We have gone digital en masse, but how do you take full advantage of your digital accounting software? Check out these handy tips that can save you a lot of time.
Invoice submission
Nowadays, more and more suppliers are providing a digital version of their invoice. If not, scan a receipt or invoice to add it to your digital accounting. You can also easily skip this step because many digital packages such as Yuki and Exact Online have an email address that is directly linked to your accounting. Pass this e-mail address on to your supplier. That way, the invoice can reach accounting immediately without any time being lost. Can the supplier provide a UBL invoice (e-invoicing)? Then the invoice can even be processed completely automatically by the accounting software.
Our golden tip: always ask your supplier for a digital invoice. Some suppliers even provide an additional discount for this.
Payment list
The payment list provides a handy overview of all your invoices for payment. After the invoice is processed in accounting, the payment details on the invoice are automatically included in the payment list. By sorting according to due date, you can pay your suppliers on time and avoid reminders or additional costs with ease.
To make payments, you generate a file that can be downloaded from the payment list. This file must be uploaded in your online banking module and then verified and signed. There is therefore no additional risk of errors or fraud.
If you use the payment list, all your purchase invoices must be supplied to accounting on time. Because you must supply the invoice first before you can make the payment. An advantage of such a payment list is that it enables you to keep the cashflow of your business better under control and to make optimum use of your suppliers’ payment terms.
Direct debit
If you want to go a step further than the payment list in the automation process, then you can still work with direct debit. With a direct debit, you authorise another business to obtain amounts from your bank account automatically. This is ideal for recurrent invoices such as telephone, electricity or leasing invoices. To set up a direct debit, please contact your supplier. They will provide you with a form to complete and sign. The supplier then takes the appropriate action to set up the mandate.
Having your payments made in this way has several advantages. You need never again forget a payment because your supplier is responsible for doing this itself. If you do not agree with a payment that has been made, then you can ask your bank to return the amount up to eight weeks later. You can also ask your bank to set a maximum amount and frequency for certain direct debits. Naturally, it is then important to make the payment manually when the amount charged appears to be correct after all.
Import banking transactions
You will no doubt have been asked by your accountant to supply bank statements for accounting on a few previous occasions. CODABOX means that you no longer need to spend any time on this. CODABOX is an intermediate platform that automatically supplies your accounting software with bank statements in electronic format (CODA). An additional advantage is that the accountant does not need to retype any details from the bank statement manually. This is because this is done automatically via the transfer of the electronic files by CODABOX, resulting in time savings for you and your accountant.
Furthermore, it is also possible to supply the accounting software with salary entries in electronic format (SODA) via CODABOX, thus producing even greater efficiency through SODA automation in the accounting software.
If you are not interested, however, or do not have the opportunity to work with CODABOX, then you can still always provide your accountant with your bank statements in csv files. This authorises your accountant to import the bank statements into the digital accounting software and does away with the need for manual entry of the data in the accounting software.
Choose the optimum scenario
STEP 1: The digital invoice is provided automatically by your supplier in accounting.
STEP 2: Direct debit has been set up so that the payment will automatically go to your account on the due date.
STEP 3: Via CODABOX, your payments are automatically read into the accounting system and linked to the invoice that was provided directly by your supplier.
Our Bofidi experts will be happy to help you
Do you have specific questions about accounting software? Then please do not hesitate to contact us. The team of Bofidi experts will be happy to help you.