Introduction 🚀

Accounting is one of the most important pillars of any company, but it can also be one of the most tedious and error-prone tasks. For small and medium-sized enterprises (SMEs) struggling to close their accounting months on time without much effort, digitizing and automating accounting processes is not just an option, but an imperative need. In this article, we’ll explore how you can automate accounting 100% in just one week without advanced IT knowledge.

For any questions during the process, you can contact us at [email protected]..

Who we are and why you should trust us

How we turned our consulting firm into Software for SMEs: a journey of innovation and adaptation

September 2021 - Our First Company, Kasio

After careers in top-level companies like PwC and Glovo, we decided to start a consultancy called Kasio, offering “CFO as a Service.” Along the way, we discovered that back-office financial operations were a common problem in all companies, big or small.

December 2021 - Path to Efficiency

We faced the challenge of continuing to grow with the same structural costs, so we focused deeply on efficiency by implementing technology in all our operations. We programmed some Python scripts on Holded (our ERP) that saved our accountants a lot of time and even sold these scripts to our competitors. After that, we carried out three or four more technological implementations that allowed us to acquire more clients without having to hire more people. With the same structural costs, we increased the company’s revenue fourfold after one year.

November 2022 - First Steps in B2B SaaS

In November 2022, we started developing a tech tool for Kasio that made both us and our clients more efficient. The results were excellent, so we decided to spin off the company and continue developing the tool separately, placing innovation and efficiency at the center of our business strategy. Thus, Vuala was born.

Present - Vuala

Vuala is a B2B SaaS aimed at automating financial back-office tasks. Like Zapier, but for invoices.

Currently, we focus on automatically extracting all invoices from a company, reading them, and loading them automatically into their ERPs or chosen endpoints like Google Drive, Dropbox, Gmail, Slack, etc. We connect invoice providers with endpoints. Our mission is to help SMEs, large companies, and entrepreneurs focus on their core value proposition instead of wasting time on tedious administrative tasks.

We are very excited to see how this journey progresses and to help thousands of companies save time and money with our innovative invoice collection solution. We believe the future of financial back-office is digital and automated, and we will do our best to make Vuala a cornerstone of this change.

We want to thank all our users and investors who have trusted us and made this possible. We work every day to ensure that Vuala is the best solution for your financial back-office.

If you want to get in touch with us, you can do so on our website or email us at [email protected]. We will be happy to answer any questions you may have.

Why are we writing this article?

Several companies have asked us how to go beyond Vuala and how they can free themselves from accounting forever. This is why we decided to write a brief article to introduce you to the world of financial automation. It’s normal to have doubts and questions, just as we often do. We would be delighted if you wrote to us so we can solve it together.

Why should you automate accounting?

A company cannot grow in a controlled manner if its departments are not scaled for it. If your department needs to grow x1000 when your company grows x1000, it means you don’t have good internal operations, and you could fail due to success.

The main reason for this article is that if the company grows x1000, your administrative/accounting/financial department can remain the same, as personnel only need to validate that the technology is doing its job well. Therefore, the goal after reading this article is:

• Reduction of Stress and Burnout: Decreasing administrative load contributes to employee well-being.
• Optimization of the Financial Department: By eliminating repetitive tasks, your team can focus on strategic activities.
• Time and Cost Savings: Automating processes reduces the time spent on manual tasks and associated errors, thus optimizing financial resources.
• Real-Time Financial Statements: Access to updated financial information enables more informed and quicker decision-making.
• VAT Savings: Better control of invoices and expenses allows taking advantage of all possible deductions.

Do you identify with this? Keep reading 👇

Most companies we talk to say:

“Monthly closing is a nightmare.” We ask: Why?

If it’s a company or an accounting firm, they mention:

• “I’m missing a lot of invoices to find.”
• “I ask for them, and no one sends them to me.”
• “I’m not sure which bank transactions are pending reconciliation.”
• “The accounting firm is too slow.”
• “I have a lot of invoices pending reconciliation.”
• “My manager is pressing me to close taxes and send financial statements to the rest of the team, but I can’t do it.”
• “I don’t know which invoices I’ve asked for and which I haven’t.”
• “Everyone sends me invoices on the last day; couldn’t they do it regularly throughout the month?”
• “Reporting P&L and Cash Flow from my ERP is complicated; I put it in a Google Sheet, and that’s also tedious.”
• “The accounting firm is swamped these days.”
• “I can’t dedicate more time to other tasks.”

If you identify with these issues, this article is for you.

Now, let’s start automating:

We’ll detail all the accounting processes to see which tools we can use to automate each of them. If only there were a tool that encompassed all of them—ideally soon, Vuala. For now, we’ll have to use 2 or 3 very easy-to-use tools that we will explain and help you configure here.

We all know that accounting involves justifying bank transactions with their invoices to prove that (1) the expense is to increase the company’s profit and (2) to be able to deduct VAT.

Companies are changing their modus operandi. In the past, it was unthinkable to pay for something without having the invoice. It was paid and reconciled with the invoice at the moment. Now it’s different.

That said, the steps to automate are:

• Find 100% of my invoices
• Reconcile the found invoices
• Verify everything is correct
• Report the monthly closing
• File taxes

1. Find 100% of my invoices

At Vuala, we identify four types of invoices:

• Tickets: You go to a restaurant, pay the bill, and receive a receipt. This needs to be controlled somehow.
• Subscriptions: We have a company Spotify that charges every month and uploads the invoice to its online portal but doesn’t send it via email.
• Invoices via Email: The screw supplier just sent me the invoice for payment.
• Direct Debit: Endesa just charged the electricity bill, or the office rent was charged directly, and the receipt is in the bank.

