Enhancing Financial Management at a Finnish Micro Company – Case Company X
Muhonen, Nora Maria (2020)
Lataukset:
Muhonen, Nora Maria
2020
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2020113025180
https://urn.fi/URN:NBN:fi:amk-2020113025180
Tiivistelmä
This thesis project was executed for a micro-sized fashion company. The object of the project was to enhance the company’s financial management procedures and sustainability by implementing a digital financial management software. The project compares two of some of the most common and most comprehensive digital financial management software provided in Finland; Accountor Finago’s Procountor and Visma’s Netvisor.
The theory part of the thesis looks into the evolution of financial management from traditional, manually, on paper executed financial management to the automation of the processes which has been enabled by the implementation of digital software, robotics, and artificial intelligence. Digital financial management has become more widespread in Finland in the past few years as the availability and the offering of SaaS services has increased.
The governmental actions, both on the domestic and the European Union level, taken towards a more digitalized nation are making it easier for businesses to use digital services as well as they are creating more pressure for them to digitalize their operations.
The software that was implemented at the case company was Procountor mostly due to its compliance with the case company’s accounting firm. The project analyzed the outcome of the implementation for the following five months.
The results of the projects indicate that the utilization of digital financial management services is not always as beneficial for a micro-sized business as it is claimed to be. The research pointed to the direction that there are no downsides to switching to digital financial management, but the case company’s case proved that the benefits heavily rely on the implementation among other factors. One of the most important findings that came out of studying the results was that the costs caused by financial management increased instead of decreasing unlike was projected. On the other hand, the results show that the implementation of digital financial management software saves a significant amount of time spent on financial management processes. Thus, the demand for a digital finance software depends largely on the needs of the company and the cost-efficiency is debatable.
The theory part of the thesis looks into the evolution of financial management from traditional, manually, on paper executed financial management to the automation of the processes which has been enabled by the implementation of digital software, robotics, and artificial intelligence. Digital financial management has become more widespread in Finland in the past few years as the availability and the offering of SaaS services has increased.
The governmental actions, both on the domestic and the European Union level, taken towards a more digitalized nation are making it easier for businesses to use digital services as well as they are creating more pressure for them to digitalize their operations.
The software that was implemented at the case company was Procountor mostly due to its compliance with the case company’s accounting firm. The project analyzed the outcome of the implementation for the following five months.
The results of the projects indicate that the utilization of digital financial management services is not always as beneficial for a micro-sized business as it is claimed to be. The research pointed to the direction that there are no downsides to switching to digital financial management, but the case company’s case proved that the benefits heavily rely on the implementation among other factors. One of the most important findings that came out of studying the results was that the costs caused by financial management increased instead of decreasing unlike was projected. On the other hand, the results show that the implementation of digital financial management software saves a significant amount of time spent on financial management processes. Thus, the demand for a digital finance software depends largely on the needs of the company and the cost-efficiency is debatable.