Keeping your books in order is hard enough. It becomes even trickier if, like many of our users, you work with separate platforms for accounting and accounts receivable. The good news is that a new tool will allow you to sync Melio Get Paid with three leading accounting software: QuickBooks Desktop, FreshBooks, and QuickBooks Online.
Accounts receivable woes
When creating this feature, we examined the three main pains of AR bookkeeping, where we believe syncing could have the most meaningful impact.
Keeping track of your receivables and knowing exactly how much cash you have at hand is vital to maintaining financial health and a positive cash flow. Using more than one platform to handle your finances can result in discrepancies, which brings us to our next pain point.
To keep your data accurate, you may find yourself (or your team) tasked with the tedious chore of manually inputting the same information into various systems. This not only wastes valuable time, it is also prone to errors, which require even more time to fix. This cycle may force you to put off strategic tasks, inevitably hurting your business in the long run.
Reconciliation is perhaps the most time-consuming AR task. It includes the process of matching incoming payments with open invoices to make sure your accounts are balanced with no missing or double payments. Reconciliation often requires substantial detective work to match the check that arrived in the mail with no reference number or the transfer that is no more than a line in your bank statement to a bill that’s sometimes two months overdue.
How syncing can help
With your AR synced between Melio and your accounting software, you no longer need to register receivables on more than one platform. Outstanding and new invoices, along with the corresponding customer information, are automatically imported into Melio so you can easily send payment requests and track their status.
Having all your invoices viewable on both platforms makes it easier to keep track of incoming funds, send payment requests, and create a cash flow plan.
Reconciliation also becomes a non-issue as payments made via Melio are automatically associated with the relevant invoice in your accounting software. This eliminates guesswork and human error and potentially saves you and your team hours every week that could be better spent growing your business.
Ready to get started?
To set up the sync, follow the steps in the relevant support article:
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.