The Neat Co. unveiled two new bookkeeping and invoicing apps, NeatBooks and NeatInvoices, on Wednesday aimed at small businesses.
NeatBooks provides what the company calls “statementless reconciliation,” securely synchronizing transaction data from users’ bank accounts and automatically categorizing transactions based on vendor mapping. NeatInvoices allows users to create, send and manage invoices from a desktop or mobile device while accepting customer payments through a credit or debit card.
Neat entered the accounting software market in 2002 by offering hardware scanners that would scan receipts and process them, and then left the hardware market in 2016 to focus on its software. The latest products are the result of the Philadelphia-based company’s pursuit of improving bookkeeping and invoicing technology.
“NeatBooks was an interesting opportunity for us to take a very fresh approach to the classic problem of digital bookkeeping and accounting,” said Garrett Baird, president and CEO of The Neat Co. “It was always about taking web technology to different audiences and enabling people to do things digitally, which is what NeatBooks is all about. We have taken Neat’s core capabilities and a very scalable platform where we have over the years stored millions or probably billions of receipts, invoices and other financial documents. It was a very natural extension for us to build on that highly scalable platform and tackle the age-old problem of bookkeeping and accounting for very small business owners.”
Mobile users can get on-the-go bookkeeping with the Neat mobile app to access reports, documents and more on a tablet or mobile device (iOS and Android). The software allows them to securely synchronize bank accounts to get an organized view of transactions. They can also view a month-by-month breakdown of which expenses are matched to a receipt or other source document while guided workflows match expenses and receipts to indicate which of them remain unmatched. Users can also analyze trends and business insights with a view of data detailing cash balance, top expense categories, total sales and more. NeatBooks also automates accounting with customized reports including profit and loss, cash flow, balance sheets, expenses, spending summaries, sales tax, tax categories and more.
The companion NeatInvoices product facilitates invoicing and accounts receivable processes so that money is moved into businesses faster than traditional mail, email and paper-based approaches.
“We want to be available on a persistent basis,” said Jeff Price, vice president of product management at The Neat Co. “We created an experience in which we eliminated the bank statement as a requirement.”
Customers can pay an invoice using online banking credentials or a debit or credit card. Small businesses can view the invoice status and send one-tap payment reminders directly from the Neat mobile app.
