How is e-conomic used in practice?

e-conomic offers a range of features that allow businesses to streamline their bookkeeping. Below is a step-by-step guide on how e-conomic is typically used by businesses:

1. Account creation and setup

When signing up for e-conomic, you start by creating an account and setting up the basic parameters for the business. This includes the company’s VAT details, bank connections, and fiscal year. The system allows you to import existing charts of accounts so you can get started quickly, or you can create new ones from scratch.

2. Invoicing

One of the key features of e-conomic is invoicing. Businesses can create professional invoices, send them directly to customers via email, and track the payment status. It is also possible to automate recurring invoices, which is useful for subscription-based services or ongoing offerings.

3. Bank reconciliation

Another central feature in e-conomic is bank reconciliation, allowing you to import bank transactions directly into the system. This simplifies the process of matching transactions from your bank account with entries in your bookkeeping. Automating bank reconciliation helps reduce errors and saves time.

4. VAT filing

e-conomic also helps businesses manage VAT and prepare VAT reports. It automates the calculation of VAT on all relevant transactions and generates reports that can be used for filing with the tax authorities. This makes it much easier for businesses to comply with VAT regulations without having to calculate it manually.

5. Integration with E-commerce and other systems

For e-commerce businesses, e-conomic offers integrations with popular platforms like Shopify, WooCommerce, and Magento. This allows sales data to be imported directly from the online store into e-conomic, where it can be automatically posted and reconciled. There are also integrations with inventory management systems, ensuring that stock levels are always up to date. Additionally, e-conomic supports integration with other SaaS services such as Storebuddy, including CRM and ERP systems.

6. Reporting and analysis

One of the biggest advantages of e-conomic is its detailed reporting functionality. Users can generate reports on financial data such as income statements, balance sheets, and VAT reports. These reports can be customized and exported for use in Excel or other systems. This allows business owners and accountants to get an overview of the company’s financial status and make informed decisions based on data.

Why is e-conomic important for many businesses?

e-conomic is not just a bookkeeping tool – it is a central component of many businesses' financial management. By automating and simplifying many of the daily bookkeeping tasks, it allows businesses to focus on their core operations rather than spending time on administrative tasks. Especially for e-commerce businesses, which often have numerous transactions and integrations with other systems, e-conomic is an invaluable solution.

The platform’s flexibility and scalability mean that it can be tailored to businesses of different sizes and industries. Its ability to integrate with a wide range of other systems makes it a powerful tool for businesses looking for a unified solution for their financial management.

With continuous updates and support from e-conomic’s team, businesses can be confident that their accounting software is always up-to-date with the latest regulatory requirements and technological advancements.

Summary of e-conomic

e-conomic is a versatile and user-friendly accounting solution designed to help businesses streamline their bookkeeping. With features like invoicing, VAT filing, bank reconciliation, and integrations with e-commerce platforms, e-conomic makes it easy for businesses to keep track of their finances. The platform’s flexibility and wide range of integrations make it an ideal choice for small and medium-sized businesses, including e-commerce stores, that want to streamline their bookkeeping and financial management.

With e-conomic, businesses can save time, minimize errors, and gain a better understanding of their financial situation, ultimately helping them grow and succeed in an increasingly competitive business world.