Many small businesses find QuickBooks the best way to handle the organization’s financial obligations as it is easy to use and effective. However, the solution might be unable to keep up with your current business demands due to emerging limitations and compromises. But where do you go from QuickBooks?
Xledger Defined
Xledger is a comprehensive cloud-based accounting software designed to help your business manage its financial transactions and streamline the entire function. The solution is perfect for both midsize and large enterprises, facilitating accounting functions by automating the different routine tasks involved. Using Xledger provides you access to real-time reporting, GL analysis, billing and invoicing, drill-down capabilities, business intelligence, and various analytical tools. For non-profits, the software facilitates donor management and multi-currency abilities to streamline critical accounting operations. Outstanding features of Xledger include asset management, customer relationship management, and all other accounting capabilities. Integrating it into an effective ERP like GoldFinch improves productivity by providing real-time business intelligence insights and minimizes overheads.
Role of Xledger in Your Business
Your ideal accounting software should have all the necessary features to optimize your business, from complex tax calculations to basic invoicing and billing. Here are the essential functions to expect from switching to Xledger:
Invoice and Billing
Invoice and billing are two essential but critical functions in accounting, and they control your business’ cash flow. Managing these functions on paper is time-consuming, tedious, and more exposed to human errors. It also becomes difficult to keep track of invoices since synchronization is manual. An accounting solution should address all these issues effectively while providing additional features to simplify your work. Xledger allows you to create recurring profiles for popular customer orders and schedules automatic invoice sending for each order. You can also track all unpaid invoices, remind the customers to make timely payments and prevent missing payments.
Online Payments
Xledger also streamlines collecting payments by creating an integrated accounting system featuring various online payment gateways. Clients can use these swift and secure gateways to pay you. The payment gateways also record all the payments received and update them to the corresponding invoice automatically. It’s also crucial that your business handles different currency types if you deal with international clients. Xledger’s multi-currency feature allows your customers to make payments in their favorable currency while you do accounting in a different currency. It eliminates discrepancies and all the extra calculations involved in foreign transactions.
Expense Tracking
Keeping track of expenses is key to getting a steady grip on your business’s cash flow. A comprehensive accounting solution like Xledger helps keep tabs and categorize your expenses, clearly showing how you spend your resources. The software also uploads expense receipts, scans them, and records all the scanned information automatically on your servers. It eliminates storing paper receipts as proof of transactions and makes it easy to include consumer-related costs on the final product price.
Project Management
Xledger includes a timesheet module to help streamline your project management responsibilities. You can use the timesheets to tailor individual customer charges depending on the time spent on their project and manage all project elements, from budgeting to invoicing customers.
Tax Compliance
Keeping up with taxes is challenging for businesses working with multiple tax rates. A proper accounting solution seeks to make working with taxes easier by adhering to your local tax regulations. The software also helps calculate taxes faster and more accurately while guaranteeing a better understanding of taxes through summary reports.
Why Integrate Xledger with GoldFinch ERP?
Xledger is a powerful software that focuses on helping you unlock your accounting function’s true potential. Pairing it with a powerful cloud-based ERP like GoldFinch improves overall efficiency and provides real-time data and insights. The following are the advantages of an Xledger-GoldFinch ERP marriage in your business:
Multiple Departments
The power of GoldFinch ERP is its ability to tie in departments throughout your organization. Rather than the accounting team accessing financial data alone, the key elements related to your company’s finances (such as materials parts, reordering, shipping expenses, and more) can be connected to and updated by their appropriate departments.
Improved Efficiency
One of the main reasons why many companies consider integrating Xledger into an ERP is to improve overall efficiency. The integration allows you to streamline business processes by eliminating duplicate data entry. Automating data entry functions results in more accurate results and seamless data sharing between the two systems.
Real-Time Data
GoldFinch and Xledger integration provides your team with real-time data and even more valuable insights for profitable decision-making. The collaboration offers real-time visibility into your financial data by conveniently analyzing the updated information in the centralized database. You can use the insights shared to make more timely and informed decisions.
Automated Financial Processes
Integrating GoldFinch and Xledger automates most redundant and basic accounting tasks like billing and invoicing to streamline operations. Automating these processes speeds up your financial reporting and eliminates the risk of human error in manual data entry.
Saves on Cost
Your business also saves money by achieving a successful GoldFinch-Xledger integration. It reduces cost by improving efficiency, reducing the need for manual data entry, and capitalizing on data accuracy. Access to real-time visibility in your financial data also helps achieve cost savings in the long run by allowing you to make more informed decisions.
Inventory Management
You need good inventory management in your business to guarantee your business sufficient stock and a quality customer experience. Using GoldFinch helps keep up with your inventory by recording SKU codes, adding images, creating bundles, and tracking movement by batch or serial number. You can also set reorder levels to prevent stock runouts.
Comprehensive Reporting
The reporting achieved from integrating GoldFinch and Xledger is another reason you need to move on from QuickBooks and Bill.com. The integration provides access to comprehensive reporting and analysis tools from both solutions, helping you identify trends and opportunities across different departments.
Key Takeaway
Although QuickBooks is a robust accounting application, it might prove inefficient in large businesses with substantial data demands. Xledger is better equipped to handle all your financial processes and help streamline your accounting function. Integrating it into an ERP like GoldFinch unlocks its true power and provides real-time visibility into your financial data, automates the involved operations, and improves overall efficiency.
