Digitization is increasingly a hot subject among German businesses. The global pandemic has given companies an extra boost to digitize their processes. This includes the digital expenditure report, which should be paperless and disaster-resistant. However, even before Corona, the change was not simple, and this acceleration (and frequently distance) makes it considerably more difficult for businesses. Marc Hoppichler, Director of Finance & HR at Diconium, discusses the relationship with Rydoo and how the firm gradually digitized its finances in an interview with Rydoo.
The accounting processing time has been reduced by 87% and 95% of all receipts are now submitted on the go.
Change management: from analogue to digital
The ROI of Rydoo is clear: Traveling employees no longer have to create travel expense reports. Instead, they have the user-friendly mobile app to submit their receipts on the go. The finance department has real-time insights of the expenses and budget. In addition, the accounting processing time is 87% shorter.
Switching to a new tool doesn’t happen overnight. Diconium experienced this first-hand. Initially, the system sent the documents to the head of the department for approval. However, this quickly became a problem, as a notification in a tool is easier to forget than a piece of paper on your desk. As a result, Diconium abolished the lengthy approval process. The finance department is now the only supervisory authority. A clear set of rules and a transparent overview of the individual expenses of the employees make this possible. The department manager receives an overview at the end of the month. If an employee submits a receipt, the data is automatically posted directly to HR and accounting.
Paperless billing pays off even in times of Corona
With the sudden outbreak of Covid-19, all employees in home office and on business trips were cancelled overnight. At first, you would assume that there are no employee expenses at the moment. But even in these times, digital billing pays off as employees now expense headsets and other home office equipment and online training. The finance department would have previously waited a long time for physical copies and signatures that were needed in the traditional process. Now, this process is super easy, fast, and overseeable.
According to Hoppichler, digitization in finance is becoming increasingly important. Fully automated and digitized financial processes are inevitable for him in the long term. It’s not just about implementing a tool that facilitates part of the workflow, but about running the entire process. Today, 95% of the receipts at Diconium are submitted by mobile.
Travel expense accounting was the starting point of digitizing finances at Diconium, because it has a direct advantage for employees: they are spared the tedious task of creating travel expense reports. The entire finance department is now running digitally. Incoming invoices are also scanned directly with the receipt scanner so that the paper invoice does not have to be kept. Paper is gradually being banned from the entire process. Thus, Diconium will work paperless and crisis-proof thanks to digital expense accounting.
Did you miss the Rydoo Take Off event on the finance of the future?
You can watch the complete event online