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Procurement is the process that caters to an organization's needs that have to be fulfilled by external suppliers. It involves accurate need identification, sourcing arrangements, the procure-to-pay cycle, and vendor management. Streamlining these processes is essential, and an essential part of doing this is tying them up to smooth financial processing.
Finance and procurement teams are related closely. As the procurement department obtains goods, it has to manage the organization's budget while maximizing the value obtained. It also needs to maintain supplier relations, and, for this, the organization needs to ensure swift, accurate, and timely payment processing. Procurement frauds have their origin in accounts as well as fraudsters can alter data entries and mess with invoices. Therefore, procurement management needs to include finance. This is where software comes in.
Organizations have been realizing the value of software to streamline management and enhance transparency. In this article, we'll go through why you need to integrate your procurement software with QuickBooks.
What is QuickBooks?
Quickbooks is an accounting solution that was tailored to small and medium businesses right since its origination in 1983. Now, it is among the most popular accounting software that SMEs use to track their finances and cash flow. In fact, as of 2020, there were 3.2 million QuickBooks Online subscribers in the U.S. alone.
Remote access capabilities in the online version, easy organizing, as well as instant synchronization across bank and apps has made Quickbooks stand the test of time. It offers businesses a simple, customizable, and economical solution to send invoices, pay bills, get reports, and work out taxes digitally. Procurement software like Kissflow Procurement Cloud lets you integrate QuickBooks with them for a holistic automation experience.
Benefits of Integrating QuickBooks With an eProcurement Software
Here’s what to expect when you integrate Quickbooks with an eProcurement software:
1. Enhanced Visibility
Combining finances with procurement gives both departments enhanced insight and visibility. Budgets can easily be compared to spending and the effects of purchases on the cash flow of the organization. Synching the procurement software with QuickBooks will also ensure that the status of Purchase Orders is updated on both systems simultaneously, without manual input or repeated comparisons, giving all departments better visibility instantly. For example, closing a PO in QuickBooks will automatically show the PO as paid in the procurement software. The same applies to other Purchase Order status updates as well. This digital communication is instantaneous and error-free, saving the organization costs and time.
2. Better Spend Control
Maintaining the spend under budget becomes much easier once data is synchronized across accounting and procurement teams. The organization’s budget will be easy to track and update as non-PO and PO spending data becomes available across these departments. Your procurement software will allow you to route POs to relevant personnel based on the value of the order, and having it integrated with Quickbooks will ensure that the invoices match the Purchase Orders, mitigating the risk of fraud.
3. Improved Supplier Management
The procurement team has to work a lot to find reputable suppliers of strategic importance. This effort can be rendered useless if manual data entries in AP result in delayed or missed payments. Syncing the procurement software with Quickbooks eliminates such issues, ensuring that human error does not lead to deteriorated relations or, worse, lawsuits.
How to Integrate QuickBooks With Kissflow Procurement Cloud?
Kissflow Procurement Cloud will let you share data out of Quickbooks safely. You need to possess a verified QuickBooks Online account and be a paying Kissflow client to proceed with the integration. Follow the following steps:
- Go to your Kissflow Procurement Cloud account and select your profile picture. This will open a dropdown menu. Select Integrations followed by the New Integration option.
- As the editor opens, you’ll have to set a trigger.
- As you finish setting the trigger, click the Add button, look for QuickBooks, and choose the QuickBooks action event that you want to connect to the trigger. Authenticate the connector by adding the QuickBooks account after clicking the option that asks you to do so.
- Add relevant values against the QuickBooks form fields.
- Click Test to see if there are any errors. You’ll be notified if the tester detects them.
Kissflow Procurement Cloud + QuickBooks - What It Means For Your Business
As you integrate QuickBooks with your Kissflow Procurement Cloud, here’s what you will experience:
1. The Best of Both Worlds
By integrating Kissflow Procurement Cloud with QuickBooks, you combine the power of these two platforms: your procurement and accounting both stay coordinated and handled through expert technology. The procurement team gets real-time insight into budgets, so it can be sure it allocates it to different item categories properly. Similarly, the accounting team gets more data on the status of upcoming POs through dashboards. Automation and elimination of manual tasks save time and effort and enable accurate record maintenance and processes across both departments. In essence, what you’ll get is a complete picture of your organization’s costs - your spend reporting will be connected to your cost reporting.
2. Process POs and Invoices Seamlessly
Kissflow Procurement Cloud will automate the three-way matching process between the Purchase Order, Goods Receipt Note, and Invoice for you, and Quickbooks will be used to pay the invoice on time. The accounting team will be able to verify whether the invoices are good to go through information synchronization about Purchase Orders and Goods Receipt Notes. No double data entries will be required, and invoices will be paid accurately. Your PO and Invoice processing times will decrease significantly, and you’ll be saving hours on data entry.
3. Set and Confirm Approvals
Without the integration, you only benefit from purchase requisition and PO approval routing. After the integration, you’ll get better control of the payments themselves. Never go through frauds again and monitor any suspicious POs instantly by confirming who approved them through Kissflow Procurement Cloud. Set approvals for Quickbooks, too, to get better control and enable accountability if anything goes wrong.
You can only benefit from technology if you’re using it the correct way. Holistic automation is seamless and saves organizations time and costs in the long run. You can save your employees the hassle of dealing with multiple software a day by integrating the features of your procurement and accounting software. This eliminates redundant work, enhances visibility, and allows for more informed decision-making.