Ideally, these four types of invoices should appear directly in your accounting software. Imagine one day your accountant accesses your accounting software, whether it’s Holded, Sage, Xero, QuickBooks, A3, Pennylane, Google Drive, etc., and finds all invoices ready to be reconciled. They didn’t have to request them from the team; they received them continuously throughout the month, making month-end peaceful because everything has been reconciled.

This is possible to automate right now with Vuala. In 5 minutes, you can have your account set up and running forever. You can find more information at vualapp.com, and if you want help setting it up, you can schedule a meeting by clicking this link.

How does Vuala capture invoices from online portals?

An online portal includes, for example, Amazon Business, Orange, O2, Shopify, Google Ads, Meta Ads, Telefónica, etc.

Once you register with Vuala, you can easily connect these providers and specify that invoices from these providers be sent to your accounting software automatically forever.

How does Vuala capture invoices from Email?

You can connect as many company email accounts as desired in Vuala. Vuala detects invoices that arrive in the email and sends them automatically to the accounting software.

How does Vuala capture Ticket invoices?

In Vuala, we’ve integrated WhatsApp. Any employee with a ticket or receipt expense can take a photo and send it via WhatsApp to Vuala, and Vuala will handle uploading it to the accounting software automatically.

2. Automatically reconcile invoices

Once all invoices are captured and sent to your accounting software, the next step is to reconcile them with bank transactions. Here’s where automation can save a lot of time and effort:

• Holded: In Holded, you can automate invoice reconciliation by syncing your bank account. Transactions are automatically imported and compared with existing invoices, making it easy to identify discrepancies and validate payments.
• Inmatic: Inmatic offers advanced bank reconciliation features that allow automatic linking of transactions with corresponding invoices. It also provides alerts in case of discrepancies, helping to keep your financial records accurate.
• Qonto: Known for its user-friendliness and business banking solutions, Qonto allows quick invoice reconciliation through integration with various accounting platforms. Transactions are imported automatically, and invoices are reconciled in real-time.
• Pennylane: Pennylane simplifies bank reconciliation by allowing direct connection to your bank accounts and automatic transaction import. Its intelligent system matches invoices with transactions, minimizing errors and saving time.

3. Verify everything is correct - The only recommended manual step

Once invoices are reconciled, it’s crucial to verify everything is in order to ensure the accuracy of financial records. Here are some techniques and tools you can use:

• Review Pending Invoices: Ensure there are no unreconciled invoices. The mentioned platforms usually offer pending invoice reports, making it easy to identify any missing documents.
• Validation of Reconciliations: Review the reconciliations to confirm that invoices have been correctly matched with bank transactions. Most tools offer automatic verification features, but it’s advisable to conduct a periodic manual review.
• Discrepancy Reports: Use the discrepancy reports offered by the platforms to identify and resolve any reconciliation errors. These reports are essential for maintaining the integrity of your financial records.

4. Report the monthly closing

Monthly closing is a critical process that involves generating accurate and complete financial statements. Here’s how to automate this step:

• Holded: Holded allows the generation of comprehensive financial reports, including P&L (Profit and Loss) and cash flow statements. You can set up automated reports to be generated at the end of each month, providing a clear and updated view of your company’s financial situation.
• Other Tools: Platforms like QuickBooks and Xero also offer advanced financial reporting capabilities. These tools enable automated and customizable report configurations, facilitating analysis and decision-making.

From Vuala, we’ve also developed Vuala for CFOs, where you can see your P&L and cash flow in real-time, along with pending transactions for reconciliation. This helps you report more easily and intuitively with the tools you are most familiar with. For more information, contact [email protected].

5. File taxes

Filing taxes can be a complex process, but with the right tools, you can significantly simplify it:

• Tax Preparation: Most accounting tools, such as Holded, Inmatic, and Pennylane, allow automatic preparation of necessary reports for tax filing. These reports can include details on VAT, income tax, and other relevant taxes.
• Data Validation: Before filing taxes, it’s crucial to review and validate all data. Use the reports generated by the accounting software to ensure all income and expenses are correctly recorded and that all applicable deductions have been taken into account.
• Automatic Filing: Some platforms offer the ability to file taxes directly from the software, including generating and sending the necessary forms to the relevant tax authorities. If your software doesn’t offer this functionality, you can export the reports in the required formats and file them manually.
• Collaboration with Tax Advisors: It’s advisable to collaborate with a tax advisor to ensure everything is in order. Many accounting software solutions allow you to share access with your advisor, facilitating tax review and filing.

If you want us to assist you throughout this process, ask for more information at [email protected].

I hope this guide has helped show you possible solutions to your administrative problems! 🚀

Feel free to reach out if you need any more assistance!

Experience Vuala in Action 🎬

To witness the full capabilities of Vuala, we invite you to watch the accompanying video demonstration. See firsthand how Vuala simplifies invoice management, boosts efficiency, and transforms the way businesses handle invoices.

In conclusion, Vuala represents a game-changing solution for businesses seeking to streamline their invoice management processes. With its intuitive interface, robust features, and commitment to innovation, Vuala empowers organizations to optimize efficiency and focus on what matters most – driving business growth.

Find here the spanish and english product demo:

Ready to experience the benefits of Vuala for yourself? Sign up for a free trial today and revolutionize the way you manage invoices.