How the pandemic has accelerated the digital revolution and why you should be innovative
The digital revolution started long ago, but accelerated rapidly at the beginning of this year. The coronavirus has forced us to find ourselves in a new reality that is full of constraints and prohibitions. The need for social distancing and restrictions related to movement have affected the entire business world. Not everyone was prepared.
Luckily, the new technologies that Vistra Poland chose already several years ago proved to be an excellent investment. They have allowed us to continuously and without significant delay provide services to our clients, giving them peace of mind in these uncertain times.
Security of client data
The security of the data provided to us has always been a priority in our company. That is why when the entire company (and most office employees around the world) turned to home office overnight, our employees could work “like from the office” thanks to the intensive work of our IT team and the implementation of solutions that are adequate for the financial sector, provided by reputable suppliers.
Data security is particularly important in the outsourcing sector. Our employees log into banks to make payments on behalf of clients several times a day. At the same time, hacking attacks are common and that is why it is so important to build the company’s multilayer immunity. It is not just safeguarding data, but also monitoring online traffic, protecting employee identities, and ongoing training on the psychological and social engineering tricks hackers use.
Accounting and HR & payroll data in the cloud
The most important tools that have allowed several hundred of our accountants and HR & payroll specialists to work remotely are online platforms for the electronic exchange of accounting documents and HR & payroll data.
The first solution is a tool for storing and processing scanned purchase invoices in the cloud. The Optical Character Recognition (OCR) technology it uses recognises most basis data from the scan, significantly simplifies accounting work and eliminates potential errors. The need to send paper copies to the office disappears, which means that epidemiological safety can be maintained. The platform also allows to implement verification and approval process that complies with the client’s internal corporate governance plus provides the possibility of auditing this process. It is a solution that has been working well for several years, and has proven particularly useful during the pandemic.
The second solution ensuring safety in many aspects is dedicated for clients to whom we provide HR & payroll services. It is an employee portal used for the electronic exchange of all sorts of information and HR & payroll documents, such as work schedules, leave applications and payslips. The client’s employees receive access to the dashboard, where they can complete working hour records and submit other data irrespective of where they are working from. The employer has complete control over the processes and can rest assured that the tool is always updated and adapted to frequent changes in labour law.
At present, for our biggest clients we are building dedicated data warehouses. The solution being implemented allows automatic imports of data directly from the client’s sales systems into Vistra’s accounting software. We are also working on automating reporting processes, so that the client has access to real time data.
In addition to the increasing legal requirements, an important role is also played by tools that enable clients to control the completeness of tax returns and other statutory reporting. For capital groups operating in many countries, such tools will give the control over the completeness of their worldwide reporting obligations – that is why this is another new solution that we hope to soon be able to offer.
State bodies are also aiming for digitisation – since 2018, all VAT returns have been submitted electronically. The pandemic has delayed the next change – the JPK (Standard Audit File) that is to replace the VAT return. In theory, this change was meant to be a simplification, but in practice, it means the need to implement large changes to the accounting software we have been working on for a long time, because now each transaction will require additional coding.
At the beginning of this year, the digitisation started many years ago by outsourcing companies such as Vistra proved to be an unexpectedly beneficial asset that allowed them to continue their operations, ensuring security for their clients.
It’s worth investing in innovations – sooner or later, they become a reality.
Last Updated on February 12, 2021 by Łukasz