Written by Frederik Kromann on 25/1-2023
Efficient bookkeeping - 3 ways to make your life as a bookkeeper easier 🤔
1. SmartPay powered by November First at E-conomic
I have previously described how a payment file can save you a lot of time as a bookkeeper. It's one of the oldest tricks and really a way to magically give you time back. Time you can spend on slightly more interesting things - maybe touching your customers a second time. Or making sure all receipts are in order before the annual accounts.
Or just run down to the local wine shop and buy a bottle of champagne and celebrate that life is getting a little more delicious 🍾
Once you have recovered from the party, I have a couple of additional things I think you should look at in relation to creditors.
Each of the 3 solutions can do something - sometimes they complement each other and sometimes it's either or. Digitising your bookkeeping simply and efficiently should be an ongoing focus as you chase time savings in your day-to-day business.
WHEN you have posted an accounts payable invoice so you can create a payment file, you might as well make that part more digital with SmartPay. That means it's important that you get enough data offloaded to make it happen. This is the part that deals with the payment method and the payment text.
For example, it is +71 xxxxxxx and you fill in a field that says "Invoice xxxxx". Once these 2 things are filled in, you're ready to have an easier life.
The solution is a replacement of your online bank and ensures (once you click on pay) that the money is deducted from your account and sent to your suppliers. Easy and elegant. In addition, your bookkeeping of this is also done 😍. You can read about smartpay here: https://www.e-conomic.dk/funktioner/smartpay
CorpayOne can do so many things 🤗 and is actually the best solution for efficient bookkeeping
1. Paying out garnishments
2. Post receipts
3. Post supplier invoice
4. Pay supplier invoice
Let's focus on number 3+4. Once you set up the system it can automatically create the supplier and drop their invoice into a draft. There's a nice approval flow if you need it - and a whole lot of other stuff. Access to the system is via the following
- Your unique Corpayone Address
- An app
- Web interface
So if you use one of these 3 methods, your supplier invoice will arrive at CorpayOne and the system will start analysing the invoice and if there is no approval flow - the supplier will be created and the invoice will be placed in a cash drawer in e-conomic.
It should be said that the easiest way to create an authentication flow is simply to make sure that you have an admin user in the system with the same mailadresse as the email you are sending from. Then it can be your approval. Read more about the approval flow here
Once you have used CorpayOne to post a supplier invoice, you can either choose to then use point 1 SmartPay to pay your invoices.
BUT there is also point 4 above - where CorpayOne itself withdraws the money and pays the invoice and does the accounting at the same time. It's quite elegant, however the setup with "Bankconnect" to make it work is not very interesting 😢
I'll be the first to say that I do NOT use Smartinbox - simply because..... it's not smart enough. YET. But it probably will be eventually. I'm convinced that Smartinbox will be the key to efficient bookkeeping - it's just not there yet unfortunately.
I have been told that you can easily post your supplier invoice with a few clicks. That's pretty neat in itself - but of course it's faster with 0 clicks in CorpayOne. We're all about digital and efficient bookkeeping - so you MUST try to do better all the time.
Since you have posted your supplier invoice via smartinbox, you can just use point 1 - SmartPay - because it is smart. REALLY smart.
Remember to connect for more tips and tricks for more efficient bookkeeping and digital accounting 😵
PS - did I mention that outsourcing bookkeeping and accounting is our core service?