3 Ways of Virtual Payment in the Digital Economy Era - PICTUREMEDIA
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3 Ways of Virtual Payment in the Digital Economy Era

Human life changes along with technological developments, especially in the millennial generation who are inseparable from the digital world. Virtual payment is one form of this change.

8 Benefits of Accounting Information for the Government Accounting is an information system that provides reports on the economy and state of the company to stakeholders. Financial transaction activities in a company are processed through accounting. Accounting includes the identification process, measurement process, and reporting process to produce financial statements. Accounting has benefits both for internal parties and for external parties. Internal parties are parties that are directly related to company operations, for example company leaders. As for external parties, namely parties that are not directly related to the company, for example company owners, creditors, government agencies, and the community. The government is a user of accounting information that is included in external parties. The government as an institution that manages state finances must monitor the company's performance. This supervision is mainly related to taxes and the use of labor. So, what are the benefits of accounting information for the government? Here are 8 benefits of accounting information for the government. Check it out! Providing Financial Report The government's financial statements are very much needed by the government. The financial report records the company's income and expenses in detail. Financial statements in this accounting are a form of accountability for the economic activities carried out by the company. So, it can be seen the performance of the related company. The government needs financial reports that can be obtained through the accounting system. With accounting information, the government can assess each company, observe its development, which will then be used to make decisions. Giving Consideration to the Policy Taken Economic policy is a policy that plays a significant role in government. This is because economic policies affect the entire life of the people. Of course, the determination of economic policy will not be arbitrary. Accurate planning is needed so that the right policies are taken. Through reporting accounting information, the government can analyze the company's economic condition. Because many companies have an effect on economic growth, the influence given is also large. The existence of accounting information from companies can be considered by the government in setting economic policies so that they are appropriate. Making Company Control For internal parties, accounting information can be used as evaluation material. It is intended to improve company performance. The results of the evaluation are then followed up by internal parties so that they can spur enthusiasm to continue to develop. Well, the government sees the results of this evaluation as a control for the company. Is the performance getting better or worse? That way, the government can indirectly participate in controlling. Providing Information as a Basis for Tax Determination Most of the state revenue comes from taxes. The amount of tax is calculated according to income. Companies with large revenues will receive large taxes as well. Accounting information describes the financial situation. The government must use accounting information properly so that companies pay taxes according to regulations. Before setting taxes, the government needs to analyze the accounting information provided. If the analysis process is done subjectively, the tax determination will not be accurate. With this, accounting information is very useful as a basis for tax determination. As a Public Sector Management Control System Basically, the management activities of the public sector are relatively the same as those of private organizations. They carry out planning, coordination, decision making, to control functions. The presence of public sector organizations has the function of supervising and controlling so that companies achieve their goals. In addition, to avoid failure, public sector management needs to be done well. This is where accounting information plays a role. Accounting information is very useful for management. The financial information presented is important as a basis for decision making, control, coordination of various parties, and planning. Providing Information to Government Agencies Government agencies use accounting information a lot. This is because the economic activities carried out need to be reported. Government agencies such as the Supreme Audit Agency (BPK), the Directorate of State Accounting, the Ministry of Finance are certainly greatly helped by the existence of accounting information. In principle, every government financial institution has applied an accounting information system in its performance. As a reference in the field of tax accounting Tax accounting is accounting that specializes in preparing the data needed for tax calculations. The purpose of the establishment of tax accounting is that the taxes paid by companies are in accordance with government regulations. Apart from being able to interpret accounting information as the basis for taxation, tax accountants must also understand taxation procedures and laws. They must also be able to analyze the relationship between a transaction and the tax rate. Each transaction has been recorded in the financial statements. Thus, accounting information is certainly very helpful. Providing Information for Government Accountants Government accounting is accounting that works for government agencies whose main task is to plan, control, and check the use of money or state assets. Government accounting records transactions and reports the budget in the books. Unlike business accounting, this accountant is not profit-oriented. As a result, there is no profit/loss statement in the accounting information. The government accounting profession is rigid because it depends on the law or other rules that are set. There are things that must be considered so that government accountants are adequate and credible. One of them is that the government accounting system must be developed in accordance with what has been approved by the government and institutions. From this explanation, it can be seen that this accounting system plays a very important role in the performance of government accountants. In addition, government accountants must be able to develop estimates in recording financial transactions. Estimates must also be made based on data. From these estimates, reliable state financial accountability can be realized. After understanding the explanation above, the understanding of the benefits of accounting for the government also increases. In fact, accounting information is useful in every financial institution. Because, accounting information presents financial statements that can be used in decision making. Considering the magnitude of the benefits of accounting information, the company must develop an accounting information system as well as possible. This is intended so that users of accounting information can feel the benefits in an efficient manner. The quality of accounting information needs to be considered really. Accounting information must be understandable. Therefore, the preparation of reports is adjusted to the understanding and knowledge of the users. This report must also be relevant. It means related to the sea and useful directly. The next requirement for quality accounting information is that it can be trusted. Accounting information is said to be credible if it meets the criteria, namely it can be tested, is neutral, and presents actual data. In addition, the predictive value and feedback also need to be considered. This means that the data currently available can be used to predict future conditions. Because of the magnitude of the benefits and needed for the benefit of various parties, the financial statements must be presented on time. Punctuality is important to avoid delays in decision making. For the government itself, the accuracy of companies in financial reporting is an assessment of good or bad performance. A good company will certainly take care of all its activities by prioritizing quality. The government as a state financial policy maker must use accounting information correctly. Because all government policies will affect the economic growth of a country. Prosperity can be achieved if the government takes the right policies.

