Bank pilots automated invoicing system
Dutch bank ABN AMRO has teamed up with invoice management company InvoiceSharing to produce a new automated invoice accounting solution for SMEs.
The ‘touchfree’ add on will integrate with an SME’s online accounting platform to provide deeper accounting insights, allowing companies to estimate future working capital and secure funding.
By automating certain manual accounting processes, the software makers believe that companies will be able to save SMEs lots of time and money.
How it works
Companies will integrate their accounting suite with a cloud platform like Xero.
From here they will send outgoing and incoming invoices to an online account, where an accounting ‘robot’ will automatically read and understand the invoice, generate journal entries and export the information to the company’s books.
The two companies, which are both based in the Netherlands, claim that the alternative finance solution can process 10 or 20 times as many invoices every year and reduce administration costs by as much as 50 per cent.
The makers will pilot the software solution with 20 companies. If the test-run yields positive results they plan to roll the solution out to companies internationally.
The software is geared towards SMEs with annual revenues of between €2 million and €20 million.
Bookkeeping is more than admin
“Bookkeeping no longer marks the final stage of an administrative process,” said InvoiceSharing CEO Jeroen Volk in a statement.
“Instead, it has become the SME’s starting point for improvement of business. In due time, we want to help as many entrepreneurs as possible make their business smarter so they can anticipate and play into future challenges.”
The future of accounting
Miles Grady, Director of CloudAccountant.co.uk said: “These solutions are the future of SME accounting. Cloud accountancy platforms like Xero will form a central product suite and add ons will let companies perform specific tasks.
“It means that SMEs will have a lot of choice and will be able get an accounting software solution that’s perfectly suited to them.”