Setting up Accounting as a Service

To provide a seamless onboarding experience with Accounting as a Service, we need some key information from you. This helps us configure the system to match your business needs perfectly. Here’s what we need and why it’s important:

Contact Information

Primary and Backup Contact

  • Required Information: Full name, email address, and phone number for your main point of contact and a backup.
  • Purpose: We want to ensure a smooth communication and project coordination throughout the onboarding and implementation phases. Therefore an onboarding manager on our side will have a direct communication channel to your project responsible. This person should be enabled to make decision and coordinate internally on your side.

Company Information

Legal Entity Details:

  • Required Information: Your company’s name, commercial registration number, VAT ID, address, and managing directors.
  • Purpose: This information is necessary for legal and compliance purposes and will also appear in the footer of documents and email communications.

System Connection Method:

  • Required Information: Please let us know how your system will connect to Accounting as a Service: via Stripe Connector, Computop Connector, Direct Integration, or by using our Subscription module.
  • Purpose: To configure the correct integration path and ensure compatibility with our services.

Use Cases and Interface Requirements

Supported Use Cases:

  • Required Information: Identify which interfaces you plan to use. Creating orders and invoices are mandatory; cancellations, goodwills, returns, payments, and invoice updates are optional.
  • Purpose: Understanding your use cases allows us to configure and test the relevant interfaces tailored to your needs.

Product and Service Information:

  • Required Information: Specify the types of products or services you sell (e.g., physical products, subscriptions, digital content, free articles, gift cards), including any applicable discounts, fees, and shipping details.
  • Purpose: This helps us set up appropriate tax rules, address requirements, and booking of passive revenue recognition, ensuring compliance and accurate processing.

Shipment Details:

  • Required Information: Where your goods are shipped to (only relevant for physical products).
  • Purpose: To correctly apply taxes based on shipment locations.

Reporting and Fiscal Setup

Fiscal Year Start Date:

  • Required Information: Provide the start date of your fiscal year.
  • Purpose: This date is crucial for setting up reporting periods, which are important for accurate year-end financial reports.

Number Ranges

Expected Number Ranges:

  • Required Information: Share the ranges for customer numbers, order numbers, invoice numbers, and contract numbers (if applicable). Ensure these ranges are distinct and non-overlapping.
  • Purpose: These number ranges help us accurately match payments to the right open positions in your subledger, which is vital for payment reconciliation.

Bank Information

Bank Details:

  • Required Information: Provide the bank name, IBAN, BIC, and how bank statements will be provided (via sFTP or EBICS user).
  • Purpose: This information ensures proper setup for handling incoming and outgoing payments, including clear identification of transactions. Note: For each business code, banks must be set up for both incoming (e.g., payments from PSPs, open invoice payments) and outgoing payments (e.g., refunds). Bank statements should use the CAMT.053 format (or for direct debit CAMT.054 additionally). For more information, refer to the Bank Setup Guide.

Payment Setup

Payment Methods and Responsibilities:

  • Required Information: Let us know which payment methods you will use, who will handle captures and refunds (client or Accounting as a Service), and which PSPs are used along with settlement file formats and the credentials.
  • Purpose: To properly configure payment workflows and settlement processes according to your preferences. We will need the relevant credentials if Accounting as a Service handles captures or refunds.

End-Customer Communication Preferences

Communication Setup:

  • Required Information: Specify your preferences for end-customer communication (e.g., invoice generation, payment received emails, refund initiation notifications). Provide a sender email address for outgoing communications and your company logo in .bmp or .tif format (no compression, 256 colors).
  • Purpose: To ensure all communications reflect your brand and are set up according to your specifications.

Dunning and Collection Process Setup

Dunning Configuration:

  • Required Information: Choose your dunning process (options include a simple payment reminder, 2-level, or 3-level dunning process), dunning thresholds, communication channels (email or letter), timing after the due date, payment terms, and any applicable dunning fees.
  • Purpose: To effectively manage overdue payments and cash flow, according to your company’s policies. We provide a standard 3-level communication setup, but this can be tailored to your specific requirements.

Collection Process:

  • Required Information: Define thresholds for escalating to collections, timing after the last payment term, and whether you will use Riverty Back-in-flow or another collection provider.
  • Purpose: To automate and manage overdue accounts receivable efficiently, with options to integrate with external collection agencies if preferred.

Notification Preferences

Notification Setup:

  • Required Information: Let us know which notifications you wish to receive from Accounting as a Service.
  • Purpose: To keep your team updated on key events such as payment receipts, chargebacks, or subscription statuses.

Month-End Reporting Setup

Reporting Preferences:

  • Required Information: Choose how you’d like to receive your month-end reports (download, email, or via interface). If not using an interface, specify the format (CSV, XML).
  • Purpose: To ensure you receive financial reports in a format and medium that best supports your internal bookkeeping and compliance needs.

By providing this information, we can tailor Accounting as a Service to fit your unique business requirements, ensuring a smooth and efficient onboarding process.