This system provides convenience in the form of services that are generally needed by society today. For example, buying credit vouchers, paying online motorcycle taxis, and even buying airline tickets and hotels. Virtual payments also provide attractive offers such as promos and discount vouchers to users. With this digital innovation, the payment process has become easier, more practical, and more secure.

As of August 2019, there was a non-cash growth that was seen based on data from Bank Indonesia, which was 5.71%. Bank Indonesia also seeks to contribute to support the government's program to reduce cash in several transactions.

Digitization in Indonesia has been proclaimed since 2014 in the National Non-Cash Movement (GNNT). This plan aims to increase financial inclusion so that financial control is more controlled. This will also make transactions more efficient.

The business world is no exception, virtual payment services will also have an effect. Most of the travel service providers have switched from cash payments to digital payments. This provides benefits for almost all parties. They don't have to worry about how to exchange currency. In addition, long-distance purchases will not be difficult to make transactions after this virtual payment.

Payments using the virtual payment method have a sophisticated and automated system. As a result, if the system finds a data or identity error, the system will not continue. So, from the system, data information can be known right away because the system does not take a long time.

Here are some virtual payment methods that are often used by people today.

M-Banking

M-Banking or mobile banking is a virtual payment as a simple form of ATM. All features available in ATMs can be accessed more practically through m-banking. This service aims to make it easier for ATM card holders to make transactions without having to come to the bank or ATM in question.

Users only need a smartphone to make transactions. Simply by downloading the m-banking application, you can enjoy the convenience of transacting through this feature. It is noted that every bank has access to the m-banking application which you can directly download on the Google PlayStore or AppsStore.

Usually, m-banking provides services such as transfers, top up balances, top up credit, PLN electricity, and so on. With this, the transfer of transactions from ATM to m-banking makes you not have to bother because the services provided are the same. In fact, using m-banking is quite effective in your time. Just sit back and a few clicks, your transaction has been successful.

In addition, m-banking is usually also available in the i-banking version. I-banking is an abbreviation of internet banking. This type of virtual payment can be described as m-banking. It's just that i-banking is accessed via the internet. The services provided by i-banking are more complete than m-banking. For example, in i-banking you can then pay for education, while m-banking does not provide this service.

E-Wallet

E-Wallet or electronic wallet can be interpreted as a digital wallet. Payment methods using e-wallet that are popular among teenagers or millennials are OVO, Gopay, Link Aja, and Dana.

OVO is a smart application that provides online transaction services for its users. In addition to containing a useful balance for transaction purposes, OVO also uses a point system. This accumulation of points can be used for transactions.

GoPay is an e-wallet service developed by GoJek Indonesia. This electronic wallet was originally used as a payment for GoJek services, such as GoRide, GoCar, GoSend, and so on. However, after some time, GoPay access has expanded. Many transactions outside of GoJek can be completed with GoPay payments.

Link Aja with its slogan, “online payments, loans, or investments, now in one hand.” This application was launched by Telkomsel in July 2019. Products developed by PT. This Indonesian fighter is flexible and without interest.

Released in December 2018, the Dana digital wallet has made it easy for its users. Like other e-wallets, Dana also provides cashless services or cashless transactions.

From all e-wallet provider applications, transactions made with the digital wallet can be summarized, such as transfers, top-up credit, online shopping, food delivery fees, to electricity bills and train ticket purchases. Covering almost all areas of life, these transactions all feel easy in one hand.

This method is very time-saving because users do not need to queue long to make various transactions. In addition, e-wallet can also reduce fraud, fraud, and the proliferation of counterfeit money in the market.

E-Money

E-Money is an acronym for electronic money. This method of payment with electronic money is usually to meet the needs of internet transactions. The e-money involves the use of a computer network in the transaction.

The digital payment method using e-money can be used for fuel payments at Pertamina gas stations that have the e-money logo, toll payments, as well as payments at minimarkets and supermarkets. Like other virtual payment services, e-money can also suppress the circulation of counterfeit money, is safer, faster and more practical, and often offers discounts on certain products.

There are also quite a lot of e-money users in Indonesia. Those who use prepaid e-money have less balance than e-money issued by the bank itself. Electronic Funds Transfer is an example of e-money.

It is predicted that in the next few years, the digitalization of technology opens up great opportunities to develop virtual payment methods. Easy, practical, and safe are the advantages of this method.

Virtual payments provide many conveniences. Starting from buying credit transactions, paying for food delivery services, to buying train and plane tickets. Transactions can be completed quickly because it does not take much time. Besides being fast, this transaction has security guarantees. Because there are rarely mistakes in transactions.

In addition to being useful for society in general, this service is also useful if the authorities want to track down fraud or fraud in tax collection. Due to its digital nature, errors in the system will be found quickly. Thus, government agencies also use virtual payments. Transparency in tax collection will increase public confidence in the government. It can also make people more obedient to pay their taxes.

This service also has a positive side for state finances because it will increase state tax revenues. Various virtual payment products developed by both BUMN and company companies provide more income for the state. It is these large corporate taxes that contribute to state revenue.

It should be noted that this state revenue will later be used in economic development projects. Thus, virtual payments have many benefits starting from individuals to the country level. That's all, thank you and hopefully useful.

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