Kloo best practice

Maximising Kloo's potential

In today’s fast-paced business world, the efficiency and accuracy of financial operations are paramount. Kloo stands out as a versatile platform designed to streamline both accounts payable and expense management. By adhering to best practices, businesses can leverage Kloo to its full potential, ensuring smooth financial workflows and robust reporting. Here are some best practices, including suggestions from the platform and additional insights, to help you get the most out of Kloo.

🧾 Accounts Payable

  • Pay invoices within Kloo: Ensure all invoices are paid through Kloo using Open Banking or Kloo Funds, maintaining consistency and traceability.

  • Mark invoices as ‘Paid: Immediately mark invoices as 'paid' within Kloo to avoid discrepancies and keep your financial reporting accurate.

  • Regular supplier information update: Keep supplier information in Kloo current to prevent payment delays and facilitate effective communication.

  • Utilise integration features: Integrate Kloo with your existing ERP or Open Banking systems to maximize efficiency and data coherence.

  • Proactive supplier communication: Maintain open communication lines with suppliers to resolve issues promptly, leveraging Kloo’s secure messaging features. You can toggle on 'Automatic emailing of POs to suppliers' in Settings > Configurations.

  • Automate workflow assignment: Use Kloo’s automation features to assign invoices to workflows based on specific triggers, reducing manual touchpoints.

💳 Cards

  • Mobile receipts upload: Utilise the Kloo mobile app (on iOS or Android) to upload receipts promptly, ensuring real-time expense tracking and reporting.

  • Timely expense submission: Encourage timely submission of expenses to prevent bottlenecks and maintain financial clarity.

  • Implement spending controls: Use Kloo to set spending limits and monitor compliance, ensuring adherence to budgetary constraints.

  • Monitor transaction alerts: Stay vigilant with Kloo’s real-time alerts for transactions, enabling quick response to any discrepancies.

  • Immediate action on lost cards: Utilise Kloo’s features to freeze lost cards immediately, mitigating the risk of fraudulent transactions.

  • Comprehensive expense descriptions: When submitting expenses, include thorough descriptions to streamline workflow processing.

⭐️ Additional best practices

  • Regular reconciliation: Schedule regular reconciliation within Kloo to ensure all transactions are accounted for and books are up to date.

  • Training and support: Take advantage of Kloo’s training resources to ensure your team is fully versed in all features and updates.

  • Leverage reporting tools: Utilise Kloo’s reporting capabilities to gain insights into spending patterns and make informed financial decisions.

  • Feedback loop: Create a feedback mechanism within your team to gather insights on the platform’s use and identify areas for improvement.