If your accountant or accounting firm is not going towards automation – your business is wasting a lot of resources.
Accounting automation is a niche full of great tools and apps that are developed to help all businesses by simplifying specific accounting tasks from top to bottom.
At Baltic Assist, we are working towards automating our accounting services. By doing that, our clients saved time and costs. Significantly improved accuracy. Minimizing the possibilities of human errors. Securely store the vital files. Gets access to the files and reports in real time. And many more great features.
Allow us to share 4 unique accounting automation tools that your business must have.
Pleo – a smart way to simplify expense management
This tool can simply be labelled as a smart credit card with ERP system integration.
However, beneath the somewhat shallow label, it’s a lifesaver that can cut down on resource-spending and resource-wasting simultaneously. Improving money management. Giving your employees more autonomy. And speeding up various negotiations or similar financial processes in the midst.
Life without Pleo
Let’s imagine what a nightmare regular expense tracking is for the accountant.
A fictional situation: You send your sales department (6 people in this example) for a business trip to Berlin (Yes, COVID-19, we know, but let’s anticipate things move back to normal). They will spend 2 days in the city. They will have 2 meetings with the client and have a half day free, which management allows being allocated for a museum trip. Everyone returns happy, full of new emotions and maybe even a deal in the bag.
Do you know who isn’t happy in this situation, though?
That’s right – the accountant.
And you know why?
Because he or she just got work for days. Tracking hundreds of expenses made during the trip and, manually inputting every receipt’s info, assigning the expenditures to an employee, a department or a team is so time-consuming. That it’s not even worth it.
There is also a problem with some expenses not having substantial proof. Fraud and other nuisances could negatively impact your books.
It’s something to watch out for…
Life with Pleo
If you have Pleo, the accountant is happy.
Firstly, the system automatically logs and archives any transaction made with the Pleo card. As their website claims, companies can ‘Say goodbye to expense reports.
In reality, it does just that – weighs down the burden of drafting expense reports manually.
By simplifying expense management and making expense tracking super simple, Pleo definitely deserves to be on this list.
To be more specific – Pleo reduces the amount of work your accountant has to do by a whole lot.
When the employee uses the Pleo company card to pay for something, they are immediately notified to take a snapshot of the receipt, confirm their expenditures and assign a category to this particular expenditure. Then it is added to the ERP system in real time.
So, to sum up – Pleo accountants can monitor live expenses or view detailed charts about spending in various departments, filter expenses through projects, etc.
Pleo eliminates the need for the employees to keep their receipts while leaving spending control at the hands of the management.
Other upsides include a user-friendly app and Google SSO, as well as fraud detection. This is why it’s a must-have.
Accounting automation with November First
November First claims to be a simpler and cheaper way of making international payments.
Actually, it has a whole other level to the modest description.
Indeed, it works as a user-friendly, super-responsive, and straightforward way to control payments and company expenditures.
November First seeks to simplify and move ahead from the current bank-focused payment and bookkeeping model, which is super-time-consuming.
Life without November First
In general, the process for logging, registering an invoice, approving the details, getting the statement, adjusting, subtracting additional fees and finalising takes no less than 1 business day.
If your company doesn’t have November First, business trips that your employees go abroad can become a bookkeeper’s nightmare.
B2B transactions and other expenses are very difficult to log as of now. With a paper trail a mile long already, businesses should look at solutions that simplify, speed up, and reduce the workload for vital employees.
Life with November First
The app offers transparency and high-quality, real-time FX currency conversion rates, approved by one of the largest banks in Northern Europe (SEB).
With a vocal point on international payments, November first offers better margins & lower fees when receiving or playing abroad.
It’s an advanced payment management system that can be easily integrated with an ERP.
Furthermore, it’s simple to use.
All thanks to a user-friendly app that offers unparalleled simplicity when trying to initiate, approve and track payments made in the form of business expenses.
If your company wants to escape the monotony of logging into the bank, importing and saving data, as well as save obscene fees for international transactions, November First is the obvious step in the right direction. This tool is a simple, clear, and cheap way to manage payments.
Accounting automation with Roger.ai
With the newest addition of automated reimbursements, Roger.ai is arguably the most versatile and diverse tool for managing the finances of a department, branch, or even an entire company.
Just like the previous automation tools, Roger.ai is heavily focused on reducing the strenuous and mundane load of accounting. Their philosophy is simple but golden – ‘Why do manual work when automation can do it for you?’.
