How does digitization affect the creation of balance sheets?
February 2, 2024 | 40,00 EUR | answered by Xenia Zellerbach
Dear Tax Advisor,
My name is Hilde Ahlert and I am the managing director of a small GmbH. In the past, we have always manually prepared our balance sheets. However, with the ongoing digitization, I am wondering how this development will affect the preparation of balance sheets.
So far, we have been recording all financial data in Excel spreadsheets and processing it manually. But I am wondering if there are more efficient and accurate ways to prepare our balance sheets. Especially considering the constantly changing legal requirements and tax regulations, I am concerned about the manual preparation.
I am wondering if there are software solutions that can help us to create our balance sheets more efficiently and accurately. Are there programs that can automatically consolidate data from various sources and generate evaluations? How can we use digitization to reduce our workload in preparing balance sheets and at the same time improve the quality?
I am very curious to hear your assessment and possible solutions on how we can use digitization in our company to optimize the preparation of our balance sheets.
Thank you in advance for your support.
Sincerely,
Hilde Ahlert
Dear Mrs. Ahlert,
Thank you for your question regarding digitalization and balance sheet preparation. The ongoing digitalization indeed offers many opportunities to make the creation of balance sheets more efficient and accurate. Especially for small companies like your GmbH, the use of software solutions can be a great relief.
There are nowadays a variety of accounting and tax software specifically designed for automated balance sheet creation. These programs can merge data from various sources such as bank accounts, invoices, or accounting systems and automatically format it correctly for balance sheet purposes. Through automation, errors can be minimized and the time required for balance sheet preparation can be significantly reduced.
An example of such software solutions is DATEV, a widely used accounting software in Germany. DATEV offers modules specifically for balance sheet preparation, enabling automated data capture and processing. But other providers such as Lexware or Sage also offer similar programs tailored to the needs of small businesses.
To make optimal use of digitalization in your company, I recommend contacting various providers of accounting software and learning about their solutions. Often, providers also offer training and support for the implementation of the software to ensure that you can use the program effectively.
It is important to research the functions and costs of different software solutions in advance to find the solution that suits your company. You should also ensure that the software complies with current legal requirements and tax regulations to avoid errors.
Overall, digitalization can help you improve the quality and efficiency of your balance sheet preparation. I hope this information is helpful to you and I am available for further questions.
Best regards,
Xenia Zellerbach
