Transforming Finance Management with monday QuickBooks Integration
For many Chief Financial Officers (CFOs) running the numbers is still a laborious function. A recent survey quotes, managing cash flow (34%) and lack of access to real-time accurate financial data (29%) are the top challenges faced by financial executives.
To overcome these complexities, leaders are using finance and accounting solutions like QuickBooks. But when an organization’s revenue schedules and invoice volume increase, the executives will start to notice restrictions and growing troubles. Without real-time information and better financial visibility, achieving rapid growth becomes challenging.
In short, using QuickBooks as a standalone financial system might not help financial executives to meet different needs. As an alternative, implementing QuickBooks integration with monday.com might help executives extend the functionalities and accelerate business accounting productivity. Finance professionals can easily tackle ever-changing revenue schedules, inventory, and warehouse problems with this integration.
QuickBooks monday.com Integration – A Game-changer in Finance
Typically, finance organizers in enterprises use QuickBooks in conjunction with Excel and Spreadsheets to monitor and manage their enterprise’s project budgets, transactions, and profits. This traditional accounting does not contribute to long-term forecasting and formulating crucial budgeting decisions.
Hence, accounting teams or professionals can integrate monday.com (a Cloud-based Project Management tool) with QuickBooks to build and organize financial transactions and activities through a few simple clicks. Thereby, minimizing the manual paperwork and imprecisions. Furthermore, this integration helps accounting leaders keep their customer data highly available for their subordinates since it acts as a single source of truth for future processes. With this integration, organizations can modernize accounting workflow and save more time.
5 Signs Which Indicate the Need for QuickBooks monday.com Integration
Sign 1: Data Corruption
QuickBooks is meant to manage simple accounting processes. If executives use QuickBooks for both reporting and risk management, they may encounter problems related to overlapping, which eventually leads to data corruption.
Solution:
By integrating QuickBooks with monday.com, experts can perform two or more accounting operations concurrently and record every data in monday.com’s Cloud repository. Up on integration, executives can perform ad hoc analysis to resolve specific business problems and forecast future financial situations.
Sign 2: Double Data-Entry
When an enterprise grows, subsequently the volume of financial data that needs to be stored or processed increases. In this scenario, financial supervisors typically spend time logging data into QuickBooks and then re-entering it again into Excel/spreadsheets. This approach doesn’t contribute to improving business efficiency.
Solution:
Whereas, integrating QuickBooks with monday.com necessitates experts to enter data once. Consequently, financial information gets updated in monday.com’s dashboard. Whenever a change is made in QuickBooks, the information gets automatically modified in the monday.com platform too. This way, executives can use the up-to-date financial documents or statements, whenever they are required.
Sign 3: Non-Remote Accounting Program
Though the QuickBooks community offers an online software version, considering the cost-effectiveness, many enterprises still use the desktop version. The key disadvantage of the desktop version is it restricts remote work activities, which is an issue if financial experts need to execute daily tasks or access data from any location.
Solution:
Alternatively, when experts integrate QuickBooks with monday.com, they can have access to clients and companies that might be geographically distant. By sharing reports virtually, they can stay connected with clientele and strengthen relationships.
Sign 4: Inflexible Database Options
With QuickBooks Online’s proprietary database structure, it is hard for executives to export data related to billing, receivables, and workers to other external applications. That can slow down accounting efficiency since it meddles with workflows and transactions.
Solution:
By connecting QuickBooks with monday.com, finance teams or experts can leverage the mondayDB architecture solution that is compatible with different systems (SAP HANA, Microsoft SQL Server, and Oracle), easily adapting to growing accounting needs.
Sign 5: Lacking Automation Capabilities
One of the surefire ways to modernize accounting tasks (payments and billing) is automation. However, QuickBooks is built to automate simple routine transactions. The software often breaks down during large-scale transactions, and inaccuracies might occur even with the basic automation functionalities.
