Our goal is to make the management of your company as easy as possible for you. We want you to take care of what really matters, namely, making your business grow and enjoying your hard work. Not dealing with spreadsheets and tax duties.
Ideally, your banking solution should help us reach that goal by allowing us to plug into their API. An API is a piece of software that allows us to connect to your bank on your behalf and get some information from your bank account, such as your bank movements.
Unfortunately, not all banks offer API integration, and not all that do make it easier for us to access your information. For these banks, we will, unfortunately, need you to download the bank statements of all currencies and balances (i.e: your accounts in USD, EUR, etc) and upload them regularly.
How regularly? At least at the very beginning of the following month (before the 5th). Ideally, at the end of every week.
In Estonia, accountancy needs to be done every month. That means that, at the beginning of June, for example, we need to make the accountancy of May for hundreds of companies. We only have a short period of some days to make this.
If you upload the bank statements every week, that allows us to work on your accountancy during the whole month (as opposed to doing everything in the last minute). We can ask you the invoices for those movements and analyze them to make sure VAT is applied correctly, the invoice data is correct, etc. In short, it helps us to catch errors and make sure your invoices are correct and your tax declarations are flawless.
Not all banks are created equal
Thus, if we can access your bank movements automatically (i.e: with banks such as Wise, LHV, Mollie, Stripe, etc…), we can do this process daily, and keep your bank movements and invoices up to date. We can detect transactions that would require us to have the documents right away or prepare a lot of work beforehand.
If that is your situation, congratulations! You just have to link your bank account and we will take care of the rest.
Unfortunately, many banks won’t allow us to do that (banks such as Revolut Business, Mister Tango, Paypal, LeoPay…). For those banks, we ask you to upload the bank statements as regularly as possible. Ideally every week.
Adding the bank on Companio
Linking a bank account on Companio is as easy as getting a token or API key and specifying it on the dashboard. This works with banking solutions and payment gateways such as Wise, Stripe, LHV or Mollie.
However, if your bank cannot be linked automatically, you need to specify the information of the account, including the IBAN or account number of all the balances or currencies of your account (if this is a multi-currency account such as in the case of Revolut Business).
You can easily do it on our new Companio dashboard by clicking on “Add new” and then specifying the information for the bank account. Use the “Add more” button if you need to add more balances or currency account numbers.
This way, we will, at least, know your bank information, and will be able to ask for it when necessary. It is important that you specify or link all the bank accounts of the company.
Then, you just need to upload the bank statements regularly. That implies downloading them from your bank online interface and uploading them on Companio.
CSV/Excel or PDF?
Most banks offer a way of exporting bank statements in either CSV/Excel or PDF. It is the case of Holvi, for example:
In this case, it is always better to download both and upload them to our dashboard.
Remember to specify the correct time period. If it’s the beginning of the new month (June in the example), you may want to download the whole month of May. If you are uploading the second weekly statement of May, at day 14th, choose from the beginning (day 1) to today (day 14th).
If the bank only gives you the option of uploading a CSV or PDF, but not both, just upload that one.
What banks would you recommend to me?
If you want us to take care of your bank movements for you, and allow us to work better and more regularly on your accountancy, it we would advise you to use the following banks and payment gateways:
- Wise: an online banking solution.
- LHV: a traditional Estonian bank.
- Stripe: The best payment gateway out there.
Note: we are integrating more and more solutions every day, so come back to this post for updates.
Processing your bank movements and invoices regularly, as opposed to in the last minute, allows us to do a better job with your accountancy, helps us detect and fix any possible errors with your invoices earlier, and ensure that your tax declarations are flawless.
Using a bank account that allows us to read your bank movements for you automatically really helps during this process. However, if that is not possible, we ask you to upload your bank statements regularly. In this post, we explain how to do it.