From Your Bank To Companio, email automation for bank statements is here!

Ignacio Nieto
16 July 2020
From Your Bank To Companio, email automation for bank statements is here! | Companio

The e-Residency program and the Estonian business system have mastered the use of technology to get rid of any paperwork, red tape, and physical borders in the process of managing your business. Following that same spirit, at Companio, we believe in the use of technology and automation to make your life as easy as possible.

Automation of bank statements via email

Imagine this scenario: your bank does not have an API (access to their data for third parties) nor does it allow us to obtain your company’s bank movements automatically, but you can download their bank statements in CSV or Excel and upload them to Companio.

We process them and obtain the bank movements contained inside for the bank reconciliation. This process works, but it is quite tedious to download them frequently. However, the bank has the possibility to send you bank statements every week via email.

Wouldn’t it be great if you could give your bank an email address where statements can be sent so that they are automatically added to your records and processed to extract the bank movements?

To bring this idea to life, we have developed automation of bank statements via email. Now Companio allows you to generate an email address for each bank of your company where you can send their bank statements.

How does it work?

It’s very simple, go to the Settings section in the user menu at the top right. Once there, click on the “Automation” tab.

You will see a “Bank statements” section with a selector to choose the bank. Why having different email addresses for each bank? Because it allows us to process these bank statements and extract the bank movements contained in the specific format of each bank. That is very helpful for the accounting reconciliation process and matching bank movements later.

When you choose a bank, a unique email address for your user will be auto-generated and copied to the clipboard. Now all you have to do is paste that email address into your bank interface, or send it to them via email.

Overall, bank statements automation will save you a lot of time. Remember that to avoid the misuse of this feature, only one email will be processed per minute. That is, multiple emails in less than a minute will be ignored. Please make a responsible use of this tool and do not put those email addresses in the wrong hands.

Deciding the future of Companio together

At Companio, we want to give our clients voice and vote in something as important as the tool with which they manage their company every day. Did you know that you can suggest improvements or request the correction of errors from the same Companio platform? If you have not already done so, enter the “Improvements” section in the user menu at the top left. You can suggest an improvement or correction of errors, or vote on the initiatives that you like the most from other users.

If you are not a customer yet, come with us! We have the most prepared team and Companio, the most powerful tool on the market for managing your company completely online.

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