value.
For example, an AI system can analyze operating costs for many years to forecast cash flow in the quarter to support leadership decision fast and accurate.
Step 4 – build the internal capacity
One of the great challenges of convert numbers in accounting is the change in the culture and team capability. Accountant capital familiar with the way the tradition may have difficulties to use the new software.
Therefore, businesses need to implement training programs on technology, the process of data security. In addition, leaders need to clearly communicate to employees understand the benefits of convert numbers from which actively receiving change.
Step 5 – track to measure efficiency
Conversion number, not one-time projects, which is the process of continuous improvement. Businesses should set the measurement indicator (KPI) such as:
- Processing time discount vouchers, how many percent.
- The percentage of errors accounting lose out why.
- The cycle of financial statements shorten how.
7. Solution AccNet ERP integration of AI in financial conversion of business accounting
In the context of the organizations and enterprises are finding out information about digital transformation in accounting, needs not just stop at the digitized data which is to improve operational efficiency, enhance decision-making abilities. AccNet ERP privacy is one of the avant-garde solution to meet this goal by integrating AI Financial Agent help turn digitize accounting of an intelligent process more flexible.
Why AccNet ERP stand for?
AccNet ERP not only is accounting software commonly used which is a management system, financial accounting comprehensive built by Lac Viet, the brand software with almost 30 years experience in Vietnam, understand the standards local accounting (VAS) and the ability to expand to scale the business. This solution fits medium and large businesses, especially in the areas of production, trade, logistics, process complex accounting needs high accuracy.
The biggest difference of AccNet ERP is the AI Financial Agent. This is not only a tool to automate simple, which is a smart assistant can:
- Analysis of financial statements a context: AI does not present only data, but also to explain – for example, if profits fall, the system will indicate the cause as input costs rise or revenues fall.
- Proposed solution action: When it detects a problem, the system can hint to cut unnecessary costs, focusing on potential customers or accelerate the recovery of the debt to improve cash flow.
- Report personalize according to role: CEO, CFO or accountant will file reports in accordance with location, the target of his work, including with commands using natural language such as “quarter revenue 2 reduce how much percent compared to quarter 1?”.
- Learn to adapt over time: AI does not stand still, it calibration results based on data and behavior using the fact from the business, increasingly “smarter” than.
ACCOUNTING SOLUTIONS ACCNET ERP INTEGRATED AI AUTOMATE ALL BUSINESS
AccNet ERP is a software solution financial accounting integrated in the management system, comprehensive enterprise, which is developed by Lac Viet corporation. Difference highlights of AccNet ERP is the app artificial intelligence (AI) in many accounting process to help businesses:
- Automation of accounting and classified documents.
- Improving the accuracy in data control.
- Shorten processing time business accounting – financial.
Thanks to that, AccNet ERP not only is support tool but also a “smart assistant” with the business in financial management transparent effect.
Feature highlights:
✔️ Automatic accounting vouchers, collate public debt thanks to AI.
✔️ Manage your finance – accounting multi-branch, multi-subsidiary.
✔️ Financial statements consolidated standards of Vietnam & international (VAS, IFRS).
✔️ Cash flow management, budgeting, forecasting the exact cost.
✔️ Connect with the manure management system, hr, production, sales to sync data.
✔️ Integrated AI technology in data analysis, risk warning and proposed optimal scheme.
TYPICAL CUSTOMERS ARE DEPLOYING ACCNET ERP
Nitto Denko – control production costs thanks to the application of accounting costing: Nitto Denko has chosen solution AccNet ERP to deploy the system accounting calculating cost ofhelp business control costs more effectively in the production process. After a period of use, company, highly effective, practical system that brings, as well as the degree of stability superior to other software in the market.
• ANTESCO – restructuring process works with management accounting operation: At ANTESCO, our team of consultants and deployment of AccNetERP has collaborated closely with the business in the first phase, reset the standard process and construction work-flow related departments throughout. The solution has helped ANTESCO significantly improve management capabilities, operating in a synchronized way and versatile
• Khatoco – expansion pack solution AccNetC after the successful implementation of original: Vietnam has successfully deployed package solution AccNetC for trade co., LTD Khatoco in Nha Trang, according to the agreement signed on 29/07/2014. After the system is first put into operation efficiency, Khatoco intends to continue cooperation and expand the distribution finance – accounting and retail management with AccNetC, expressing the deep trust in implementation capacity and quality of service from Vietnam.
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INTEGRATED AI ACCELERATION CONVERTER OF ACCOUNTING
AI in AccNet ERP't just stop at automate data entry, but also:
- Identification & classification certificate from smart: AI scan, read & sort invoice, voucher, receipt, limit errors due to input manually.
- Financial forecasting & budget: the system uses algorithms machine learning to forecast cost, revenue, business support decision fast.
- Warning risk accounting: AI to detect abnormalities in the book, from which timely warning of false or fraud risks.
- Reports assistant smart: AI suggested report template, automatic data aggregation support, leadership, financial analysis instant.
BUSINESS IS WHAT WHEN IMPLEMENTING ACCOUNTING SOFTWARE VIETNAM?
- Experience more than 30 years develop software solutions business management in Vietnam.
- Ecosystem of comprehensive: AccNet ERP easily connect with other solutions of Vietnam (HRM, Workflow, Portal...).
- Advanced technology: Integrated AI support, cloud & on-premise flexible.
- Services dedicated support: A team of knowledgeable professionals with accounting – finance in Vietnam, companion throughout the deployment.
- Trust from thousands of customers in many areas: finance, banking, manufacturing, trade, services.
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CONTACT INFORMATION:
- Hotline: 0901 555 063
- Email: accnet@lacviet.com.vn | Website: https://accnet.vn/
- Office address: 23 Nguyen Thi Huynh, Phu Nhuan, ho chi minh CITY.CITY
Can see, the switch number in accounting brings practical value both in the aspects of commissioning and strategy. From automating processes, optimizing costs to provide accurate information to serve the decision, digitized accountants help businesses accelerate sustainable development. With these benefits, businesses need to actively construct a transition of fit, choose the solution trusted technology and invest in the internal capacity to harness the full potential.
