This article is written with accounting companies in mind. At the same time, if your company has an internal accounting department, most of the tips should benefit your processes as well.
We noticed a common misconception about CostPocket services. A lot of new customers believe it is enough to download the app, create an account, and start snapping photos of receipts. While this is already saving time and hassle, it is far from its full potential.
So grab a cup of your favorite beverage, lean back, and let's sort things out!
What is the key benefit of CostPocket?
In short: workload efficiency. In fancier words: streamlining the flow of the expense documents. What does it all actually mean? Firstly, it means the end to the stressful hours of hectic work before the VAT declaration deadline every month. Instead of a bunch of papers arriving on the desk at the last moment, receipts and invoices are submitted remotely and at any point in time with CostPocket. On top, the expense documents reach the accounting system in digital form already, saving hours of manual data entry.
Manivald Sternhof, an Estonian accounting industry veteran with 20+ years of experience, shared his experiences during an interview (read the full piece here):
"99% of my clients use CostPocket and the value it provides can be illustrated by the pace at which receipts reach accounting. Previously, our accountants spent a few days around the 18-20th of every month receiving and sorting a tsunami of documents, then entering data from receipts into the accounting. Now we organize this work flexibly as CostPocket gives us a steady flow of receipts during the whole month."
We have reached a point where we have self-driving cars and reusable space rockets, yet our dear accountants are still wasting time manually handling paper documents. Is there a sense in that? Not really: accounting must catch up with innovations and technology that free their time from tedious and monotonous tasks!
#1 Scale and manage multiple companies
At the end of 2021, among our clients, we had 163 accounting agencies managing on average 11.5 companies and all together digitising nearly 60 thousand documents a month. All through a single agency account. This is what we call efficiency.
When you manage multiple CostPocket accounts, you need to agree with the clients who will be paying for the services. Often accounting agencies agree to pay through a single invoice on behalf of all their clients. This is easy to set up when creating a client account or later on through settings in the app. Alternatively, the companies can simply receive separate invoices for CostPocket services.
#2 Activate integrations with the accounting software
Forget collection of papers and manual entry - relax and see the data appearing on your screen right after the documents are digitised or expense reports are submitted.
CostPocket is good on its own, but it is great when integrated with other tools. Therefore we have secured integrations with 20+ most popular accounting software. The list is available here. If you do not see the accounting software you want, don't hesitate to contact us. Perhaps the development is in process or we just haven't heard of your software yet.
Do you have loads of clients who use different accounting software? No problems! You can easily integrate each of them with the specific software they use. The activation is quite straightforward, takes up to 10 minutes, and the necessary steps are well documented on our website.
#3 Pick the most suitable service and pricing plan
We have two distinctive services for document digitisation:
Our proprietary Optical Character Recognition (OCR) algorithms scan through the submitted document and instantly extract the data, all while organizing it in the relevant fields, from the supplier name and registration code to the total amount and currency. While accurate and reliable, there will be times when the submitter needs to help our algorithms and amend the scanned data.
After CostPocket OCR does its magic, a human verifies and amends the data when needed ensuring ~99,5% data precision. We are well aware that accountants triple-check the results, but with human-verified digitisation your input will be less than minimal.
As there are people involved in this process, it does not happen instantly. On average documents get verified within 5 hours of a business day. This process is designed not to exceed 24 hours after the document submission.
You can see a comparison between these two services in this video. See the pricing plans on our website here. Just like with the integrations, the service and pricing plans can be selected for each company individually.
Our core plans are based on # of users and documents processed per month. Please note, that accounting firms managing at least 2 companies get a free administrator role at each of the companies. Yet, if documents are also submitted through this role, a monthly fee of the chosen pricing plan applies.
#4 Manage users easily
With an account set up and ready, you need users to submit the expense documents. There are two types of users with CostPocket:
- Submitters are permitted to upload, view, and edit their own documents and reports
- Administrators, on top of the submitters’ rights, also fully control the company account: edit company information, switch pricing plans, add and remove users, activate and deactivate integrations, etc. Administrators can also view and edit any document and report.
The person creating a CostPocket account automatically gets administrator rights and then defines the user role when sending invites. We recommend assigning administrator roles to accountants and business owners only.
#5 Get full overview on the cloud platform
Besides the mobile app, we also have a cloud service designed for use with a large screen. This tool is appreciated by accountants for reviewing digitised data, working with multiple cost documents at the same time when organizing them into reports and forwarding to the accounting software.
If you have a CostPocket account created, take a look at it here. And yes, this comes free of charge!
#6 Advanced settings and other features
CostPocket is rather simple on the surface, but we do have more in store. For example, in the Advanced settings you can optimise the data requirements when the documents are submitted through the app:
- define the custom expense types relevant for the company, so submitters quickly and accurately tag their expenses
- set Express mode: allows submitting documents without providing any comments. This option is preferred by business owners as it saves their time
- ask to specify whether the cost was paid for with personal or company funds. This step is important to the companies where submitters use both personal and company funds for payments and this information eliminates unnecessary questions and guesswork for the accountant.
And did we mention travel reports, per diem calculator, or e-invoice handling?
You can start using CostPocket in a few minutes, but it will take more time to maximize the benefits from digitisation services. Try the Free Demo plan with robot digitisation and may it be the first step towards paperless accounting for you and your clients!
If you have any questions regarding CostPocket, we are available to you through [email protected] or +372 5362 2161!