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SaaS Accounting integrating Online Banking Management

 

I am setting up a new business entity. What is the most highly integrated pair of accounting software-as-a-service and online banking management platforms? Ideally, all transactions would integrate bilaterally precluding the need for a bank reconciliation.

Does anything like this even exist?

Answers

Anonymous
(Director of Administration) |

Great business idea. Everyone has the need or has created their own version.

Topic Expert
Bob Stenz
Title: Controller
Company: Silicon Valley start-up
(Controller, Silicon Valley start-up) |

Great question. I've always felt that Quicken does this well for consumers, but I haven't found it as easy with accounting/ERP solutions.

Tom Armstrong
Title: President
Company: CompuExcel, inc.
(President, CompuExcel, inc.) |

NetSuite Cloud ERP has comprehensive bank and credit card processing and reconciliation capabilities. The system has built-in eBanking, so all payment transactions can originate in the ERP system with proper controls. One can import online banking data in QFX, OFX or QIF file format directly. At least one of these file formats is provided by most banks. Upon importing, transactions are automatically matched up for reconciliation allowing for manual matching when necessary.

Depending on the volume of data, one could probably configure a Web Services to automatically grab the banking data and insert it into the ERP system for matching.

Andrea Bornschlegel
Title: Fractional CFO/Controller
Company: Financial Consultant
(Fractional CFO/Controller, Financial Consultant) |

It's not perfect, but I use Quickbooks Online for accounting, Bill.com for our bill payments, and Wells Fargo for banking. QBO and Bill.com are integrated for both the chart of accounts and the vendor names. I input invoices received into Bill.com and a backup copy is stored there, sent by email (not for text recognition, just as documentation). Bill.com syncs with QBO for the AP/expense entry, pulls the payment from the bank when I tell it to pay invoices, and then syncs with QBO for the bill payment entry. Bill.com can also do customer invoicing and payment receipt tracking, but I haven't used that; I do invoicing directly out of QBO.

As a separate sync, QBO downloads bank transactions daily. They are held as "unaccepted" until I confirm or correct the accounting (a debit card transaction at Costco is charged to supplies, a bank fee is charged to bank fees etc.). It "learns" how to handle the downloaded transactions based on prior entries. Bank transactions are "matched" to a prior transaction if the cash outflow is already recorded in QBO (such as payroll and Bill.com entries), or "assigned" and a transaction created if not (Costco debit card purchase). At month-end, the bank recon usually balances without additional work, though not always (and generally my fault).

QBO says it can download from more than 5,000 banks. Bill.com works with a few accounting packages including Quickbooks, Netsuite, Intacct, Peachtree. Per this thread, QBO is generally well-recommended for startups. https://www.proformative.com/questions/user-friendly-accounting-software-for-startups-reviews

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