At RootFi, we work with some of the most cutting-edge accounting technology companies and startups building solutions to help businesses streamline their accounting workflows. Since our Unified Accounting API helps power these automated accounting workflows, we have firsthand knowledge of the latest solutions companies are building.
In this blog post, we will take a look at some of the top use cases powered by APIs and explore some companies that are innovating in the space. Before that, we will quickly review what accounting automation is and the benefits it brings both businesses and accounting technology providers.
In short, accounting automation refers to the process of streamlining or automating repeated, manual workflows. Examples of simple accounting tasks that can be automated include creating and updating bookkeeping records, consolidating and reconciling data across siloed applications, and compiling data for comprehensive financial reports.
More standard examples of accounting automation include Accounts Payable, Accounts Receivables, Expense Management, and Automated Bookkeeping. Accounting Automation can most efficiently be implemented through RootFi’s Accounting integrations, especially when data syncs are required between your solution and a range of accounting platforms.
When you use RootFi to power your accounting automation solutions, you can leverage months of developer effort in a few clicks. By integrating with a single Unified API, you can access integrations with 16+ accounting platforms, so you can read and write data into your customers’ books, no matter which accounting platform they use.
If you're a startup founder or product manager building accounting automation solutions, RootFi’s Unified API could be your secret weapon. Here are 5 ways you can build end-to-end accounting automation solutions using RootFi’s Unified Accounting API:
Accounts payables refers to the process of receiving bills and then paying them off by their due dates. This involves capturing and compiling physical and electronic bills, approving payments, processing payments and finally, reconciling payments on the accounting platform.
Accounts Payables Automation involves streamlining the bill payments process from bill capture, to approval and to payments. Accounts payables (AP) software providers assist B2B customers in managing their payable workflows. The AP software usually captures bills, has decision-makers approve payments and facilitates the payment process with minimal human intervention.
However, business customers still have to manually reconcile or sync paid bills on their accounting systems. Leading AP providers use native APIs or Unified APIs like RootFi to reconcile payments with bills in their customers’ accounting systems, but not all.
With RootFi’s Unified API, you can streamline and automate the accounts payable process even further by automatically reconciling bills in each of your customers’ accounting platforms in real time.
Once you’ve integrated your product with RootFi’s Unified API, you can use our APIs to:
Examples: Cashflo, Paci, Bill.com, Airbase, Stampli, Finly
Accounts Receivables (AR) refers to the process of tracking and managing the money owed to a business by its customers for goods or services sold on credit. This process involves issuing invoices, recording the sale as an account receivable, and then following up with customers to ensure payment is made within the agreed-upon credit terms
AR automation involves streamlining the invoicing process from invoice generation and tracking to collection of payments and reconciliation of accounts. AR providers help businesses efficiently create, send, track invoices and get paid. However, business customers still need to manually reconcile this process in their accounting systems.
Offer end-to-end accounts receivable (AR) automation with RootFi, and provide seamless bi-directional sync between your accounts receivable software and your customers’ accounting platforms.
Once you’ve integrated your product with RootFi’s Unified API, you can you our APIs to
Examples: Baya, Paci, Recordent, Cone, PayMate, Bill.com, Billtrust, ChargeBee, Growfin
Inventory management refers to the process of ordering, storing, and using a company's inventory, which includes the raw materials used to produce goods and the finished goods themselves.
Your inventory management product could provide your customers with real-time data access, help businesses optimise stock levels, reduce wastage, and ensure they're always ready to meet demand.
RootFi’s Unified API can enhance your inventory management solution by connecting it to your customer’s accounting platform and reconciling their books in real-time. Building an inventory management system with RootFi’s integrations allows you to synchronize your customers’ inventory data across multiple systems and make their ERP their single source of truth.
Once you’ve integrated with RootFi’s Unified API, you can use our APIs to:
Examples: Cin7, Unicommerce, EZOfficeInventory, Katana, Ordoro, InFlow
Expense management refers to the systems and procedures put in place by a business to process, pay, and audit employee-initiated expenses. This can include expenses related to travel, entertainment, and office supplies, among others. The process involves submitting, approving, processing, and auditing employee expense claims and most providers offer corporate cards to manage business expenses.
Expense management automation involves streamlining tracking, approving, and processing employee expense claims.
Employee expenses need not be a sunk cost for business. As a corporate card provider, your expense management solution can empower your business customers to track, categorise, and analyse expenses.
The real magic happens when you eliminate the tedious task of manual reconciliation with ongoing expenses. That's where RootFi’s Unified API steps in, providing a seamless bridge between expense tracking and accounting.
Once you’ve integrated with RootFi’s Unified API, you can you our APIs to:
Examples: Brex, Paci, Expensify, Kodo, Airbase, Zaggle
Purchasing management involves overseeing and controlling all the activities associated with the procurement of raw materials, components, and services that a company needs to produce its goods or deliver its services from purchase orders to paying vendors.
Procurement automation involves streamlining vendor management, tracking purchase orders, and managing payments and deliveries.
Offer a procure-to-pay solution that automatically reconciles data between your procurement software and your customer’s accounting platforms.
Once you’ve integrated with RootFi’s Unified API, use can use our APIs to:
Examples: Zip, Precoro, SAP Ariba, Procurify, Tradeshift
In the realm of accounting automation, standing out requires offering solutions that are both comprehensive and flexible.
RootFi can connect your product with your customers’ accounting software to help them reduce manual entry, speed up account reconciliation, and simplify multiple steps in their workflows. You will be able to sync data with their accounting software to keep their general ledgers up to date automatically. Your product could integrate with your customers’ accounting software, no matter which software they use.