Matching Deposits in QuickBooks shouldn’t be an aggravation. With the right automation software, it doesn’t have to be.
Payment processors provide millions of businesses a safe way to get paid. Getting paid is great but keeping accurate records is frustrating. It’s extremely important that your numbers are correct on Tax Day. Matching deposits, or bank reconciliations, will ensure the books balance, but the process is excessively long and tedious. Plus, the more you grow the more complex it gets. So, how can companies make this important task more manageable?
Connex understands the pain of matching deposits. Learn how we can help make this task a breeze.
Bank reconciliations are useful and ensure there are no discrepancies between your books and bank statement. But, let’s be honest, bank reconciliation is boring, monotonous, and time-consuming. If (and when) you discover discrepancies, finishing the job just got much harder. Luckily, the Connex software can handle reconciling for you. Imagine how much time and frustration you could save with automation?
Why matching deposits is vital
- Business truth – Your records should reflect reality. If your bank account and books don’t match, you risk spending money you don’t have or holding money you should invest.
- Track cash – Managing cash flow helps track how you collect and spend money. Reconciling allows you to see the timeline. You need to know when the money is in the bank.
- Detect fraud – Reconciling will never prevent fraud but it will allow you to see when it occurred. When you compare bank deposits with your accounting records, discrepancies are revealed.
- Detect bank errors – Although rare, banks sometimes make mistakes. Reconciling helps highlight these errors.
- Prevent Administrative Problems – Reconciling can help identify existing administrative issues. Evaluating how you handle cash flow and accounts receivable can lead to positive changes in record-keeping.
How often should you reconcile?
For the most part, how often a business reconciles depends on the volume of transactions. It’s wise to review your accounts at least monthly. For high-volume, it’s recommended to reconcile even more often. The goal of matching is to stay on top of your records and quickly find discrepancies between the two cash balances. The Match Deposit tool allows you to stay on top of reconciling, without sacrificing your time. To learn more about why you should conduct a bank reconciliation, please see here.
Benefits of Automating Bank Reconciliation
- Reduce company resources – Skilled employees should not be performing repetitive administration task if there are other options.
- Improved visibility of cash flow – Automating allows you to reconcile more often, so you have a more accurate idea of available cash.
- Increase financial control and reduce risk – Removing human intervention from the process reduces the potential for fraud.
- Eradication of errors – Mistakes are inevitable when done by hand.
- Reliable and consistent – Consistently perform regardless of business volume.
Alleviate the manual chores that accompany success.
After a quick set up in Connex, you can begin automating the painstaking task of matching deposits. A process that could take hours can now be quick and controllable. So, instead of punching away at individual fields manually, Connex does this for you. Plus, using the Match Deposit tool means no more worrying about data entry errors. And, when there are discrepancies, Connex identifies and logs these voids for you.
Connex can help manage your QuickBooks sales. Try our free trial today!
The Match Deposit tool can be used with several popular payment processors. Once set up is complete, you can start matching deposits with the click of a button. As a result, greater financial health is achieved with a more efficient process.
In Conclusion, the Match Deposit Tool available at Sync with Connex can help you and your business:
- Automate the process of matching deposits
- Save time and money
- Eliminate human data entry errors
- Help detect errors or missed payments
- Manage your accounting records more efficiently
The Match Deposit Tool is compatible with the following integrations:
- Shopify Payments
Want to learn more? Watch our Match Deposit Tool Best Practices Video
See the match deposit tool in action with this demo video, produced by Sync with Connex CEO & Founder Joseph Anderson.
In the video he covers:
- Prerequisites to use our deposit matching tool
- How our automatic deposit matching tool works
- How you can set up the deposit matching tool for your accounts
How can you decide if Connex is right for your business?
-Full functionality for 14 days
-Sync up to 500 sales to QuickBooks Desktop or Online
-Complimentary support during your free trial
Are you unsure whether Connex is right for your business?
Why Our Customers Choose Us
Developed specifically for e-commerce business owners
- Scale your business by automating syncing sales & inventory from multiple e-commerce platforms to QuickBooks Desktop or Online.
- Save resources by not wasting time manually entering sales, inventory, and customers into your website and QuickBooks accounts.
- Recommended by Intuit itself, Connex is a trusted name in the automation field.
- If you sell on multiple channels, you can simplify your workflow by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms