Innovation is traditionally at the heart of any long-term business strategy. And the world of payments and cash management trades, with a high technological content, is naturally more particularly impacted by the current context of global digital transformation of the entire economy. 1
The digital shift of companies induces changes in the processes and skills of employees. The automation of processes by the integration of new technologies, redefines the finance function given the opportunities offered by digital and in particular, the acceleration of the productivity of certain tasks. The Administrative and Financial Director thus sees his function, primarily financial and accounting, becoming essential to the overall strategy of the company. Indeed, automation, forecasting, data processing in real time … are made possible thanks to technological levers. The finance function must anticipate and evolve according to the fluctuations of its environment and rethink its organization according to regulations and technologies.
Many factors are conducive to accelerating the digitization of the finance function, particularly at the regulatory level. Indeed, the evolution of the regulatory framework at national and European level leads to an increasingly electronic data management: in France for two years, in the case of a tax audit, companies must provide an accounting records file in electronic format ( FEC); the Grenelle 2 law and the European directive 2010/45 / EU oblige companies to keep the data and to establish dematerialized procedures in case of control.
These legal constraints lead to an acceleration of the digitization of the finance function within companies and these dematerialized accounting and financial data can be exploited and analyzed by the new technological levers that constitute the FinTechs.
FinTech offers in SaaS mode are accessible to SMEs and mid-marketers in terms of cost and ease of integration. EY conducted a survey in June 2016 on the digitization of the accounting processes of SMEs and midcaps, thus “in the wake of large groups, SMEs and midcaps are experiencing an acceleration of the transformation of their accounting processes. The offers in SaaS mode have favored this democratization of the digital. Thus, 64% of respondents have signed up for dematerialisation (completed or planned). “. In addition, “Digital transformation generates structural changes for financial departments, requiring new skills and more sophisticated IT tools. For 57% of the panel questioned, digital will bring strong competitive advantages to companies that will be able to integrate it. 2
The added value of FinTechs lies in the speed of integration, ease of use and attractive usage costs. Beyond the online banks and crowdfunding, the FinTechs also meet the needs of simplification of accounting processes, identification and monitoring of risk, cash forecast to name a few, and position themselves as partners of the managers, accountants, treasurers … and more generally the financial health of companies.
This is the approach proposed by the Taiga company, whose cloud solutions dedicated to optimizing the BFR are used by more than 2800 users in France and abroad. Born Cloud, Taiga solutions for cash forecasting and BFR optimization are the result of more than thirty years of cumulative business experience in the service of corporate finance and the evolution of underlying risks.
Taiga responds in a simple and intuitive way to the issues of those involved in corporate finance, one of whose solutions was approved by the Finance Innovation Center in 2015.
Evolve from a reporting entity to a true co-pilot role of the company’s strategy, moving from a controller to a posteriori of the accuracy of the information to a performance accelerator via the production of dashboards and indicators Etienne Téqui, President of Taiga.
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Sources:
1. Innovation, a team affair FinTechs at the service of the treasury Revue-Banque March 2017
2. EY study June 2016 Transformation of the Finance function: where are the SMEs? and ETI in the digitization of their accounting processes?
