Elevate Your Business Financial Management with the Fiskl and Wise Business Integration

Small business owners are faced with a multitude of challenges in running their businesses, but financial management can be particularly challenging, especially when it comes to expenses. Keeping track of expenses can be time-consuming and complex, taking away from the focus of growing the business. But what if there was a solution that could simplify the process and make it more efficient?

Introducing the integration of Fiskl and Wise. This effective solution streamlines expense management, improves accuracy, and provides greater insight into the financial health of a small business. Let’s explore the benefits of this integration.

Expense Management Simplified

Small business owners understand the challenges of tracking expenses for the entire company and the impact on cash flow. Keeping up with expenses can be a time-consuming and complex task, taking away from the focus of growing the business. With the integration of Fiskl and Wise, expense management is streamlined and made much more efficient. Transactions are automatically added to Fiskl via secure Open Banking, are automatically categorized, and show up directly in the accounting system. This eliminates the manual effort required to manage expenses and ensures that all expenses are accurately recorded.

Moreover, Wise cards can be issued to employees, making it easy to manage employee expenses. Employee expenses are synced directly to accounting, so there is no lag in cash flow. This helps small business owners have a clear understanding of their financial position, which is crucial for making informed decisions.

Streamlining Invoice Payments, Payouts and Bank Transfers

Fiskl invoice payments are matched with Wise bank transactions, making it easier to reconcile payments directly to accounting. The integration also extracts payment gateway processing fees and assigns them to the correct category in operating expenses, providing small business owners with a more accurate picture of their expenses.

Internal bank account transfers in the same or multiple currencies are easily matched in Fiskl. Transfers to other bank accounts held by the same company can be reconciled just as easily, giving small business owners a real-time consolidated balance of all their bank accounts connected to Fiskl, regardless of the currency, as well as any cash accounts.

Simplifying Software Subscriptions with Fiskl & Wise

Software subscriptions can quickly accumulate and become a significant expense for any business. Managing these subscriptions can also be a hassle, especially when trying to track spending across different departments or areas of the business. With Fiskl and Wise, small business owners can simplify this process by categorizing all software SaaS spending to one category in the Chart of Accounts. This allows for a complete overview of all software-related expenses and helps business owners make informed decisions about which subscriptions to cancel or renew.

Fiskl also enables small business owners to allocate SaaS spending to custom accounts, providing a view of which areas of the business are consuming the most software subscriptions. This information can be used to make data-driven decisions about which subscriptions are essential to the business and which can be cancelled to reduce expenses.

The Benefits of Wise for Small Business Owners

Wise is a business banking platform designed to help small business owners manage their finances more efficiently. With its powerful features and seamless integration with Fiskl, small business owners can enjoy a range of benefits, including:

• Multi-currency accounts – Wise allows small business owners to hold, exchange, and transfer money in multiple currencies, all synced with Fiskl Accounting, which accurately manages FX realized gains and losses.
• Real-time notifications – With real-time notifications, small business owners can stay on top of their finances no matter where they are in the world.
• Seamless integration with other tools – Wise integrates with a range of other tools, including Fiskl, to provide a seamless and efficient solution for small business owners.
• Secure Open Banking – Wise uses secure Open Banking to add transactions to Fiskl, ensuring that small business owners’ financial data is kept safe and secure.