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Cloud accounting software for high volumes

What is the best cloud accounting software for high transaction volumes via API

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Hi all

Looking for any recommendations.

I am working with a charity using Quickbooks Online (QBO) integrated to Stripe with automation via API to post receipts, invoices and expenses where they are required to Quickbooks. We have recently had some really high transaction periods on some of our campaigns (60K plus in a day) and we have run up against the API throttle limits in QBO top post all the transactions. We are also having issues in reporting all the transactions in a day from QBO ( cannot run reports for a period greater than a day at transaction level), which is making reconciliation difficult.

Can anyone recommend cloud-based software that is better suited for these sorts of transaction volumes?

Thanks

Jack

Replies (8)

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cd
By Chris Downing
21st Jan 2022 17:43

That's a lot of transactions!!
You may not like the answer but your charity may have outgrown the likes of typical small cloud bookkeeping solutions such as Xero, QBO, Sage Accounting, etc etc

You may be able to find a third party solution which could cope with the income side so that batch summary totals could then make their way into QBO, but then you may suffer from additional time spent reconciling the bank plus frustrations around reporting.

Ok, I work for Sage, so I would say this, however .... if you need something which will properly deal with the above data volumes and associated reporting, you may want to take a look at Sage Intacct which also support not for profit organisations too: https://www.sage.com/en-gb/sage-business-cloud/intacct/

Best of luck in your search for a solution

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A Putey FACA
By Arthur Putey
21st Jan 2022 18:33

Aside from the specific recommendation (nothing against it but I don't know enough about your requirements) I agree with what Chris says. We'd need more information about transaction volumes rather than values and also about how the money gets into your Stripe account, for instance if it is via your own or a 3rd party fundraising platform. It might be possible to keep this separate and just pass summarised data to QB. In other words you'd need to describe your business processes and from those derive your business requirements.

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A Putey FACA
By Arthur Putey
21st Jan 2022 18:35

... and also if gift aid is involved and how the donors get a receipt if they need one.

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By JRees
21st Jan 2022 19:03

Thanks both

Money comes via our own platfrom but we also facilitiate other charities using it. We create an expense for the Stripe charges on each transaction (with VAT) a sales receipt for the recharge of this expenses to 3rd party charities (with VAT) and a sales receipt for donations (No VAT). Generally this is fine but we have a few high volumen campaigns with 30k plus donations in a day so the transactions spike and the integration is falling over.

We create sales receipts/invoice records in SalesForce so we do have copies there. So I guess one solution could be to post summary data for all these transactions on a daily basis.

Any other thoughts/ suggestions /questions welcome!

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Cloud Computing
By ngaccounts
21st Jan 2022 22:40

60k a day! Wow! Agree with above, batch totals are probably you’re answer. QBO never designed to deal with those volumes. I upload 10 transitions at a time & the street lights outside start flickering. Plus if you can’t report the transactions out of QBO (because of constraints you mention) seems little point having them in there.

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By nicklongden
27th Jan 2022 09:59

Agree with the other comments that you could review your business processes and just pass summary level detail into QB's. However even if you do that it sounds like with 60k of transactions your charity is large enough to be pushing the limits of whether or not QB's is a suitable product for you.

Disclaimer at this point that I am the CRO at AccountsIQ - AIQ has a specialism in the NFP sector and is aimed specifically at businesses and charities who have outgrown QB's Xero and Sage50 but don't want or need the heavy implementation workload and costs that come with the likes of Sage Intacct, Netsuite or MSDynamics. Happy to have a chat if you would like to.

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By davidpforster
27th Jan 2022 11:35

I'd have to agree with a number of the other people that have responded to you question and say that the summary route would make sense to explore in the first instance. Should there still be an issue after that, then perhaps it is time to look elsewhere for a move from QBO to something else.

Disclaimer time. I work for iplicit and like Nick earlier, we also have a significant number of charities using iplicit who have outgrown QB, Sage 50 and Xero. From my reply and others you have a nice shortlist to look at with Sage Intaact, iplicit and AccountsIQ, IF you feel that a move from QBO is the right one. Let me know if you would like to have a chat.

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Aqilla
By Aqilla Cloud Accounting
31st Jan 2022 09:37

I agree with the other responses, you will struggle to find a solution at the low end of the finance software market, however a mid market ERP solution will have now issues with this volume.

Aqilla is a 100% cloud based solution and can handle these volumes with no problems, plus provide all the other charity financial requirements round fund accounts and SORP reporting you can find out more at www.aqilla.com

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