Who doesn’t wish they could automate some of those tedious finance processes? If you’re working in a finance department, creating custom apps and automations using no-code platforms could change the game.
Pretty much every business out there will have at least one annoying, time-consuming financial process. Maybe it’s hours wasted chasing invoices. Maybe it’s about manually double-checking everyone’s receipts. Maybe it’s around approving expenses. No-code platforms offer an intuitive way to build custom accounting apps to suit the exact needs of your business or department and manage it all in one place. You can use them to automate your workflows and connect the different software platforms you and your team are already familiar with.
Wtf are no-code accounting tools?
It’s pretty unlikely that one single piece of software can manage all of your company’s finances. And off-the-shelf software that can integrate all of your workflows, from invoicing and bookkeeping to payment processing, can be crazy expensive and clunky.
Hiring developers or an agency to build you a custom solution just isn’t an option for a lot of people – most small businesses can’t afford them, and if you work for a big company, you’ll probably find yourself at the back of a long queue. But with no-code platforms, you can connect and automate your existing processes, or even build an app, to simplify and streamline the way you do things.
Say you work for a biotech company and have been on the conference circuit promoting your new line of bacteria test kits. You’ve got a bunch of receipts for hotel stays, meals and flights in your email folder but you can’t face going through the process to claim each expense. You could build a no-code tool that scans through your emails and pulls the receipts straight into your accounting software. Your solution could even automatically check hotel room prices to make sure you’re claiming the right amount for each trip.
Or maybe you work for a large banking group – the process to claim travel expenses is different from claiming expenses for wining and dining clients on your company credit card, which is totally different from claiming expenses when you buy something for your team. You can create a workflow that lets you streamline all of those processes. You could even build an app that lets you order office supplies for your team and process the expenses automatically.
What problems can they solve?
Get rid of the drudgery associated with manual data entry. Automating those boring, time-consuming tasks like checking receipts is going to give you a much happier (and more productive) team.
It frees up time to do other things. No-code = efficiency. Any time saved through automation is time that can be spent on other, more important aspects of the job.
Never lose track of an unpaid invoice. Nobody likes chasing payments, but with no-code, you don’t have to think about it. You can create templates for payment reminders and late payment notices, and send them out at automatic intervals.
It won’t break the bank. If you run a small business, you probably don’t have a ton of resources – no-code is a good DIY option if you can’t afford fancy software.
You can streamline what you have already. No-code platforms can fit your business processes, integrating whatever records, systems and tools you’re using already.
You’ll be able to create the software you need. Relying on an IT department can often result in software built by people who aren’t the end user, and don’t know the specifics of the processes involved.
Who do they suit?
Almost all sectors can benefit from streamlining their finance processes in some way. Sectors that are heavy on complex accounting, like financial services or manufacturing, could particularly benefit. You’ll also want to think about no-code in sectors where margins are super tight, like in e-commerce or retail, where any automation is a big win.
Aside from the obvious finance teams, anyone who regularly claims expenses – like sales teams or IT departments – could benefit from the efficiency created by no-code.
What’s the nuance?
Make sure your chosen platform’s pricing model works for you. Some no-code platforms charge per task. If you want to process large spreadsheets with thousands of expenses or have a lot of people using your new solution, that could get expensive fast.
Get your team on board. All it takes is one person to design a no-code tool. But if you want to ensure your no-code solution sticks, you better make sure everyone knows how to use it and that the new process is well documented.
Think about your existing processes when choosing tools. Don’t just make sure the no-code platform you want to use is compatible with your accounting software and payment processor – make sure it can do everything that you want it to do.
Data protection and privacy matters. Your accounts will contain a lot of sensitive information and you’ve got to control who can view that – make sure the platform you choose lets you control permissions. You might also want to encrypt your data.
No-code tools to check out
If you’re looking to make the leap from a spreadsheet, Zapier is your gateway to no-code. Their free plan lets you build simple workflows which connect your existing apps and processes. Just watch out as their pricing structure charges you per task (aka ‘zaps’). Make is also a great option – it’s straightforward to use but has a lot more functionality than Zapier. It also scales better with growing businesses.
If you want to connect your existing accounting tools but think having an app interface would be easier on your team, check out Stacker. Parabola is also a good option for teams – you can document your new process as you go, creating a visual workflow that’s pretty much self-explanatory.