Automation in accounting? A game-changer! Think about bill processing prices dropping from $40 to $1.42 every. That is why accounting automation is among the many hottest developments in the present day.
QuickBooks On-line is a powerhouse in accounting, however pair it with Zapier’s automation magic, and also you get an unstoppable duo. You’ll be able to join QuickBooks with over 5000+ apps — no code wanted. Create an bill from a kind submission in your website? Test. Notify your group through Slack when an bill will get posted? Completed.
Many extra such workflow automation are doable whenever you mix QuickBooks On-line, Zapier, and AI-powered OCR instruments like Nanonets. The chances are infinite when you arrange the triggers and occasions, and the information flows seamlessly between completely different platforms.
5 workflow concepts to automate accounting with Zapier and QuickBooks on-line
QuickBooks On-line does supply an honest quantity of automation capabilities inside its platform, however its true energy to automate accounting workflows involves gentle when integrating with Zapier and Nanonets. This trio unleashes a brand new world of prospects, reworking your accounting workflows right into a extremely automated, environment friendly, and error-free system.
Listed below are just a few workflow concepts that will help you get began:
Bill processing
Processing invoices manually can devour a lot time and is prone to errors. By automating bill processing with Zapier, QuickBooks On-line, and Nanonets OCR, you possibly can streamline the method, saving time and bettering accuracy.
The workflow begins with a set off in Zapier that detects when a brand new bill is obtained. It screens sources corresponding to e mail, Dropbox, or kind submissions. The bill information is then despatched to Nanonets, which makes use of AI-powered optical character recognition to precisely extract related info from the bill. You’ll be able to arrange validation guidelines and approval routing hierarchy to make sure the bill can processed with minimal guide intervention. After that, you possibly can arrange one other Zapier set off to robotically create a brand new bill in QuickBooks On-line, populating it with the extracted information. It could then be moved on for additional processing and cost.
Automating the workflow can enhance effectivity, guarantee correct information entry, and have a streamlined bill approval and cost course of. This results in sooner bill processing, higher vendor relationships, and improved monetary administration.
Expense reporting
Simplify and streamline your expense reporting course of by automating expense assortment, categorization, and submission. With automated workflows, it can save you time, enhance accuracy, and improve expense administration.
Arrange a set off in Zapier to detect new bills, whether or not it is a receipt submission, kind submission, or another supply. Automate the method of capturing and validating expense information with Nanonets OCR. Then, ship the extracted info on to QuickBooks On-line. This may help you robotically create a brand new expense entry, categorize it, and assign it to the suitable account. You can too arrange an automated reimbursement course of if the worker must be reimbursed.
This may pace up the expense reporting course of and be certain that every expense is precisely recorded, validated, and reimbursed.
Three-way matching
The three-way match is a vital course of in accounting that verifies the acquisition order, receipt, and bill earlier than an bill is paid. Automating this course of might help cut back errors, stop fraud, and streamline cost.
Arrange Zapier to robotically pull paperwork from numerous sources corresponding to emails, scanned paperwork, digital information/photographs, cloud storage, and ERP and ship them to Nanonets. It then classifies and types these paperwork appropriately as invoices, POs, and receipts.
The system then precisely reads and captures information from invoices, POs, and receipts. It reconciles fields, bills, balances, and SKU-level info throughout the associated invoices, POs, and receipts, ensuring they match. Any discrepancies that breach tolerance ranges are flagged, and invoices that cross the three-way match are despatched for additional approval. QuickBooks On-line can then generate a cost for the matched and accepted invoices.
Vendor onboarding
Vendor onboarding will be time-consuming, gathering and validating info from tax varieties, export varieties, and different paperwork.
To streamline the seller onboarding course of, you possibly can add vendor paperwork corresponding to tax varieties or contracts to Nanonets. Nanonets provides AI-powered doc processing capabilities that robotically extract vital vendor info corresponding to title, handle, tax ID, and get in touch with particulars.
The data can then be used to create vendor profiles rapidly on QuickBooks, simply replace SKU-level particulars, and match GL codes. This course of ensures that the seller info is centralized, correct, and validated, and transactions are appropriately tagged and tracked for future reference.
Stock administration
Stock administration includes monitoring and managing inventory ranges, producing gross sales orders, and initiating buy orders. Automating it could save time, improve accuracy, make correct forecasts, and assist preserve the precise inventory ranges.
When a brand new gross sales order is positioned in your WebFlow web site kind, Zapier will be set as much as detect this and set off an automated course of. The order particulars are despatched to Nanonets, which precisely extracts the related information corresponding to product particulars, amount, and buyer info. This information can then be in contrast towards the present stock particulars in QuickBooks On-line. Arrange Zaps to create a brand new gross sales order in QuickBooks On-line with the extracted information. If the order amount exceeds the present inventory stage, a purchase order order will also be generated robotically for restocking.
Actual-time stock monitoring via this automation helps to reduce the possibility of overstocking or understocking. This, in flip, results in faster order processing and improved buyer satisfaction.
Remaining ideas
The combination of Zapier and QuickBooks streamlines accounting workflows by offering a seamless and environment friendly automation resolution. Companies can effectively carry out bill processing, expense reporting, three-way matching, vendor onboarding, and stock administration. This protects precious time, reduces errors, and enhances total effectivity and accuracy in monetary administration.
With the addition of Nanonets’ AI-powered OCR, information extraction and validation can develop into much more strong, making certain seamless synchronization with QuickBooks. This highly effective mixture empowers companies to take management of their accounting processes, enhance worker morale, cut back compliance dangers, and obtain audit readiness. It should allow enterprises to unlock new productiveness ranges and drive success in in the present day’s fast-paced and aggressive panorama. Begin automating your accounting processes in the present day and expertise the transformative impression of workflow automation.