Companio: What's New?

December 2024

New Features 🚀

Annual Report Updates
We’ve enhanced the annual report process based on your feedback to make it simpler and more efficient. Additionally, the terms and conditions for annual reporting have been updated, can check them out here.

Crypto Wallet Integration (it will be fully implemented next onth, January 2025)
Get ready to connect and manage crypto wallets like Kraken, Binance, and Coinbase directly from your dashboard.

Bank Improvements
Admins can now select all bank movements at once for faster processing, and toggle disabled banks for retroactive matching and improved workflows. Filters now save their status and display clearer indications when selected.

Automatic Matching Updates
Enhancements for loans, agreements, multi-currency transactions, and Revolut fees to save time and improve accuracy.

Wise Investment Account Updates
Customers can request account type changes directly.

Bug Fixes & Improvements 💪🏼

Bank Connection Delays
Resolved issues with long loading times during Open Banking connections.

Incorrect PoA Details
Power of Attorney details now display correctly during registration.

Payoneer API Migration Fixed
Old connections now migrate to the new API seamlessly.

Bank Disconnection for Virtual Plan
Bank statuses now update correctly when switching to the Virtual plan.

Date Localization Fixed
Corrected transaction and issue dates affected by time zone errors.

Knowledge Base Updates 📚

Estonia’s Tax Shake-Up: Are You Ready? 🚨 (Youtube Video)

November 2024

New Features 🚀

Loan and Agreements
We’ve introduced a new feature allowing you to create and manage loan agreements directly from the dashboard. This includes:
Lending money to other businesses.
Borrowing money from companies.
Company members lending to their business.
With the Loan Agreement section, linking and managing loan repayments is now simpler and more precise.

Retroactive Loan and Agreement
You can now create, add, manage and match retroactive loans within the dashboard.

Edit Invoice Numbers
To avoid duplicate invoices, you can now edit invoice numbers directly in the dashboard. You can set the next invoice number (higher than the current tracker) to maintain consistency.

Pro Forma Invoice Generation
We’ve clarified the process for generating Pro Forma invoices, which serve as estimates and are not saved in the database. Updated button labels and explanations make it easier to understand.

Automated Invoice Email
The system now supports up to 100 PDF attachments per email. If you exceed this, you'll receive instructions to divide attachments into smaller batches.

Bug Fixes & Improvements 💪🏼

Handling Incorrect Document Uploads
A new option now helps you fix uploads that are not invoices but rather payment confirmations or summaries. This ensures accurate document handling.

Custom Bank Statement Upload Fix
We resolved a bug preventing you from uploading bank statements to custom banks.

Employee Registration
A bug that caused incorrect country selection during employee registration has been fixed, ensuring a smoother onboarding process.

Stripe Bank Statement Uploads
A bug affecting Stripe .xlsx bank statement uploads has been resolved.

Invoice Errors for Greek Customers
We fixed an issue that was preventing invoice generation for Greek customers due to a country code mapping error.

Knowledge Base Updates 📚

Estonia’s Tax Changes: Impact on Digital Businesses and How Companio Can Help

October 2024

New Features 🚀

Main Page Mobile Version
We’ve been developing a more mobile-friendly version of our main page! While there’s still more work ahead, we're constantly refining it to make managing your business from your phone easier than ever.

Custom Banks Are Back!
We’ve reintroduced the custom bank connection feature under our PREMIUM plan. You can now connect multiple custom banks at the same time—perfect for those needing more flexible banking options.

Track of Bank Reconnection Requests
We’ve added a new feature that automatically tracks bank reconnection requests. Now we can monitor and streamline the process to ensure a smoother experience for you.

Bug Fixes & Improvements 💪🏼

Match Multiple Transactions for Personal Expense Refunds
Managing personal expense refunds just got easier! Now you can match multiple transactions to a single refund, simplifying the process for you.
We fixed a bug that was displaying incorrect statuses for banks in the admin dashboard. Expired connections were being incorrectly shown as 'expires soon.'

Annual Report POA Update
The Power of Attorney (POA) process is now directly linked to COMPANIO. Be sure to check out our emails for instructions on how this update affects your annual reports!

Fix: Automatic Matching Flow
We’ve fixed a bug that prevented certain items (like bank fees, reserve funds, and state fees) from being automatically matched.

Enhanced Automatic Matching Detection
Our improved algorithm can now better identify internal movements, even when multiple similar transactions occur. Say goodbye to missed matches!

Fix: Notifications About Pending Transactions
We’ve fixed the issue where some users received notifications about pending transactions that didn’t apply to them. Problem solved!

Knowledge Base Updates 📚

Why Wise Accounts Are Marked as “Investment Accounts” in Your Companio Dashboard

Beware of Phishing Emails About Estonian Tax Refunds: Stay Safe!

