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As your business grows, you will have more and more transactions that will need to be entered to your financial software. If you use QuickBooks Online, there are a few add on applications that you can use to accomplish automatically importing data. As CFOs for hire, we aren’t in the business of writing software reviews, however, we often research products and make recommendations to our clients depending on their needs.
One tool we recently researched, recommended and implemented is “Axis – import & export utility”, made by Zed-Systems. This client is now saving hundreds of man hours and thousands of dollars each month by automatically importing transaction data into QuickBooks Online
Admittedly, there are a few quirks with the tool, but overall, we have found that the benefits of using it far outweigh the quirks.
Background:
One of our clients who receives supplier invoices that regularly contain an excess of 5,000 detailed transactions lines per week was struggling with keeping accurate records of purchases and inventory. As you can imagine this would be a struggle for any small business to enter on a weekly basis… never mind making sure that the data was accurate and payments to suppliers were timely so that the inventory supply chain could keep flowing. In reality, this particular client had decided to sacrifice their internal data tracking for inventory in order to keep the orders flowing from suppliers and in turn to customers. They were simply writing checks based on statements from their suppliers. Not surprisingly, this was creating various issues.
Our Recommendation:
After reviewing the client’s existing process and business need, we did some research and recommended Axis as a possible solution. At less than $200 for a perpetual license, it was a low cost, low risk solution that would solve many problems. Within an hour after gaining the client’s approval to test the tool’s capability, we had downloaded the software, created our first data map for import, and imported our first batch of supplier invoices into The QuickBooks Online company file.
Outcome:
After two weeks, we had tweaked our import data, and implemented a solid process and the client was thrilled. Now the client has an accurate account balance for suppliers in QuickBooks Online as well as a detailed record of items purchased and at what price. In addition, the client is now using the tool to import all kinds of other data, such as: manual payroll checks processed by their payroll provider, that were previously entered manually; detailed invoices to customers that were not entered at all; large journal entries for payroll, and inventory adjustments; and much more. The time savings and comfort they have with the accuracy of the data is worth far more than the $200 they spent to purchase the license for Axis.
And for more QuickBooks info check this out to find out what the best QuickBooks report for analyzing data is.
