Rarely a manager wonders that the choice of a banking institution can have a greater impact on business management. Usually, when creating a new business, we tend to choose the same bank as we use personally for the sake of convenience or the one that offers the best commercial terms. However, if business process automation and accurate, timely accounting is high on your list of priorities – continue to read on.

The answer to the question of how the automation of business processes is related to the choice of a banking institution is integrations. Whatever bank or payment institution you choose, you are probably in luck because the RoboLabs system will be integratedwith institution of your choice. Although we automatically pick up and import bank statements from almost all Lithuanian and most popular foreign payment institutions, the list of integration functionalities does not end here. Here are the benefits of each functionality for your evaluation:

Automatic export of bank statements. Normally, in the absence of integration, bank statements should be exported from the electronic banking profile by the manager and sent over to the accountant at an agreed frequency. It is probably not hard to do it once a month, but imagine if you had to do it every day?

Automatic processing of bank statements. The accountant, having a bank statement, manually or automatically updates the bank's accounting balance and settles the invoices with bank payments. The periodicity of this action is discussed with the manager on an individual basis, depending on how often the manager wants to see accurate data in the records and how much he or she is willing to pay for that accuracy. Yes, you got it right - the more often an accountant needs to update this data, the more expensive the accounting services will be, so by default, managers choose to update this data on a monthly basis, which means inaccurate accounting throughout the month. RoboLabs has integrations with this functionality with many Lithuanian banks, so we perform this operation automatically and for free. Every day. Because how else are you supposed to have accurate records today and not in a month?

Direct payments from Robo system. Well, here is where all the beauty begins. You received the invoice, uploaded it to Robo’s system for the accountant, and clicked to pay. You have got it right - with this functionality, you no longer need to enter additional payment data when connecting to online banking. Not to mention how much time and nerves this functionality saves, especially for larger businesses that pay 20 or more bills a month. You can use this functionality only if you have a bank account at Swedbank or Paysera.

E-invoice generation. We can offer this functionality only with Swedbank. It is irreplaceable if you issue recurring bills. If the customer chooses to pay them automatically it will ensure better cash flow management for your business. All marked invoices issued on the Robo platform are automatically exported to Swedbank, where they are awaiting payment.

Initiation of payments. While this functionality is not free (however, you only pay for successfully paid invoices), it is very convenient not only for your customers, who can pay directly from your email at the click of a button, but for you as well as it helps to collect cash much more efficiently. Well, if you are a technology company or a company that cares about your image, this functionality is a must have. We offer this functionality to our customers in cooperation with Neopay.

To summarize, the choice of banking institution is important - not only because of the accuracy of accounting, efficient collection of money, but also because of the precious time of the manager, which would be better spent on creating added value than on technical work.