September 2024

New Features 🚀

New Feedback Button
We’ve added a new feedback button across all dashboard screens. This allows you to provide specific feedback for each section of the dashboard, which in turn will help us make it more efficient and user-friendly.

Improvements in Investment-Withdraw Funds Matching
We've made improvements to our Investment-Withdraw funds matching feature to enhance your experience, especially for those with Wise Investment accounts:

-Simplified the input process for easier use.

-Streamlined the form by removing the Fee field.

-Added flexibility for Wise Investment accounts, allowing $0 principal amounts.

Bug Fixes & Improvements 💪🏼

Incorrect Labels on Bank Cards
We fixed a bug that was displaying incorrect statuses for banks in the admin dashboard. Expired connections were being incorrectly shown as 'expires soon.'

Unable to Add New Users
We fixed a bug that was preventing customers from adding new users to the dashboard.

Knowledge Base Updates 📚

Why You Shouldn’t Use Stripe’s Payment Links Tool: Here’s What You Need to Know

How Companio Can Simplify Your Business Journey on the Estonian e-Residency Marketplace

August 2024

New Features 🚀

Seamless Payoneer Integration
Managing your finances just got easier! Connect your Payoneer corporate bank account to your company's Dashboard with just a few clicks, and watch as transactions and balances automatically sync in real-time. Say goodbye to manual updates and hello to streamlined banking!

VAT Check
Stay on top of your VAT game! Our new feature instantly verifies and fills in your clients’ VAT data from the European VAT/VIES registry. Plus, if something’s off during invoicing, we’ll alert you right away, helping you avoid costly mistakes.

Bug Fixes & Improvements 💪🏼

Wise Account Connection Restored
An unplanned update from our OpenBanking provider temporarily blocked customers from connecting Wise accounts. We quickly resolved the issue, and everything is back to normal.

Automatic Banks Set to Manual Fixed
We’ve corrected a bug that incorrectly switched automatic bank accounts to manual, which was disrupting automatic updates. Your accounting workflow should now proceed smoothly.

Banks with Limited Access Periods
Some banks, like VIVID, restrict access to transactions for less than 90 days. We’ve adjusted our API to handle these cases, ensuring continuous access and data updates.

Enhanced Automatic Matching
We’ve improved our automatic matching algorithm to better handle tricky cases, such as similar transactions or unclear descriptions. Expect smarter and more accurate matches.

Duplicated Transactions Display Fixed
We resolved an issue where transactions were being displayed twice on the dashboard. This was only a display problem—your transactions were correctly saved. Now, each transaction appears only once.

Missing New Transactions Resolved
Some banks stopped providing new transactions even though accounts appeared connected. We fixed this by adjusting the connection period to ensure you always receive up-to-date information.

Duplicate Invoice Generation Fixed
We resolved a bug that caused invoices to be generated twice in the dashboard. No more duplicate invoices!

Contractor Start Date Issue Fixed
We fixed a bug that prevented registering contractors with prior start dates. You can now set the correct start dates with ease.

Bank Transaction and Balance Discrepancies
We’re actively addressing cases where bank balances don’t match transactions. Resolving this issue remains a top priority for us.

Knowledge Base Updates 📚

What Expenses Cannot Be Added as Travel Expenses for Business Trips?

Can I claim travel expenses for business trips?

July 2024

New Features 🚀

Enhanced CSV Invoice Import Tool
We've made importing invoices even easier! Our updated tool now separates address data into specific fields:
- Address line
- City
- Zip code
- Country
This improvement allows you to specify your customer's address more accurately when generating invoices, ensuring detailed and precise records.

Custom Contracts for Contractors
You can now add custom contracts for your contractors effortlessly. Our system automatically extracts data from the PDF to fill in the necessary fields, making the contract creation process faster and easier for you.

Bug Fixes & Improvements 💪🏼

Improved Matching of Invoices
We've enhanced our algorithm's accuracy in matching invoices and transactions that are in different currencies, ensuring more precise and reliable financial records.

Fixed Contractor Data Editing
We've fixed an issue that was preventing you from editing your contractor's data. Previously, you were redirected to the ''Add a New Invoice'' page instead of the ''Edit Contractor Data'' page. Now, you can easily edit contractor data without any hassle.

New Matching for Investment Operations
We've added new matching options for investment transactions to make managing your investments easier:
- Investment - Added Funds: Automatically match outgoing transactions that add money to investment platforms like Mintos, eToro, Kraken, etc.
- Investment - Withdrawn Funds: When you withdraw money from an investment platform, the system will now ask you to divide the amount between principal (initial investment) and interest (generated returns).

