Digitalization of Financial Accounting for Solar Installation Companies
Effortless data transfer to DATEV

Anyone running a business knows the importance of money - revenue, cash flow, debt, etc. So, of course, it follows that having a handle on accounting is crucial.

Financial accounting is a process that takes place in order to keep track of all the financial data going into and out of a company.

Solar installation companies have to deal with a lot of accounting and financial data. It is important for both managers and investors to be able to understand this data in order to make informed decisions about the company's future. 

The FIBU (Finanzbuchhaltung) Essentials

Financial accounting is focused on all monetary transactions so that it can determine the profitability and financial health of the solar installation company. 

The financial accounting department prepares the yearly financial statements, which include the balance sheet and the income statement, at the conclusion of the fiscal year. 

This approach of determining or displaying a company's success in two ways is referred to as double-entry bookkeeping.

The data established by financial accounting for the annual financial statements serve as the foundation for the company's taxation.

The Impact of Digitalization on Traditional Accounting System

Online accounting software solutions are fast improving, allowing business owners the opportunity to handle their money how and where they choose. 

Business owners may now do administrative duties such as instantaneously seeing bank balances, managing costs, and sending invoices from the workplace, whether they are at home or on the road.

Three ways digitalization is transforming accounting:

Business Process Automation Software

  • Software that automates manual operations.

  • Removes manual chores such as data entry, file management, and record keeping.

  • This frees up time for other important responsibilities, such as customer consulting and work.

The Cloud

  • Distribute processing power and storage online without the need for physical servers on-site.

  • Changing how professionals communicate, save and share data and information

Accounting Software Upgrade

  • Accounting software's enhanced features and greater accuracy have expanded service capabilities and decreased workload.

  • Capabilities have been enhanced to satisfy evolving state, federal, and regulatory compliance requirements.

  • Improved record keeping - efficient, accurate, straightforward, and convenient

  • Greater operational openness for stakeholders, including the government, the general public, and investors.

What is DATEV?

DATEV is a registered cooperative society that is primarily a technical information services provider for tax, accountant and attorneys. 

While it initially emerged as a data center service provider, it now provides software directly to end users and consulting services for these occupations.

Today, DATEV is one of the largest accounting software providers in Germany. The company offers a variety of products, including DATEV Unternehmen (Enterprise) Online, an online accounting software suite designed for small and medium businesses. 

DATEV Untermehmen software

DATEV unternehmen online is an online accounting software specifically designed for small businesses in Germany. 

It offers a range of features to help businesses manage their finances, including invoicing, expense tracking, and bank reconciliation. The software also provides real-time insights into business performance, helping businesses to make informed decisions about their financial strategy. 

DATEV unternehmen online is constantly updated with the latest tax and legal changes, making it a valuable tool for small businesses in Germany.

DATEV Products

DATEV is a leading provider of software and services for accounting, tax and payroll in Germany. Its products and services are used by more than 700,000 customers, including accountants, tax advisors and payroll service providers. 

DATEV's products are designed to help businesses automate their accounting, tax and payroll processes. 

  • The company's flagship product, DATEV Unternehmen online, is a cloud-based accounting software that enables businesses to manage their finances remotely. 

  • DATEV Lohn und Gehalt is a payroll software that makes it easy for businesses to manage employee payroll and tax information. The software is simple to use and ensures that all of the necessary information is tracked and saved.

  • DATEV Steuerberater is a leading software provider of tax preparation and consulting services in Germany. 

With over 30 years of experience, DATEV has helped thousands of businesses and individuals save money on their taxes. 

Financial accounting (FIBU) with DATEV

More than 2 million companies, tax consultants, auditors, lawyers and educational institutions in Germany use DATEV software solutions for their financial accounting.

German solar installation companies with international facilities, branches, and subsidiaries have the issue of consolidating their accounting data into a centralized database for company-wide managing and reporting. 

  • DATEV allows you and your clients operating in other nations to have access to central databases. 

  • DATEV intelligently links businesses with tax advisers. As a result, both sides may collaborate effectively. All revenue and spending are publicly reported. 

DATEV Integration 

DATEV integration allows businesses to connect their DATEV account with their other software applications. This process allows DATEV to share data with other software solutions, and to update and manage data in real-time. 

The software integration with DATEV allows businesses to manage their DATEV account from within their existing software applications, making it easier to keep track of finances and stay compliant with tax laws. 

DATEV integration is a valuable solution for businesses that want to streamline their accounting and tax compliance processes. 

DATEV Integration for financial accounting is an essential part of the DATEV software solution, and it is a key feature that makes DATEV stand out from other software solutions.

The Benefits of DATEV Integration for Solar Financial Accounting

Inbound and outbound transactions for both German and foreign enterprises are increasing, which raises the requirements for international controlling for German companies that do business in foreign countries, for example. 

Furthermore, when several foreign accounting programs are employed, things become substantially more complicated. When dealing with the international controlling procedure, company owners must keep in mind the critical financial numbers of all of their enterprises – both locally and internationally. 

Simplified accounting for wages and salaries

The most important collective bargaining regulations for the solar and construction industry are always legally updated in the solutions, including the transfer of data to various institutions. 

Example: The calculation of seasonal short-time work allowance, additional expense winter allowance or vacation entitlement.

Easy booking

Construction wages and salaries can be posted to cost centers and the cost center distribution can be transferred to the financial accounting.

Industry requirements taken into account

An industry-specific chart of accounts maps legal and tax requirements of the solar and construction industry, e. B. the differentiation according to commercial or industrial costs.

Economically optimize quotation calculations

With a click you can issue specific business reports and read meaningful key figures such as productivity (productive or unproductive hours) or material and space costs.

Calculate more specifically

Evaluations related to individual construction sites / projects improve controlling. You can use it to create surcharge calculations or contribution margin invoices, for example.

Fast and easy processes

Pay quickly and securely with pre-filled payment media. Make payments on the basis of the digital receipts and approve the wage payments. Have the account statements checked automatically. Keep your cash book in accordance with GoBD (automatic checks for cash minus, chronology).

Time savings

There are no journeys to the office, because original receipts and documents remain with the company. Thanks to the audit-proof and electronic document archive, long searches for documents are a thing of the past.

OCR invoice recognition

The OCR invoice recognition in receipts online does the work for you and your tax advisor: through the automatic pre-allocation of receipt data in receipts online and in the booking proposals of the DATEV accounting programs.

Safe processes

Receipts, documents and evaluations are exchanged via the certified DATEV cloud - protected against unauthorized access.

FIBU via DATEV for Solar Installation Companies

If you're in the solar industry, it's important to use software that is designed specifically for your unique needs. That's why we developed PowerOn, a modular solution tailored specifically for solar installation companies. 

We understand the challenges and complexities of running a solar installation business, and our software was created with those challenges in mind. 

Contact us today or schedule a FREE DEMO to learn more about how PowerOn can help streamline your payroll accounting and financial accounting processes.

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Digitalization of Financial Accounting for Solar Installation Companies
Nikola R. 27 June, 2022
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Digital Transformation  of Accounting: The Future of Solar Installation Companies