How Dinero put accounting on autopilot with Nordic API Gateway
“Bank data is one of the key sources in accounting and bookkeeping work. But until now, it's been difficult to build automatic accounting solutions on top of bank data, because we didn’t have access to the banks’ API’s. Luckily, that’s about to change now”.
For many years, manual bookkeeping has been the reality for many businesses, entering, crunching and reconciling numbers in the good old-fashioned way.
But as PSD2 is forcing banks to share financial data with the rest of the world, it’s finally time to leave manual accounting in the past.
We sat down with Dinero’s Co-Founder and CPO, David Andersen, to talk about how they put accounting on autopilot with Nordic API Gateway.
Simple, easy and convenient
Having been self-employed for many years, David Andersen knows all about the hassles of bookkeeping. That’s why he teamed up with Martin Thorborg, Anders Hørsted & Nicolai Frisch to start Dinero in 2012:
“When I started my own business back in 2007, I quickly realised that bookkeeping was time-consuming, expensive and frustratingly difficult. I dreamt about building a platform in which accounting could be done in a simple, easy, and convenient way,” David Andersen explains and adds:
“That’s why we decided to start Dinero: An accounting software for small businesses and entrepreneurs, that enables you to create and send electronic invoices, post purchase orders and do your VAT accounts”.
Accounting on autopilot
Nordic API Gateway connects you to all Nordic banks through one single API.
As Dinero is all about convenience and simplicity, David Andersen and the rest of the Dinero team are always on the lookout for new ways to improve and optimize their platform.
Unfortunately, chasing clients for financial data has been one of the most frustrating tasks for Dinero so far. But as PSD2 is forcing banks to open up their data and infrastructure to third-party businesses, Dinero is finally able to pull up their sleeves and build the future of accounting.
With access to real-time bank data from all Nordic banks, Dinero was quickly able to build automatic bank reconciliation with Nordic API Gateway, checking and matching transactions with the client’s own records as quickly as you can say “Dinero”.
David Andersen is especially impressed by the smooth onboarding process:
“One of the brilliant things about working with Nordic API Gateway is that we get access to banking data through one single integration. The technical standards are very high and provides us with the best conditions for putting accounting on autopilot”.
Next up: The virtual CFO
Automatic bank reconciliation - done!
But Dinero’s ambitions do not stop here. David Andersen gives a little sneak peek on what’s in the pipeline for Dinero at the moment:
“As legislation, time, and technology allows it, we believe that today’s accounting methods should be changed radically. By teaming up with Nordic API Gateway we’re able to make fully automatic accounting and provide our clients with what we call ‘a virtual CFO’,” David Andersen says and continues:
“With a virtual CFO, 90% of our clients’ financial outlays will be accounted for and paid automatically, which means they never have to reconcile or manually pay an invoice again because the bank transaction data in itself is the future of accounting. This will greatly minimize the man-hours put into the work and the errors that come with being human”.
David Andersen and the rest of the team at Dinero are ready to take advantage of the many opportunities that come with PSD2 by not diverging from their original mission:
“We believe that our clients should spend as little time as possible, doing their accounting in Dinero. In this way, they’ll have more time to focus on growing their businesses, knowing that all of their important accounting stuff is being taken care of,” David Andersen concludes.
Keen to discover how you can scale your business with instant access to real-time data? Get in touch today and see how you can build the accounting solutions of tomorrow.