How to increase the efficiency of your business and financial processes?

What happens when people with a shared perspective of the world meet with a plan to shake up the status quo of accounting and do something extraordinary? That’s when real innovation happens! And that’s the origin story of has been on the market for 10 years and throughout that time we’ve already become a quality label on the financial services market. What our clients have pointed out most is that we’re innovators in the accounting field, and the efficient processes we’ve created help them save time, money and support them to make better management decisions.

Our success is down to our people, who have a different mindset – we’re innovative by nature. Curiosity and the need to make things simpler, more logical and efficient has led us to various smart software and solutions that we have implemented in our daily work. As a result, we’re able to automate routine and time-consuming activities, creating a clear financial picture for all parties involved, which helps make clear management decisions.

The greatest value of is that we really delve into the business of our clients, see the big financial picture and create tailor-made solutions that fit their business needs. We work in partnership with the client and are a proactive financial partner that is able to align business and financial processes so that the business can be managed more efficiently.

Which processes create the most value through automation?

It’s important to create a set of software on top of the business processes that meets the needs of the business in both the present and in the future. In the big picture, the aim of our service is to improve the client’s sales, purchase and financial process, automate where possible and create business synergies between all processes, which will later become evident in automated and high-quality financial reporting. The greatest process efficiency is achieved by replacing non-functional accounting software. Our main accounting software choices are SmartAccounts, Merit and Directo. We’ve experienced the growth of efficiency in the client’s accounting processes and the ability to seamlessly integrate business and financial processes with these software solutions and interfacing them with various other software.

The experience of shows that the sales process has the most to gain from the use of different software in both business and financial management. Different software makes it considerably easier to prepare offers, send out invoices to clients automatically and the information immediately goes to accounting. When a sale is made, there is an immediate link to accounting, as the information is automatically transferred. It’s also possible to see the complete picture of receipts, payments and debtors in real time. Stripe, ChartMogul, Scoro, Bidrento and Waybiller have been the most valuable software tools in the sales process for our clients.

The key to making the purchasing process more efficient is the cross-company transmission of purchase invoices and cost documents, and digitalisation. We incorporate the Envoice purchase invoice digitisation software in this process. In order to create maximum synergy between Envoice’s options and your business needs, our professional team is also able to support you in building the most optimal cost structure possible. Envoice is a purchase invoice and expense management environment that does away with all paper invoices. From a client and accounting point of view, it saves a lot of time that would otherwise be spent on routine inputting activities. Invoices and expense receipts coded in Envoice move to the right people themselves and managing expense receipts with the mobile app is a quick and easy process. In addition, Envoice makes it possible to implement an approval round system, through which costs can be approved by the right person in the company faster than before.

In order to make the money process more efficient, it’s important that banks are interfaced to the accounting software. This way, automatic confirmations between the bank transfer and the underlying document are generated while important working hours can be saved and an overview of the company’s cash flow can be easily obtained. Stripe, Montonio and direct interfaces with LHV, Swedbank, SEB, ESTO and Inbank have been the most valuable tools for our clients in the money process.

In the case of tax accounting, it’s important that accounting software is interfaced with the e-Tax Board. Automation can ensure that taxes are correctly declared and recognised in accounting. You can send a tax return, approved or otherwise, to the Tax Board with the click of a button. The time taken to submit tax returns will be significantly reduced, as will the possibility of human error.

The process of dealing with employees can be made more efficient by automating expense and business travel reports. We do this through the Envoice software, where employees can send all their documentation related to expenses and business travel. In addition, the accounting software allows us to send out pay slips with the click of a button. Envoice, SmartAccounts and Merit Pay have provided the most value to our clients in the process related to employees.

Asset accounting can be made more efficient by switching on the automatic depreciation entry in the accounting software. This eliminates the need to click manually and the entry is created automatically.

Stock accounting can be made more efficient by interfacing the warehouse software with the accounting software or if the warehouse module is directly in the software. This immediately creates stock entries in the accounts. Directo is the software that has provided the most value to our customers in the warehouse process.

How does the client benefit from all this?

Our clients appreciate the fact that they can get a comprehensive overview of the current state of their business without having to wait for reports, but are able to keep up to date with the financial picture of their company 24/7. This, however, enables them to make better and faster business decisions. In addition, there is also a huge time gain, as both accountants and business managers no longer have to deal with routine and time-consuming data entry. Automation also means fewer human errors.

Based on the experience of, I can also say that, for example, a particularly large business effect can be achieved by implementing a similar automation policy across the Group.

However, it’s worth remembering that the process of implementing software cooperation rounds and automated accounting requires thorough preparation. It’s necessary to navigate skilfully through the different software and make them work for you.

In the early years, it seemed to scare our clients that we would charge a fee for the implementation of the service, but now we’re glad to see that as time goes on, this is an increasing expectation of us. Clients come to us wanting to change their accounting processes and get business and finance working together. From our side, it’s a one-off fee and depends largely on the size and needs of the client. By taking a step back, looking at the financial department in its entirety and creating the bigger automation round, it’s possible to make clear management decisions and focus on growing the business.

Find out here how the Envoice cost management and accounting tool works: LINK