Knowledge Base Updates 📚

Matching Options For Transactions and How to Choose the Right One
Discover how to accurately match your transaction in Companio, ensuring your business's clean financial records, seamless bookkeeping and tax compliance.

How to Match One Invoice With Multiple Transactions Or Vice Versa?
Learn how to accurately match one invoice with multiple transactions, or multiple invoices with one transaction in Companio. This guide ensures your financial records are precise and well-organised. Follow these steps to streamline your bookkeeping process and maintain accurate financial documentation.

Teasing New Releases ✨

Automatic Invoice Classification [Coming Soon]
We're thrilled to share that our team is developing an AI engine to automatically classify your invoices' accounting categories. By using data from thousands of invoices processed each month, this new feature will save you valuable time by accurately guessing the category for each item.

June 2024

New Features 🚀

Convert Non-Deductible Trip Expenses to Deductible Expenses
When you access the Dashboard and open the Business Trip section, you can now change non-deductible trip expenses to deductible ones if they were mistakenly added as non-deductible.

Annual Report Email Updates
We've updated all the emails and communications regarding the Annual Report submissions to make it clearer and easier for you!

Companio One: Financial Snapshot
We've updated our financial snapshot email so you can get more information regarding invoices and financial status.

180 days of Bank Connection!
Previously it was only possible to connect your bank accounts for 90 days, but this new feature allows you to connect them up to 180 days!

New Matchings: Reserve Funds Held and Released
We've added automatic detection and labelling for held and released funds in Stripe transactions to make your accounting even easier!

Bug Fixes & Improvements 💪🏼

Fixed: Companio One - Authentication
We've fixed the error that was preventing some customers from accessing the Companio One dashboard.

Amazon FBA Invoice Import
We've fixed the issues with invoices generated by the Amazon FBA invoice import tool.

Knowledge Base Updates 📚

How To Import Your Invoices In Companio With The Automatic CSV Invoice Import Functionality
Easily add your invoices by uploading a specially formatted CSV file, allowing our system to automatically generate and organize them for you.

29 April, 2024

New Features 🚀

New Crypto-Currencies Added!
We're excited to announce that Solana (SOL), Bitcoin Cash (BCH), and Ripple (XRP) have been added to our list of supported cryptocurrencies. You can now connect these crypto wallets to your Companio dashboard and manage all your transactions seamlessly.

Source Of Transactions
Understanding your transaction origins just got easier! We've introduced a new "Source" property in the Bank Movements section. Whether it's from OpenBanking integration, direct API connectivity, or a CSV/XLS spreadsheet import, you'll now see exactly where each transaction comes from, enhancing transparency and control.

Accounting Guardian: Precision Matching
Our latest feature in the Accounting Guardian ensures that every transaction matching is verified against a set of rules before you can confirm it. This means no more incorrect matchings—like mistaking an incoming transaction for a state fee—and helpful suggestions for correct categorization, such as identifying potential Bank Cashbacks.

New Matching: Commission Earnings
We're introducing a new type of matching for Commission Earnings. These represent the small fees or commissions your business earns through incidental activities, such as receiving a referral bonus for introducing new customers to your bank or an online platform. This addition is all about recognizing and rewarding the diverse ways your business can generate income.

Statement Parsing Disabled For OpenBanking Banks
To eliminate the issue of duplicate transactions for OpenBanking bank accounts, we've disabled the parsing of CSV and XLS files for these banks. We encourage you to keep your bank accounts connected through the dashboard to ensure a smooth and accurate view of all balances and movements.

Bug Fixes And Improvements 💪

Fixed: Deleting Rejected Documents From The Annual Report
We've resolved an issue where customers were unable to delete documents from the annual report requirements once they had been processed or were in the process of being handled by the accountant. You now have full control over managing these documents.

Fixed: Internal Matchings
An issue that was preventing some customers from performing internal matching of movements between accounts has been successfully fixed. You should now experience a smoother process in managing your internal funds transfers.

We are continuously working to enhance your experience with Companio. Stay tuned for more updates and thank you for choosing us to help manage your business finances!

22 April 2024

New Features 🚀

Business Crypto Accounts:
Good news if you want to accept payments in crypto for your services or products, or pay your providers with crypto. PREMIUM plan customers can enjoy the integration of cryptocurrency wallets with Companio, just like any traditional bank account. This feature supports Bitcoin, Litecoin, and Ethereum, with Bitcoin Cash, Solana, and Ripple coming soon. Now, track your crypto transactions in real-time, match them with invoices seamlessly, and eliminate the need to manually upload statements from your crypto wallets.



Multiple Bank Accounts of the Same Type:
We've made it easier than ever to manage multiple bank accounts from the same provider, such as Stripe. Connect multiple accounts effortlessly and say goodbye to the hassle of uploading separate statements for each account.



