E-conomic launches Smart Bank to remove friction from accounting
To reduce manual work and make the accounting process a whole lot easier, the online accounting platform e-conomic recently launched its new feature Smart Bank.
With that, e-conomic’s users are able to save 60 percent of the time they would normally spend on manual bank reconciliation tasks. The new feature allows more than 140,000 businesses to automate the bank reconciliation process – and with that, it has never been easier to make sure that your bookkeeping is always aligned with your bank account.
We sat down with Product Manager at e-conomic, Nicolai Hofsø, to discuss the many options of integrating real-time data from the bank into your accounting system.
Let’s see what he said.
Automated accounting for more than 140,000 businesses
There’s no doubt that accounting has been long connected with long, manual processes that required bookkeepers and accountants to switch context during the workflow.
But with the arrival of open banking, it’s finally possible to connect the data from the bank with the accounting system.
To leverage the new opportunities, e-conomic teamed up with Aiia. With access to any bank in the Nordics and beyond, the team at e-conomic created the new feature Smart Bank that empowers all users to integrate their bank directly into the accounting system, the Product Manager, Nicolai Hofsø, explains:
“It only takes around five minutes for our users to set up the integration in e-conomic. When that is done, our users can skip the manual process of going to the online bank to export CSV files and then uploading them to e-conomic.”
Choosing the right open banking partner
But what is actually important to look out for when teaming up with an open banking platform?
According to e-conomic, it’s all about coverage, compliance and customer centricity:
“There are several reasons as to why we decided to go with Aiia, but we were especially intrigued by the deep Nordic coverage and the true concern for privacy and compliance. Aiia has an obsession with customer centricity which is clearly visible in the onboarding flow and in the ease of getting data. It’s just a value proposition made in heaven for us.”
Curious to explore how you can follow the steps of e-conomic and build new accounting features such as e-invoicing, automatic bank reconciliation and more with? Drop us a line today or visit our blog for more live use cases.