Managing an accounting department can often feel overwhelming, even with a great team and tools in place. But is your accounting department truly efficient? We recently helped a company streamline their accounting processes, reducing their effort by 80%, even though they already had an efficient system and a skilled team.
Here’s how we did it—and how you can too.
The Challenge: A Heavy Accounting Workload
This particular company had a team consisting of one full-time accountant and a consultant who worked one day a week. Despite their expertise, the manual workload was significant and time-consuming.
As someone who has used QuickBooks for over 25 years, I know how transformative the right tools can be. That’s why we introduced them to QuickBooks Online (QBO).
Why QuickBooks Online?
QuickBooks Online is a game-changer for accounting departments because it excels at handling repetitive processes, freeing up valuable time for teams to focus on more strategic tasks.
Here’s how it worked for this company:
The Solution: Migrating to QuickBooks Online
We migrated the company’s accounting system to QBO, and the transformation was immediate. Here’s what we implemented:
1. Linking Bank Accounts and Credit Cards
We connected their bank accounts and credit cards to QBO. This integration reduced data entry time dramatically. QuickBooks Online automatically categorizes expenses with a 92% accuracy rate, saving hours of manual effort.
2. Attaching Bills and Receipts
One of QBO’s standout features is the ability to attach bills and receipts to transactions, streamlining document management:
- You can manually drag-and-drop files into QBO.
- You can use the new email feature: simply email bills and attachments to your QBO account, and it will automatically create a bill and attach the receipts if there are any.
- Or, take advantage of automation: We created a rule in Outlook that automatically forwards bills to QBO. Now, when a bill arrives in the inbox, all it takes is the click of a button to forward it. From there:
- QBO automatically creates a bill.
- The email attachments are linked directly to the bill in QBO.
This eliminates the need for manual data entry and paper filing, allowing the team to focus on more valuable tasks while keeping everything neatly organized.
3. Simplifying Reconciliation
Reconciliation, once a time-consuming task, is now a breeze:
- The company reconciled 2 bank accounts and 3 credit cards, with hundreds of transactions, in just 5 minutes per account.
- QBO even downloads bank and credit statements automatically, further reducing manual work.
4. Streamlining Vendor Payments
Paying vendors is now seamless with QBO’s ACH payment facility:
- No need for paper checks or envelope stuffing and stamping, another reduction in manual work.
- Just schedule the payment, and QBO handles the rest, including sending payment confirmation emails to vendors.
5. Real-Time Financial Access
QBO’s mobile app provides real-time financial data, enabling you to access your financials anytime, anywhere.
The Results: Dramatic Labor Savings
After implementing QBO, the company experienced incredible labor savings. The time required to close their monthly books dropped significantly, effectively giving them back the equivalent of a full-time employee.
Additionally, the real-time financial insights from QBO improved decision-making and boosted overall efficiency.
Could Your Accounting Department Use a Boost?
If your accounting team is bogged down with manual tasks, it might be time to consider QuickBooks Online. From automated transactions to streamlined reconciliations, QBO can revolutionize your accounting processes and save you countless hours.
Ready to make the switch? Let QuickBooks Online do the heavy lifting so your team can focus on what truly matters. See if you can reduce your accounting workload 80%.