In part 2 of this 2-post blog series, learn five features of Friday Finance that will help you optimize your pre-accounting.
Organized pre-accounting is fundamental for any business. Correctly done, it can provide tax deductions, help spot fraud and missing accounts receivable, audit your cash flow, and ultimately you avoid charges for tax misconduct. Good pre-accounting translates to real money you have to gain… or lose.
The problem is that there is literally no task more tedious than bookkeeping.
Automation = more money and more time
Ask yourself if this sounds familiar: waiting ages to get your total cash records from your finance admin, unearthing your expenses report, waiting for a final income statement, and at last submitting it for your tax return, crossing your fingers that no mistakes happened along the way.
If this is you, then you are among millions of managers who face the same challenge. The minimum investment in a dedicated accounting team should be around €70,000 a year, or at least 1 FTE, which is far beyond what most companies are willing to pay (or should pay!) for back-office tasks.
The best solution for such problems is to automate such tasks. It is not hard to find an AP software online. Also, it will not take you long to find a cash management tool. You can organize your financial expenses in categories and counterparts in a spreadsheet. If you download all your bank apps, you are able to oversee your accounts’ situations on your telephone.
But switching from one application to another is demanding and expensive. Friday Finance’s holistic finance management system makes this process less painful, and a lot of it has to do with bills management. Here are five things you probably didn’t know about our Accounting feature.
Machine-learning powered reconciliation
Our algorithm identifies payments via currency, amount, or time of the transaction and immediately matches them with the bills you upload. Invoice reconciliation is perhaps the most time-consuming activity in pre-accounting, so we worked single-mindedly to make sure you can do this as seamlessly as possible with Friday Finance.
Ready to go exports
DATEV, Xero, QuickBooks… When it comes to the final step for closing your books, Friday Finance is software agnostic. All data contained in your workspace canbe directly converted to a csv file suitable for the accounting system of your choice.
State-of-the-art OCR scanning
The sophisticated OCR embedded in Friday Finance immediately categorizes your paper invoices and transcripts all texts contained in them to the computer. The speed granted by our scanning technology is a powerful asset to enhance your archiving process, enriching your reports with all relevant contextual data of the payments processed by your company.
Drag and drop multiple bills at once
Bills may come from various sources: emails, text messages, mail… It’s common that we have multiple files in different folders containing transaction info. A quick way to get all those documents in one place is to simply select them in bulk and drag them into your Friday Finance workspace.
And soon… Payments
The obvious step ahead for Friday Finance is to allow users to pay within their workspaces. In the first weeks of October, our payment solution will be available to all customers. Pay suppliers and employees without logging off, and save precious hours by having all your financial needs one click away from you.
How can we help
Replacing your manual accounting processes with electronic solutions is a game-changing strategic decision. There is vast literature pointing out that doing so can bring substantial savings. Those studies consider that the average cost of manually processing an invoice is of €15, while doing the same in software would be around €3,50 to €5. If one company deals with 500 invoices a month, this means a cut revolving around €69,000 each year.
Friday Finance’s first-class bills management feature is only the tip of the iceberg in terms of automating your financial management. Navigate through our system and see how our 20,000 bank connections, our liquidity planning, our team communicator, and our financing offers suit you.
Running a business takes time and effort, so our main goal is to allow you to get the most efficiency out of the tools you have in hand. Sign up now and start optimizing your business today.