Solution:
Whereas, by implementing monday integration, financial teams can automate most time-intensive accounting activities, including accounts payable, procurement, and audit documentation. When these tasks are automated, executives can immediately obtain a broad picture of their resource flow. They no longer need to search through day-to-day transactions manually to understand their enterprise’s financial status.
Why Hire Experts for monday.com QuickBooks Integration
Hiring experts from a recognized monday.com services provider for implementing integration can be a wise decision for various reasons:
- Customization– Integration experts are well-versed in the technical aspects of both platforms and can tailor the integration to match finance professional’s specific requirements. They ensure that data flows seamlessly between the two systems and that your business processes are optimized.
- Time and Resource Efficiency– Integrating software can be time-consuming, and if done incorrectly, it can lead to wasted resources and costly mistakes. Hiring experts can expedite the process and reduce the risk of errors.
- Troubleshooting – In case of errors during or after the integration, experts can quickly identify and resolve them. This minimizes downtime and helps in maintaining the data integrity.
- Compliance– QuickBooks often deals with sensitive financial information, and compliance with financial regulations is crucial. Experts are well-versed in compliance requirements and can set up the integration to meet these standards.
How monday.com QuickBooks Integration can help Finance Experts
Modernize Accounting Cycle
Integrating two disparate platforms (QuickBooks and monday.com) helps accountants in keeping up to date with the cash flow (coming in and out of the business). This further saves time and effort for the finance officers and enables them to focus on creating strategies, predictions, and channels to achieve future goals.
In simple, financial leaders that implement this software integration can benefit from the time saved by offering invoice and payment data for decision-makers while eradicating double entries. All these benefits can reinforce the accounting cycle and enhance the workforce experience.
Measure Productive Hours
For CFOs working in large-sized organizations, evaluating the productive hours of project employees or associates is one of the key challenges. With monday QuickBooks integration, financial leaders can build and maintain timesheets to obtain a wider perspective of the budgets, time, and costs used up by project members. The time registers from authenticated timesheets can be used as productive hours or time activities and the members involved in projects can be remunerated based on the verified time records using this integration.
Automate Inventory Management
The bi-directional sync between monday.com and QuickBooks online makes the bookkeeping and inventory management function seamlessly. Leaders can connect their QuickBooks account with monday.com’s digital Inventory board. This way, leaders can easily access all of their enterprise’s sales and procurement data anytime, anywhere. Moreover, the inventory board automatically backs up active invoices, bills, payment statements, and credit notes from the QuickBooks Online version, thereby securing financial data. However, to experience an automatic backup, leaders must ensure that their online version of the software is in an active state.
Let’s look at how this integration makes inventory management easy for an enterprise:
FFun is a US-based equipment builder and rental firm that started out with QuickBooks Online for handling accounting workflows. However, the enterprise’s evolving financial statements and invoices pushed them to connect a more powerful solution with QB online. They decided to integrate monday.com with their active QuickBooks Online software.
As a result, their financial managers were able to manage inventory and revenues generated from two branches with ease. We have control over our resources and easily monitor 90% of our transactions,” which makes financial and inventory management easier, says, Candace, Finance Manager.
Smooth Data Exchange and Distribution
With the connection of monday.com and QuickBooks, financial executives can generate and update all invoices, sales orders, product, and client lists using templates. This way, organizations might synchronize accounting data and obtain complete visibility of financial records straight from the monday.com interface.
Furthermore, the integration is highly valuable in handling outgoing and incoming payment archives. For example, in case an organization’s finance officer is in a discussion with a client and they are requesting the recent sales that ensued then rather than sifting through extensive records in QB software, they can share all the required reports directly from monday.com.
Closing Thoughts
To sum up, QuickBooks integration with the monday.com platform makes it easier for finance executives to streamline payments, estimate sales and marketing prospects, share reports, and identify many new opportunities. Moreover, analysts and accountants can benefit from this integration by keeping track of their organization’s cash flow on the go.