The goal of every business is to make a profit. As the economic climate changes globally, business owners and accountants are seeking ways to maximise earnings and improve revenue. One common way to do this is to be more efficient with valuable business resources and to streamline operations.
An area of business operations that often consumes a significant amount of time, energy, and money is accounting tasks such as paying vendors, reconciling bills, and bookkeeping. The answer to this challenge lies in ensuring that your accounting software and payment tools are seamlessly synced together.
Benefits of Accounting Software
As a finance professional or a business owner, you are already familiar with accounting software like QuickBooks and Zoho Books and the many advantages they offer. While different accounting software may have varying features, most of them automate the entry, storage, and analysis of financial data, simplifying the process of closing the books.
Accounting tools also provide additional features such as invoicing, payroll management, and financial reporting. In the past, these tasks were done manually, prone to errors, and consumed a significant amount of resources.
The Power of Integration
While using accounting software is a great way to organise your financial records, integrating with a solution like Duplo takes it a step further by helping you automate all your back-office processes seamlessly.
Instead of treating your accounting software and banking platform as separate entities, with just a few simple steps, you can easily connect these essential tools, saving time and money in the process.
The Benefits of Integrating Your Accounting Software
When you make a payment through one system, such as your bank account, and then manually update the information in a different system, such as QuickBooks, there is a higher risk of errors. Imagine running a construction project and needing to pay your cement supplier with a bank transfer. After making the transfer on your bank app, you will then have to update your accounting software with the invoice amount, date, and vendor information.
By using payment tools like Duplo and integrating them with your accounting software, you can eliminate human errors and increase overall efficiency, saving you up to 23% on overhead costs and 50% of the time spent on financial reconciliations.
1. Eliminate double entries and manual reconciliation of your payables
By integrating Duplo with your accounting packages e.g. Quickbooks Online, you can enjoy a two-way sync for your accounts payable.
For instance, let’s say you run an IT Consulting & Outsourcing firm and you pay your fibre internet provider using Duplo. Once you complete a payment using Duplo, your Duplo and QuickBooks Online accounts will be automatically updated with the payment status.
This means that all unpaid payments and vendor details from QuickBooks Online will sync to Duplo, and vice versa. You’ll save time by avoiding duplicate data entry and eliminating manual errors.
Additionally, payments are automatically balanced, ensuring accuracy and efficiency. With seamless integration of financial data, you can track your payments in real-time, enhancing visibility and control.
2. Track all payment inflows on one dashboard
Send payment requests to your customers via branded invoices with a built-in pay button directly from your Duplo dashboard. Once the invoices are paid in full using Duplo, they will automatically sync back to your accounting software, marking them as paid in both systems.
For example, if you send an invoice to a customer through Zoho Books, the invoice will be marked as paid and synced with Duplo as soon as the payment is made. This becomes incredibly helpful when it’s time to reconcile your incoming payments at the end of the month or quarter.
By integrating Duplo’s payment solution with your accounting software, you not only automate and manage your payment process but also gain deeper insights into your financial data.
3. Automate your approval workflows
By integrating your accounting software with Duplo, you can set up tailor-made approval policies and create custom roles to suit your business needs.
Gone are the days when you had to manually seek approval from multiple team members before sending out a payment. Just set up the policy and instructions, Duplo takes care of the rest.
Approval policies not only make your payment operations less cumbersome, they also provide increased visibility and control over your payments and improve compliance.
Read here for more information on how to get buy-in from your team to set up approval policies.
4. Make payments a breeze
We can all agree that making payments manually is one of the most tedious tasks for finance professionals. Integrating your accounting software with Duplo can solve this as well!
You can make bulk payouts as many as 50 recipients at a time with Duplo. These payouts can be done immediately or scheduled for a preferred time and date. This can be used to pay vendors, employees, and contractors.
You can also set up recurring payments, such as rent, so you don’t have to manually make the payment every time.
Accounting Software that Integrates with Duplo
Now that you understand the benefits of syncing your accounting software with Duplo, the next question is how to get started. Thankfully, Duplo integrates seamlessly with top accounting packages, ensuring compatibility regardless of your business needs.
Some of the integrations we currently support include:
- Microsoft Dynamics 365 Business Central
- Zoho Books
- FreshBooks
- QuickBooks Online
- QuickBooks Desktop
- Xero
Don’t see your solution?
Let us know! We are constantly updating this list and can deploy custom integrations.
Integrate Your Accounting Software with Duplo
If you want to learn more about syncing your accounting software with Duplo, feel free to speak with our team for further assistance. You may also be wondering which accounting software is the right fit for your business. Our business software partners can provide guidance on this and help you set it up.
