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 immediately.
QuickBooks On-line is a powerhouse in accounting, however pair it with Zapier’s automation magic, and also you get an unstoppable duo. You may join QuickBooks with over 5000+ apps — no code wanted. Create an bill from a kind submission in your website? Verify. Notify your group through Slack when an bill will get posted? Executed.
Many extra such workflow automation are doable once you mix QuickBooks On-line, Zapier, and AI-powered OCR instruments like Nanonets. The probabilities are countless when you arrange the triggers and occasions, and the info flows seamlessly between totally different platforms.
5 workflow concepts to automate accounting with Zapier and QuickBooks on-line
QuickBooks On-line does provide 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, remodeling your accounting workflows right into a extremely automated, environment friendly, and error-free system.
Listed here are just a few workflow concepts that can assist you get began:
Bill processing
Processing invoices manually can eat a lot time and is prone to errors. By automating bill processing with Zapier, QuickBooks On-line, and Nanonets OCR, you’ll be able to streamline the method, saving time and enhancing accuracy.
The workflow begins with a set off in Zapier that detects when a brand new bill is acquired. It displays sources reminiscent of electronic mail, Dropbox, or kind submissions. The bill knowledge is then despatched to Nanonets, which makes use of AI-powered optical character recognition to precisely extract related info from the bill. You may arrange validation guidelines and approval routing hierarchy to make sure the bill can processed with minimal handbook intervention. After that, you’ll be able to arrange one other Zapier set off to mechanically create a brand new bill in QuickBooks On-line, populating it with the extracted knowledge. It will probably then be moved on for additional processing and fee.
Automating the workflow can enhance effectivity, guarantee correct knowledge entry, and have a streamlined bill approval and fee course of. This results in quicker 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 every other supply. Automate the method of capturing and validating expense knowledge with Nanonets OCR. Then, ship the extracted info on to QuickBooks On-line. This can can help you mechanically create a brand new expense entry, categorize it, and assign it to the suitable account. You may also arrange an automated reimbursement course of if the worker must be reimbursed.
This can 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 can assist scale back errors, stop fraud, and streamline fee.
Arrange Zapier to mechanically pull paperwork from numerous sources reminiscent of emails, scanned paperwork, digital information/photos, cloud storage, and ERP and ship them to Nanonets. It then classifies and kinds these paperwork appropriately as invoices, POs, and receipts.
The system then precisely reads and captures knowledge 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 move the three-way match are despatched for additional approval. QuickBooks On-line can then generate a fee for the matched and authorised invoices.
Vendor onboarding
Vendor onboarding could be time-consuming, gathering and validating info from tax varieties, export varieties, and different paperwork.
To streamline the seller onboarding course of, you’ll be able to add vendor paperwork reminiscent of tax varieties or contracts to Nanonets. Nanonets gives AI-powered doc processing capabilities that mechanically extract essential vendor info reminiscent of title, deal with, tax ID, and speak to particulars.
The data can then be used to create vendor profiles shortly 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 accurately tagged and tracked for future reference.
Stock administration
Stock administration entails monitoring and managing inventory ranges, producing gross sales orders, and initiating buy orders. Automating it may possibly save time, enhance accuracy, make correct forecasts, and assist keep the correct inventory ranges.
When a brand new gross sales order is positioned in your WebFlow web site kind, Zapier could 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 knowledge reminiscent of product particulars, amount, and buyer info. This knowledge can then be in contrast in opposition to 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 knowledge. If the order amount exceeds the present inventory stage, a purchase order order may also be generated mechanically for restocking.
Actual-time stock monitoring by this automation helps to attenuate the possibility of overstocking or understocking. This, in flip, results in faster order processing and improved buyer satisfaction.
Last 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 helpful time, reduces errors, and enhances total effectivity and accuracy in monetary administration.
With the addition of Nanonets’ AI-powered OCR, knowledge extraction and validation can turn out to be much more strong, guaranteeing seamless synchronization with QuickBooks. This highly effective mixture empowers companies to take management of their accounting processes, enhance worker morale, scale back compliance dangers, and obtain audit readiness. It can allow enterprises to unlock new productiveness ranges and drive success in immediately’s fast-paced and aggressive panorama. Begin automating your accounting processes immediately and expertise the transformative affect of workflow automation.
