“Running a business should be easier” – this is the motto of Run my Accounts, a cloud solution that promises to cut the tedious routine work from day-to-day bookkeeping.
Perfectly managed accounts are a necessity for any business, big or small. It forms the basis for financial controlling, financial planning, and many other important tasks of a CFA. However, a good part of the work of a bookkeeper is often pure routine. Keeping records is time consuming and is certainly not the most creative of activities one might imagine. In short: no-one enjoys bookkeeping. Calling in assistants who are not really familiar with the company is not a realistic solution, either – too often this leads to misunderstandings and bookkeeping errors.
Forget about IBANs
This is where the services provided by Run my Accounts come in. The Swiss fintech provider has an automated online accounting solution that is tailored to the needs of SMEs. It saves companies the extra work and manages the whole process of booking invoices.
This is all based around automatic invoice processing. Electronic invoices can be sent via email. Thanks to a partnership with the Swiss Post, anything arriving by post is scanned directly in the mail center and transferred to the accounting software.
Run my Accounts has developed special algorithms for analyzing invoices, which accurately process most invoice data. Each invoice is subsequently checked again by a member of the Run my Accounts team and then automatically booked into the system. At the same time, a digitally signed PDF is stored in the document management system and linked to that item.
The payment process is also integrated: After the client has approved an invoice in the workflow module, Run my Accounts transfers the information to the client’s e-banking tool. Conversely, bank accounts are updated on a daily basis. The accounts are therefore always up-to-date up to the day. Compared to traditional bookkeeping and accountancy services, this system is significantly less expensive.
Full service with a future
Unlike other online bookkeeping tools, Run my Accounts offers more than just software. In addition to the manual checking of scanned documents, the approx. 20-strong team of full-time bookkeepers can also take care of additional tasks on a cost basis, up to and including sales tax calculations and financial statements.
The software itself is now also available to customers who do not want to take advantage of the invoice processing facility – free of charge and including order management, accounts receivable, and additional functions.
The company is also working with Swiss banks. These will be able to offer customers accounting services that are fully integrated into their e-banking tools in the future. Automated bookkeeping services are also in high demand internationally. With the intention of serving this need, Run my Accounts founded a subsidiary company in Germany in June 2015.