Executive Summary
The year 2023 was the year of technological maturity in business operational processes. **Electronic invoicing** moved from aspiration to an urgent project with a deadline; **artificial intelligence** began transforming accounting workflows with measurable results; and **management of ICO loan maturities** became one of the most significant financial challenges for the business fabric. At BMC, the Operations department definitively integrated AI tools into its service model, improving efficiency and data quality for clients.
The gradual normalisation of energy and raw material costs — though not back to pre-2022 levels — allowed companies to recover some predictability in their financial models, enabling more reliable budgetary planning than in the previous two years.
Key Highlights
Mandatory electronic invoicing dominated the administrative agenda for many clients. With 78% of BMC’s clients with active implementation projects, the work was structured in three phases: analysis of current invoicing systems and their ability to generate certified electronic invoices, selection of the appropriate technology platform or solution, and change management with clients and suppliers to ensure interoperability.
Artificial intelligence broke into accounting processes with force. Intelligent document processing (IDP) tools, accounting code assistants and automatic reconciliation systems demonstrated tangible results. In BMC implementations, the average reduction in accounting close time was 31%, with a simultaneous improvement in data quality through the reduction of manual errors.
ICO maturity management was a critical issue for many companies. Guaranteed loans granted between 2020 and 2021 began maturing in 2023, in a context of significantly higher interest rates than at the time of granting. Companies had to evaluate their options: amortisation with generated cash flows, refinancing in the open market or renegotiation with the financial institution. BMC managed more than 120 operations of ICO maturity analysis and negotiation.
Operational Process Analysis
Payroll and salary management: Collective agreements negotiated during the year incorporated average wage increases of 4.3%, far above forecast 2023 inflation but reflecting the need to recover purchasing power lost in 2022. Managing retroactive increases — frequent in agreements with late negotiations — and correctly allocating arrears in payroll and contributions required specific technical work.
Reporting and analytics: Demand for real-time financial information increased among management teams. Management control dashboards with daily updated data, operational KPIs integrated with analytical accounting and automated budget variance reports became standard tools for clients committed to data-driven decision-making.
Process outsourcing: The trend towards outsourcing administrative and accounting processes to specialist providers intensified, driven by the growing complexity of the regulatory environment, difficulty in retaining qualified administrative talent and the cost and flexibility advantages of the outsourcing model. Outsourced CFO services were especially demanded by companies in growth or transformation phases.
Changes in Accounting Standards and Regulation
The ICAC published updated guidance on the accounting treatment of digital assets, anticipating the forthcoming normalisation of these treatments under IFRS. The correct accounting of asset tokenisations, smart contracts and cryptocurrency operations on the corporate balance sheet was the subject of frequent queries.
Annual accounts and reporting regulations incorporated additional disclosure requirements in response to CSRD obligations and market user expectations on transparency and sustainability.
Outlook
The operational horizon for 2024 was defined by two major milestones: the effective entry into force of electronic invoicing for large companies and the deepening of AI in accounting processes. Companies that had invested in digitalisation and automation during 2023 held a structural competitive advantage. Management of ICO maturities would continue to challenge part of the business fabric.
Our operations and accounting digitalisation team continued to be the clients’ trusted partner in modernising their administrative and financial processes.
