The digital link between SMEs and accountants
The new Code of Business Crisis and, above all, the mandatory budgetary review for the EMIs further consolidates an already robust relationship between small businesses and the professional world. Not an additional cost but a great investment for a more modern, efficient, digital country system. Gianluca Enea, Lead Technology Product Manager at Wolters Kluwer Tax & Accounting Italy
The PMs reacted, at first glance, with a miscelebrated annoyance. Again, again, obligations, still complications, and above all still costs. But the situation is different. And the first to notice are the entrepreneurs.
\ It does not want to be a comparison, but the situation has some great similarities with the introduction of the Electronic Invoicing. Â Â comments Gianluca Enea, Lead Technology Product Manager of Wol • The introduction of the digital mode of the billing process was initially seen and perceived as a complication and as a further cost in the acquisition of an appropriate tool for e-invoicing. Many were the fears about the overall system. He’ll hold, won’t he? Well, everything worked. For example, our Invoice SMART solution responded effectively and the entire system proved to be efficient. The result was that of the country’s most important digitization operation.
It is a fact that the introduction of electronic invoicing has given a huge boost to the digital transformation of Italy. Millions of companies have adapted to the electronic process.
A further step towards widespread and widespread digitisation has unfortunately led to the Covid-19. If something good this damn virus has left in Italy is a new, widespread ability to interact with the digital tool.
Smart working and social space have expanded the use of technology even of those small businesses that only a few weeks before never and never would have thought of building a digital operating mode.
A new chapter in the history of the digital transformation of the country is written by the • Reform of the disciplines of the crisis of enterprise and insolvency • Reform of the disciplines of the crisis of enterprise and insolvency.
• Business crisis and review obligation are two sides of the same coin for SMEs. • The same coin is used for SMEs. Gianluca Enea develops a reasoning that profils very well the Italian entrepreneurship and the accountant, the main advisory support, as well as operational, of SMEs. • The obligation to adhere to the legislation, which was also a slippery cause of pandemics in mid- 2022, is a clear direction towards modernising the country’s business structure and at the same time a social
Gianluca Enea elaborates the concept.
•The provision of electronic tools capable of early warning the entrepreneur through his main consultant, the accountant, on the signals identifying a state of crisis before this becomes irreversible, is an act of responsibility towards all the institutions and the Commission. Similarly, the obligation to review the budget by the EMIs must be interpreted. Checking out each business’s financial summary should be almost a duty. Certifying the good health of a PMI reassures customers, suppliers, employees and even the State. A healthy enterprise represents well-being and prosperity and does not risk weighing on the community.
The innovative Genya Revisya digital solution by Wolters Kluwer Tax & Accounting Italy is addressed to the Legal Auditor, a professional outside the company and charged by the company to monitor the regular keeping of accounts and financial statements.
The Auditor may be associated with the Company’s Commercialists’ Study, also as a auditing company. In other cases, the accountant himself will suggest the professional auditor.
The Auditor must follow a series of well-structured and rigorous methodological steps such as the carrying out of calculations on the risk of commissioning to define the review strategy, often sharing the work with other team members in a structured manner, demonstrating the correctness of the work carried out in case of
Genya Revisya guides the Auditor throughout the entire review process, from risk analysis and the audited company’s balance sheet, to statistical selection of verification samples to compilation, historicization and archiving of working cards, as per CNCDEC methodology This way it also certifies the work in the case of quality checks.
The new solution of Wolters Kluwer Tax & Accounting, created in collaboration with RSM Società di Revisione e Organizzazione Contabile S.p.A., which is part of RSM International, the 6th network in the world of companies specializing in
With Genya Revisya the auditor takes advantage of the guided process that will avoid errors and inaccuracies and will get precise analyses. The software will facilitate the development of an efficient review strategy thanks to artificial intelligence algorithms that will, among other things, minimise the volume of controls to be carried out at equal risk.
Genya Revisya is a cloud solution, so that you can always and everywhere have automatic updates with both the solution itself and its archives, in case of need of controls, and brings with you all its authority to have been developed, in partnership with RSM,
• Genya Revisya offers extensive collaboration between auditor and revised. A common area shall encourage the participation of the company in the work of its auditor. In this space are placed documents, tables, in-depth studies and clarifications necessary for the revision itself. A sort of permanent electronic meeting room in which the actors of the process can leave and consult acts and insights useful for the process itself. A collaboration space that Wolters Kluwer has already experienced with many solutions. In addition to bringing the professional and his client closer and more involved, a collaborative area offers transparency on the process and makes it clearer and more accessible. Genya Revisya is an intelligent solution and adapts to the company profile to be certified. I’m just gonna give a simple example. Genya Revisya will never ask an SME in the service sector for the balance sheet of the remains of its warehouse. The solution is smart in this sense and under the guidance of the professional makes the review process simple and addressed, concludes Enea.