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Blog post from 08.12.2020

GetMyInvoices automatically links transactions to invoices

Lübeck. GetMyInvoices has equipped its invoice management software of the same name with a banking module. Users use it to connect their accounts and credit cards with GetMyInvoices in order to import transactions. These can then be linked to the corresponding invoices or receipts. The invoice management software uses intelligent algorithms to make suitable suggestions so that the assignment is made with just a few mouse clicks. Another big benefit is that the banking module indicates previously missing online portal or email account connections.

"With our new banking module, we are further reducing the time required for preparatory accounting," says Björn Kahle, COO of fino, the provider of GetMyInvoices. "The module automatically assigns transactions to the associated documents, thus freeing the user from this time-consuming manual task."

The user can decide whether he wants to link GetMyInvoices to his accounts live via online banking or manually import the transactions via CSV or Excel file. He can also connect his Paypal or Stripe account to GetMyInvoices.

Once the account transactions have been uploaded, GetMyInvoices gets straight to work and suggests the appropriate documents using intelligent algorithms. The amounts, supplier name and intended use are compared with each other, among other things. The user then only has to confirm the suggestion or, if necessary, select another document from the alternatives. If in doubt, they can view the documents using an integrated viewer. If a transaction cannot be assigned, the user can ask the team via the Communications Center or request that the missing document be uploaded.

The filter function included in the banking module also provides an overview. It displays transactions in a selected manner, namely according to transactions that are already linked or not yet linked, and those that can be ignored. The latter are those for which there are usually no receipts, such as account management fees, tax payments or refunds.

The banking module also helps to avoid missing invoices in the future. Thanks to the comparison of transactions and receipts, GetMyInvoices proactively informs you if there is no connection to an online portal or email account. This means that more and more invoices can be automatically linked to the transactions, so that the amount of work involved in preparatory accounting is continuously reduced.

In addition, the banking module includes a function that allows the user to export the transactions as an Excel table or, if desired, with the linked documents as a ZIP file. "Companies can then provide these to their tax advisor for posting at the end of the month if they are not using GetMyInvoices," explains Björn Kahle. "Because the invoices are assigned to the transactions, there are no annoying queries about which document belongs to which account movement."

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