Real-time financial data: Always one step ahead

Access to up-to-date business data is crucial for a company's success. Young entrepreneurs, in particular, face the challenge of managing their resources efficiently to put their business on a solid footing. With digital solutions, this is easier than it sounds.

This article is part of the special feature GründerNavi – for founders and young companies

"Can I afford this investment? Let me do a rough calculation..." When current financial data is lacking, entrepreneurs have to rely on estimates or gut feeling when making important decisions. Both can be misleading. Those who lack an overview of their financial situation may miss opportunities – for example, hesitating to invest in a profitable project because they mistakenly assume they don't have enough money. Or they might make investments they can't actually afford.

Efficient accounting: Datev Unternehmen online

Today, with just a few clicks, it's possible to get a real-time overview : How much money is available? Which bills are due? Where can savings be made? Thanks to modern software solutions, even young entrepreneurs can work much more efficiently and rely on sound data for their decisions.

With DATEV Unternehmen online, you can easily and quickly upload invoices and all other documents , check outstanding invoices and account transactions , and pay pending invoices immediately . You can choose whether to photograph, scan, or forward already digitized documents . Your tax advisor will then have immediate access. The data is stored in the DATEV cloud in an audit-proof manner.

Digital collaboration: benefits and advantages for companies

Both parties always have access to the most up-to-date business data – no matter where they are. This allows the tax advisor to keep the accounting department up to date and, if necessary, provide faster and better advice when things get stuck. Rainer Reiter, Product Owner for Datev Unternehmen online. Photo: © DATEV eG

This not only eliminates cumbersome physical files and manual data entry. "Both sides always have access to the most up-to-date business data – no matter where they are," says Rainer Reiter , Product Owner for Datev Unternehmen online at Datev. " This allows tax advisors to keep accounting records current and provide faster and better advice when needed, especially if problems arise." The solution has proven itself in the market: More than 500.000 companies use it.

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Those who start with digital processes should continue in this vein and gradually expand their digital collaboration with their trusted tax advisor . The goal should be a fully digital process – from invoice receipt to the preparation of the annual financial statements. The practical advantage: Depending on their needs, tax advisors can add further modules to DATEV Unternehmen online for their clients , for example, for invoice creation or verification . E-invoices can also be easily imported and processed.

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AI tools for liquidity analysis and risks

As in more and more areas, artificial intelligence is playing an increasingly important role – including in the analysis of business data . New solutions help to assess risks and opportunities, which is particularly helpful in a volatile economic environment. The AI-based DATEV Liquidity Monitor online (incidentally, also a module of DATEV Unternehmen online) forecasts future liquidity on a daily basis based on bank transactions and presents the data graphically . Furthermore, the tool can simulate the impact of potential payment defaults or cost increases on liquidity.

Those who establish digital processes and use appropriate tools don't have to rely on gut feeling. It's quite possible that this will even give founders more courage to take risks. They can keep an eye on their company's financial performance at all times. 

Checklist: What commercial IT solutions must provide for craft businesses

✔️ Fully digital: They enable seamless digital processes, even with external partners such as tax consultancies, without any effort.

✔️ Sustainability: E-invoicing and cloud solutions reduce the consumption of paper, floor space, electricity and other resources.

✔️ Up-to-dateness: All common and accepted e-invoice formats are supported and legal changes are taken into account.

✔️ Reliability: They are certified, reliable and comply with the principles of proper accounting for the digital age, the GoBD.

✔️ Secure data: Data protection, data security and audit-proof archiving are guaranteed – even in the cloud.

✔️ Control: Business analyses show the current business development. Negative trends can be identified promptly.

Conclusion

Conveniently, invoices and receipts can be photographed, scanned, or forwarded directly.

Current: Tax consultants and accounting departments always have access to the most up-to-date business data.

Sustainable: Digital processes without file folder management are resource-efficient.

Professional: Design end-to-end digital business processes with solutions from Datev and partners.

AI-based: The AI-based liquidity monitor forecasts future liquidity on a daily basis.

Sound reasoning: Decisions can be made based on reliable, up-to-date data.

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