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Companio: What's New?

29 April, 2024

New Features 🚀

1. 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.

2. 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.

3. 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.

4. 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.

5. 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 💪

1. 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.

2. 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: 29/04/2024

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