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The Future of Financial Statements - Automation for Efficient Financial Interactions

we redefine financial interactions - aumico

Digitization has fundamentally changed accounting processes in companies. Companies can choose from a wide range of options to manage their daily accounting tasks. But while these solutions are numerous, there is often a lack of a specialized solution for one crucial area: the preparation of financial reports and, in particular, financial statements.

Given the lack of solutions for annual statement preparation and the desire for a unified solution, many fiduciaries and companies continue to resort to semi-automated Excel templates . Although Excel templates for reporting are widely used, they have some weaknesses that can affect efficient financial statement preparation:

  • Manual effort in data entry and formatting:
    Excel templates require time-consuming manual entry and formatting of accounting data.
  • Limited scalability for large data volumes and complex accounting processes:
    With growing companies or more complex requirements, Excel templates quickly reach their limits and can make it difficult to maintain an overview.
  • Lack of automation for recurring tasks:
    Excel templates require repeated manual steps because there is no built-in automation.
  • Lack of data integrity and increased security risk:
    Excel templates provide limited controls, making it easy to modify or delete data, which can lead to inconsistencies and security issues.
  • Collaboration and versioning difficulties:
    Using Excel templates on individual computers complicates collaboration and can lead to version conflicts and confusing change sharing.

This is exactly where aumico and offers a solution that works independently of the accounting software used. This innovative cloud software enables Trustees and SMEs, to efficiently and accurately generate financial statements, regardless of which accounting systems are used. aumico not only enables the automated generation of financial statements, but also provides the ability to generate advanced reports such as letters of representation and general meeting minutes. This allows them to meet the specific needs of their clients while increasing the efficiency and accuracy of their work.

Oliver Reuter, Managing Director of TREUFiN Reuter AG, is enthusiastic about the services provided by aumico: "aumico has not only improved our overall financial statements, but clients are thrilled with the professional presentation. The interfaces to our accounting tools (including SAGE, Bexio, etc.) work amazingly well. Additional requests or questions are also handled and answered by aumico in a timely and professional manner. aumico has clearly improved and professionalized our entire financial statement process."

The company is currently heavily involved in the secure and simple exchange of highly sensitive data between trustees and their clients. State-of-the-art encryption technologies will ensure protected data exchange in the future. This will enable smooth access and exchange of financial data, strengthening trust and efficiency in the cooperation.

The vision of aumico is to develop a platform that connects SMEs with their external stakeholders such as shareholders, tax authorities, banks and other relevant parties. aumico is designed to optimize financial interactions while providing access to additional services and opportunities for SMEs.

aumico Platform overview

The platform thus not only offers an innovative solution for the automated preparation of financial statements, but also opens up new opportunities for collaboration with more advanced processes and stakeholders. Trustees and clients can securely access their sensitive data and benefit from integrated, efficient financial reporting that meets the needs of the modern business world.

 

Would you like to try out the innovative solution from aumico for yourself? Test now free of charge for 14 days! Visit our website at www.aumico.io, for more information and to sign up. Take this opportunity to revolutionize your financial interactions and increase the efficiency of your processes.