Digital finance transformation Vietnam

Paperless financial operations utilize Cognitive Artificial Intelligence (AI) to extract data from complex, unstructured, and massive hardcopy documents, such as invoices, money orders, and bank statements. Once the documents are scanned and data extracted, they are no longer reused, and the data is available to authorized users anywhere in the world, 24/7/365, in digital form.

1. What is a paperless business? Paperless Trends in Business Operations

Many countries have implemented policies and initiatives to promote paperless offices, such as:

  • Japan: In 2018, the Japanese government amended the Education Law, encouraging the use of e-books alongside paper books. The Ministry of Education plans to fully implement e-books by 2024, reducing reliance on paper documents.
  • Denmark: The Danish government promotes a cashless society. In 2016, the central bank stopped printing new money, and by 2018, only about 13% of transactions used cash (Source: Denmark Nationalbank, 2018).
  • Dubai: In 2020, all government transactions switched to an online, encrypted Blockchain system, expected to reduce nearly 100 million paper transactions annually.
  • Taiwan: Widespread implementation of paperless policies, from electronic invoices and smart parking systems to online meetings without the need for printed documents.


Finance digitalization roadmap

2. Using Paperless Financial Operations in Selected Financial Functions

Some areas where paperless financial operations are applied include:

2.1 Cash collection applications: Document data collection assistants extract payment information from the Vendor Portal, EIPP Portal, EDI 820 and BAI2 transmissions, all types of electronic files (Excel, PDF), and hard copy forms. Data is organized into convenient file formats used to apply payments to outstanding invoices using automated cash collection applications.

2.2 Deductions: The Document Data Collection Assistant extracts deduction information (including reason code) from the Supplier Portal, EIPP Portal, debit notes, emails, payment vouchers, etc. This data is used to create a deduction with complete supporting information, which is then forwarded for review and resolution.

2.3 Accounts Payable Department: The Document Data Collection Assistant extracts necessary invoice information from supplier invoices displayed on the EIPP Portal, sent via EDI, email, and other electronic invoicing methods, as well as hard copy invoices. They also retrieve relevant delivery receipts and Purchase Orders to perform the necessary three-way reconciliation for supplier invoice payment.

2.4 Finance Department: A common application of the Document Data Collection Assistant is reconciling bank statements with the general ledger. It extracts data from bank statements, checkbooks, and ledgers to ensure the ledger matches the bank statement.

 


Paperless finance operations

3. Cloud Accounting Vietnam Businesses Can Use for More Flexible Finance

Cloud accounting is another part of finance modernization. Instead of keeping financial information tied to a single office or local machine, cloud-based systems can give authorized users access to financial information through connected platforms.

This can be useful for companies with several locations, overseas management teams or employees who work from different places. Finance staff can work with the same information while management can review reports without waiting for files to be transferred manually.

Cloud accounting Vietnam businesses choose should still be assessed carefully. Companies need to consider data security, user access, backup arrangements, integration with existing systems and the reporting requirements that apply to their operations.

4. Paperless Finance Operations Can Reduce Repetitive Administrative Work

Moving toward paperless finance operations does not simply mean scanning documents. The bigger opportunity is to redesign how financial documents move through the business. Invoices can be received electronically, routed to the right person, approved digitally and stored in an organized system.

The Ministry of Finance has been expanding digital public services and working on the digitalization of financial administration. This wider shift makes it increasingly practical for businesses to review their own internal finance processes as well.

A paperless process can also make it easier to find information later. Instead of searching through physical folders or individual email accounts, employees can work from a more consistent digital record.

5. Make Digital Finance Transformation a Continuous Process

Digital transformation should not end when a new accounting platform goes live. Companies need to review whether employees are using the system properly, whether reports are reliable and whether the new process is actually saving time.
S4B Vietnam can support businesses that want to improve their finance and accounting operations in Vietnam. For companies considering a finance digitalization roadmap, cloud accounting, paperless processes or broader financial management support, a structured review can help identify where digital improvements are most useful.
Contact S4B Vietnam to discuss the finance and business support your company needs in Vietnam.

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S4B Vietnam

  • Address: Unit 701B – 701C, Tower A, Handi Resco Towers, 521 Kim Ma Street, Giang Vo Ward, Hanoi, Vietnam
  • Tel: +84 24 3974 4181
  • Email: service@s4b.com.vn

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