We usually feature an Advisor Alliance article on Friday's, but this week we are taking a slightly different approach. Instead of featuring a partner program that allows ProAdvisors and accountants to earn revenue or pass along savings, this week we are featuring a tool that you can use in your practice, LedgerSync. LedgerSync works with QuibckBooks, Xero, FreshBooks and other accounting software and provides access to bank data, check images, 2 years of history and allows you to sync your books with the click of a button.
So the typical ProAdvisor's month end check list kind of looks like the following:
- Contact Client for their bank/credit card information
- Review the transactions and reach out to clients for the transactions that you don’t know how to code
- Review the data and Reconcile
- Import to Accounting Software (QuickBooks, Xero ..etc..)
- Confirm everything is ok and closeout the month
When you look at this monotonous, continuous, repetitive monthly cycle perhaps the most time consuming and wasteful time spent is chasing the clients for their financial data. Granted you can ask your client for their online ID/Password to their banks/credit card accounts but that would most likely make your client feel uncomfortable. Plus you take on the responsibility of safekeeping the user/password info along with keeping it up to date
Even after you have the transactions in your hands, all sorts of questions arise. For example, Check 1234 on June 13 2016 for $500, who and what is this check for? How are you supposed to code this check without the paper proof?
Finally, after doing all this work, you wonder, do your numbers reconcile to the bank? As we all know in accounting, if you miss one transaction then your ending balance won’t match to the banks and will carry over to the following month.
In short, this process is tedious, painful and a complete waste of your valuable time!
Ledgersync was designed for ProAdvisors, accountants and bookkeepers to solve this very problem! Ledgersync is a bank feed software program that connects to hundreds of bank/credit card accounts and extracts and presents:
- Check Images
- PDF Statements
Ledgersync is not a replacement of your accounting software, rather complementary!
Imagine not having to:
* No more hassling your clients anymore for their data
* All your client’s bank financial data organized in one location
* A bunch of check transactions- No problem! You can see every check
* Doing a quick review of the data, making adjustments, reconciling and importing to Quickbooks/Xero etc..
* Bank Level Data encryption
Interested in learning more about Ledgersync- contact us 1-877-415- 3152 ext 1 or visit at www.ledgersync.com and speak with us on chat!