As of now, Roger.ai claims to be the fastest-growing automation tool for accounting firms and businesses of all kinds. Its main objectives are to simplify bookkeeping, save time and resources for in-house bookkeepers, better manage virtual accounting as well as create fluid, easy-to-manage workflows.
Life without CorpayOne
First off, casual accounting work without CorpayOne can be disorganized, inefficient, and all over the place.
Let’s give an example.
Every time an expense is logged, the accountant has to transfer that expense into the right spot on the books. Besides, they have to gather proof (receipts, invoices, logs, etc.) and add them to the corresponding physical (if necessary) and digital archives.
Logging on to the bank, confirming the statement, saving files, renaming files, organizing them – it all takes enormous amounts of time.
And if you look at larger organizations with hundreds of transactions daily, you could start to grasp the scale of the issue at hand. It requires immense and very high-competence human resources to keep this going. It’s just not worth it for your business.
Automated bookkeeping can eliminate these obstacles and barriers with ease. That is what CorpayOne can and will do for your business!
Life with CorpayOne
If you have Corpay, you can connect and integrate it with heaps of apps, tools, platforms, etc. For example, the soon-to-come Google Drive or Dropbox integration means hours upon hours of less work for the accountant. Saving bills from the app and instantly adding them to a desired cloud storage service is bliss—no other words to describe it.
CorpayOne can also link with:
- Bill.com (coming soon)
- Sage Intact
- Many others
Arguably the most overlooked feature that alone is enough to prove why you need CorpayOne or other automated accounting tools is automated bill payment.
Think about it – you set the rule once, and you don’t have to worry about recurring costs ever again. You will have happier customers and exceptionally more satisfied suppliers as a result.
You can integrate CorpayOne with November First to further simplify payment to international vendors and service providers.
This is why the two are not just a should-have; they’re also a great combo duo.
Accounting automation with E-conomic
The automation tool/platform/system by the name of e-conomic seeks to ‘address all bookkeeping needs’ with one intuitive program for accounting.
The main objective of this app is to allow complete, unhindered, and uninterrupted monitoring of the finances of any company.
This, according to common sense and e-conomic, is the bedrock that helps to make any business more profitable or efficient.
Truth be told, digital accounting is currently in a very stagnant state. With progress and new technologies making our home lives more manageable, the banking/financial sector sees a considerable technology gap.
Even though you have tons of tools for automated accounting available continent-wide or even worldwide, there are still a lot of businesses that shy away from these solutions without a logical explanation.
These businesses are reliant on banks and old-school methods, which work but cost a lot more and take a lot more time than automation.
It’s just not effective anymore.
Let us show why your business should have E-conomic!
Life without e-conomic
Working together with an accountant is really stressful. We mean that every action and expense planning has to be coordinated. The exchange of information and data has to be so swift and quick that it’s challenging to execute in both small and large business environments, which are very dynamic.
The exchange of documents between departments and the obtainment of documents from subsidiaries or daughter companies are always a challenge. Besides that, accountants have to juggle the responsibilities of maintaining and allocating cash flow, paying invoices, managing payroll, and logging purchases.
Without a centralized system that allows for synchronization with other tools, it’s just very wasteful from the perspective of time management.
That’s not good for business.
Life with E-conomic
Track stats, make adjustments, and manage every single one of your bookkeeping needs with E-conomic. The perfect definition for it would be one-size-fits-all or one-stop-shop. By being very simple from the UX and overview perspective, e-conomic can deceive you of being just an average accounting tool.
In reality, e-conomic gives a lot more clarity and streamlines the workflow for accountants.
Digitally, that is.
Even much so that accountants can do a lot of the work remotely. It means that they can spend other time doing more tasks.
However, the most impressive feature would have to be integrated with other programs and platforms which synchronize invoice, payment, payroll, and even inventory management data with e-conomic.
So it’s more than just an automated accounting tool.
So, Pleo, November First, Roger.ai, and e-conomic are the 4 tools for top-notch accounting automation. We and thousands of businesses can vouch for their efficiency first-hand. All of them can make your business operations much more manageable (especially in the accounting sector) and streamline so many processes.
That we say, they can be considered must-haves.
Baltic Assist is an expert with the know-how to make the most from this software and these systems.
If you have any questions or wish to get professional consulting services regarding implementing this accounting automation softwares, drop us a line.
We would be glad to help out with accounting automation any day of the week.