Enhanced Matching System:
We've refined our matching system by phasing out non-supported categories like donations and entertainment costs and introducing more pertinent types like refunds for personal expenses. Our dashboard now offers a clearer description of matching types with practical examples. For more details, visit our FAQ: Matching Options for Transactions.

Invoice Import Functionality for Amazon FBA Sellers:
Amazon FBA sellers can now import sales reports directly from Amazon in CSV format. Our system not only generates the appropriate invoices but also groups them by tax category across different countries, significantly reducing the number of invoices you need to manage.



Accounting Guardian:
The newly introduced Accounting Guardian feature is here to help you spot issues with your invoices early on. We are continuously improving this tool to better alert you about any documents needing your attention, helping you maintain flawless accounting records.

Bug Fixes & Improvements 💪🏼

Daily Allowance Calculations:
We've implemented fixes to the daily allowance calculations for business trips to ensure accuracy and compliance.

OpenBanking Connections:
Several enhancements have been made to stabilize bank account connections through OpenBanking.

Automatic Matching Algorithm:
We've fine-tuned our automatic matching algorithm for better accuracy.



Bank Account Information Display:
Improved display features now make it easier to distinguish between different types of accounts and understand your bank movements more clearly.

3DS Payment Security:
Fixes have been applied to the 3DS system to streamline payment processes, especially for recurring transactions.



Bank Account Connection and Transaction Retrieval:
We have separated these processes to enhance the user experience, particularly for accounts with high transaction volumes, reducing delays and connection timeouts.

Improvements in Uploading Rejected, Deleted, and Restoring Documents
We have improved the display of files that had been rejected and subsequently deleted so that you can check which documents you cannot re-upload because they have already been rejected and/or deleted. Additionally, you can now restore and request a review of a document that was rejected by our system and deleted by you, but whose rejection can still be reviewed by our team.

Understanding Deductible and Non-Deductible Business Trip Expenses
Deductible business trip expenses, like accommodation and transport, require valid invoices uploaded to the "Purchases" section. Non-deductible costs, such as meals and incidental expenses, should be covered personally and documented in the "Travels" section, ensuring accurate expense tracking.

Knowledge Base Updates 📚

My invoice was rejected, why?
The FAQ explains why invoices may be rejected and provides guidance on submitting proper invoices for accurate accounting, covering scenarios like non-business expenses and blurry invoices.

What Can I Do If My Invoice Has Been Rejected?
If your invoice is rejected, you'll receive an email explaining the issue. Reasons for rejection include invalid documents like screenshots or personal expenses. Visit the Companio dashboard to understand rejections and replace documents if needed.

How to Appeal the Rejection of a Document in Companio?
To appeal a rejected invoice in Companio, log in, find the rejected document, and select "Appeal Document Rejection." Fill out the form with detailed information and submit it for review by our accounting team.

What is Companio's Accounting Guardian?
Companio's Accounting Guardian proactively detects invoice and bank account issues, guiding entrepreneurs and offering timely alerts for efficient financial management. With advanced algorithms, it ensures accuracy in invoices and monitors bank accounts for uninterrupted access, promoting peace of mind in accounting.

How Can the Founder of the Company Add Funds?
This FAQ provides guidance on injecting capital into a company for financial stability and compliance, covering share capital considerations during incorporation and options for obtaining additional funds post-incorporation.

Teasing Next Releases ✨

But we are not stopping here, we have exciting things in our pipeline!
We are excited to announce upcoming enhancements to Companio, aimed at making your financial management even more efficient and compliant.

Firstly, we are expanding our cryptocurrency capabilities. Soon, you'll be able to open and connect exchange accounts (such as Kraken) directly through Companio. This integration will allow you to seamlessly trade on regulated cryptocurrency platforms while ensuring full compliance with financial regulations, enhancing both your trading potential and adherence to legal standards.

Additionally, we are developing a smart transaction algorithm designed to revolutionize how you track and manage your finances. This advanced feature will automatically categorize your transactions, providing you with detailed insights into your financial activities. You'll gain a clearer understanding of your expenditures—such as how much you spend on AdWords or contractor services—as well as where your sales are coming from. This not only simplifies financial oversight but also aids our accounting team in automating the creation of your accounting reports, saving you time and resources.

We are also thrilled to introduce an upcoming integration with Payoneer. Although Payoneer is not yet part of the OpenBanking framework, our collaborative efforts with the Payoneer team are nearing fruition. We are in the final stages of development and soon, you'll be able to connect your Payoneer account with Companio, streamlining the way you manage international payments and receipts.

These enhancements are designed to provide you with a more comprehensive and effortless financial management experience. Stay tuned for these exciting developments at Companio!

Updated on: 19/12/2024