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Moneris on the front line of digital transformation

The digital transformation and innovation that Moneris is bringing to the accounting and taxation sector addressed in an article in the online economic newspaper ECO.

Automation, artificial intelligence, digital mobility, are all new concepts to a conservative sector in relation to technology. The words of the chairman of Moneris, Carlos Oliveira sum up well the new motto in which Moneris lives.

“turn Moneris into a technology-based company [que constituem hoje a empresa] where experts are at the disposal of their customers rather than being stuck in administrative proceedings”

Carlos Oliveira, chairman Moneris

Read eco’s article in full here

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The challenges of digital transformation in the accounting sector

Is the accounting function threatened by automation?

Digital transformation also brings challenges to the accounting sector, and the solution is to innovate and refocus the activity.

The era of digital transformation is there and there is no business sector that is immune to it – and good. If, on the one hand artificial intelligence, machine learning and robotics can be seen as threats to certain professions, the truth is that they can also – and should – be harnessed by organizations as opportunities for growth, innovation and greater efficiency in processes.

In the case of the accounting sector, the challenges seem to be increased, because it is already in January 2020 that the new International Financial Reporting Standards (IFRS) will enter into force, as part of the review of the IFRS Taxonomy project.

Carried out by the International Accounting Standards Board (IASB), the project intends to homogenize the way financial information is presented.

This means that all listed companies are required to submit their annual financial report in electronic or digital format.

Is the accounting sector Portuguese prepared for this challenge?

At the forefront of automation

In the case of Moneris, adaptation to the digital age is being made with optimism and naturalness, with the focus on technologies on the basis of the construction of this specialist in accounting and management support.

“Innovate is in our DNA”,summarizes Carlos Duarte de Oliveira, chairman of Moneris.

Proof of this are the various projects that have been implementing to monitor technological developments, namely the development of a Robotic Process Automation (RPA) that is already operating in several of its business units.

These robots allow to relieve the workload and time of accountants spent on administrative processes, so that they can devote themselves to other value-added tasks for the customer.

“These processes of digital transformation are enabling transform Moneris into a technology-based company, where experts [que constituem hoje a empresa] are at their disposal customers rather than being stuck in administrative proceedings,” explains Carlos Duarte Oliveira.

Will the accountant be replaced by robots?

Moneris defends a clear position: no. But it warns of the need to understand the profound changes that this technological innovation brings to professionals in the area.

Through these new automation processes, mistakes are mitigated, productivity, efficiency and, above all, the activity of the accountant is re-trained in what a robot cannot do: the analysis and advice of clients in the decision-making process.

Another of the projects in which the accounting specialist is betting on the scope of digital transformation is dematerialization, through the OMNIA toolof Primavera.

According to Moneris CEO Rui Almeida, one of the company’s challenges is the relocated management of its 300 employees, spread over 10 districts, which makes human resources processes more complex.

Through this agiletool, “processes are made today in a dematerialized, completely debureaucratized way, putting the employee the possibility of cormantising in the management of his career”, reveals Rui Almeida.

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