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All you need to know about integrated accounting

9th Jul 2024
Brought to you by
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Award-winning cloud accounting software for multi-company businesses.

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For maximum success, integrating your accounting system with other business tools is a must. Bringing together your various platforms and, allowing them to communicate and function cohesively, not only improves the flow of information but also significantly reduces operational costs. This article explores the benefits of integrating systems and how to implement them successfully. 

Features of an integrated accounting system 

Before integrated systems, businesses relied on using separate systems for accounting, invoicing, sales, and customer management. This disjointed approach was time-consuming, error-prone, and frustrating. 

Modern cloud-based platforms, like AccountsIQ, transform this process. With our Open API, integration with other cloud-based apps is straightforward and effective, automating and streamlining your accounting processes. Here are some examples of systems we can integrate with: 

1)Electronic Banking Systems: Automate bank reconciliation and gain real-time cash flow insights. 

2)OCR Technology (e.g., Kefron, AutoEntry): Automate document and invoice capture, eliminating manual data entry. 

3)CRM Systems (e.g., Salesforce): Link sales and finance data for a consistent view across teams. 

4)Sales Systems (EPOS/POS): Sync directly for better visibility of margins and profitability. 

5)Payroll Systems (e.g., BrightPay): Streamline payroll administration.

When Should You Consider Accounting System Integration? 

Integration is ideal for businesses that manage a high volume of transactions or spend considerable time on manual data entry. If you find yourself duplicating work, handling large data sets manually, or dealing with frequent data errors, it's time to consider integration. Key questions to ask include: 

  • Why integrate? Are you looking to eliminate duplicate work or reduce data entry errors? 
  • What to integrate? Ensure that the integration will enhance your finance function and deliver maximum value.

Steps to Integrate Your Accounting System 

AccountsIQ’s API integration simplifies the process of connecting with other cloud systems. We provide comprehensive documentation and support to ensure a smooth integration process. Here’s how to get started: 

1. Evaluate current systems: determine which systems need integration and how they will benefit your finance function. 

2.  Leverage existing integrations: utilise our growing network of integration partners for quick and easy setup. 

3. Plan for new integrations: for new platforms, define necessary data fields and work with our developers for seamless integration. 

Timing your integration 

Timing is crucial for successful integration. We recommend integrating only after your new accounting system is fully operational and your finance team is comfortable with it. This foundation ensures that the integration process is smooth and effective 

Advantages of integrated accounting systems 

The rise of cloud-based accounting has made integration more accessible and essential. The  pandemic further accelerated this shift, pushing businesses to adopt efficient processes. Here are some key advantages: 

  • Data Integrity: Ensure consistent and accurate data across all systems, providing a single source of truth. 
  • Scalability: Automate processes to support rapid business growth without additional overhead. 
  • Time Savings: Free up accountants from mundane tasks, allowing them to focus on value-added activities like reporting and advisory work. 

Cost Reduction: Reduce operational costs by automating time-consuming manual tasks and eliminating bottlenecks. 

Experience advanced integration with AccountsIQ 

At AccountsIQ, we are committed to continuous improvement to meet our customers' ever-evolving needs. This includes developing new features and enhancing integration. We ensure our platform remains at the forefront of accounting technology, including the ongoing advancement of our accounts payable and purchase ledger automation, further streamlining these critical processes.  

Are you ready to see how AccountsIQ can revolutionise your finance function? Book a demo to explore how our integrated accounting system can automate daily finance processes, enhance collaboration, and accelerate your business operations. Experience the transformative power of integrated accounting software with AccountsIQ. 

Contact us today