OVERVIEW:
- QuickBooks is the accounting software market leader for a reason, but on its own the solution lacks the required functionality to simplify and streamline AP processes.
- By integrating QuickBooks with an Accounts Payable automation solution like Quadient Accounts Payable Automation by Beanworks, accounting teams save time, minimize errors and simplify workflows.
- Two companies dramatically transformed their AP processes by integrating Quadient AP with their QuickBooks ERP solution. Learn how they did it.
Life moves fast in the accounting world. Finance teams that stay put and watch their industry change around them (while their tech stack doesn’t change) will soon be left behind.
What’s more, the potential for an economic downturn and an otherwise uncertain future are leading 92% of CFOs to increase their technology spending this year — with much of this investment going toward automating manual processes.
Over 26 million US businesses use QuickBooks as a powerful, trusted accounting ERP solution. But on its own, the software can’t rise to the challenge of streamlining manual processes and helping accounting teams adapt to the shifting financial landscape.
QuickBooks: strengths and limitations
QuickBooks boasts over 80% of the US market share — and it’s the top solution for a reason. Let’s learn about its wins and its opportunities for improvement.
Win #1: It’s scalable
QuickBooks can scale up to the enterprise level for large organizations, or scale down to support much smaller businesses. Its customizability ensures every user’s experience meets their unique needs.
Win #2: It’s cloud-based
QuickBooks offers a cloud-based solution, which allows multiple users to perform AP-related tasks from anywhere, at any time.
Win #3: It can integrate
QuickBooks also offers tremendous flexibility through integrations with third-party apps. This means organizations can extend its out-of-the-box functionality to better match their needs.
Of course, QuickBooks also has areas of weakness, which can slow accounting teams down if not addressed. Let’s explore these, too.
Weakness #1: Manual invoice entry and coding
With QuickBooks, invoice entry and coding is completed manually. Filling in fields by hand takes more time, and can result in human error.
Weakness #2: No invoice approval routing or payment automation
QuickBooks cannot support routing invoices for approval. This forces accounting teams to take more laborious paths, like endless email exchanges, or worse: chasing down an approver’s signature in person.
The solution also doesn’t offer the option to pay invoices digitally, forcing payers to resort to manual methods such as printing and mailing physical checks.
Weakness #3: Multi-entity limitations
Teams that need multi-entity accounting functionality face challenges when using QuickBooks. For full data visibility, users must log in and out of separate accounts to review all information.
QuickBooks + AP automation = the dream team
The secret to shoring up some of QuickBooks’ weaknesses lies in one of its strengths: its ability to integrate seamlessly with AP automation solutions such as Quadient AP.
Thanks to complete data synchronization, QuickBooks desktop users can be fully automated with electronic approval channels and custom workflows in as few as two days. Here’s what AP automation looks like:
- Integration gives you full visibility into your AP workflows so you can control cash flow through oversight into supplier invoice totals, committed expenses and more.
- AP workflow becomes entirely paperless. You’ll have fewer opportunities for human error and greater data accuracy, plus a fully searchable digital audit trail and less paper costs.
- No more logging into separate accounts to view each tax ID or company file. View spend for any given vendor across companies or entities without multiple logins.
- Accounting teams and approvers gain total visibility into the AP workflow no matter where they are, or what device they’re using.
AP automation in action
AP automation is transformational for organizations both large and small. These two companies saw major improvements to their QuickBooks workflows when they integrated with Quadient AP.
1. Brickell Biotech: from convoluted to controlled
When Brickell Biotech merged with another research and development company in 2019, the pharmaceutical company’s invoice processing needs increased dramatically. Unfortunately, their accounting teams were still relying on legacy AP processes:
- Manual purchase orders
- Mail-based invoicing
- A mixture of physical and digital storage
But that all changed when Brickell integrated Quadient AP with their QuickBooks ERP to automate invoice processing and AP data tracking. By Brickell’s estimate, the new system cut down invoice approval delays by an astounding 99%.
The integration saved time and dramatically reduced the risk of errors for all-around improved AP workflows.
2. Cook Bonner: from an unexpected departure to improved processes
Construction company Cook Bonner Ebeling Construction faced a challenging transition when its bookkeeper of 26 years moved on, leaving behind a wealth of legacy AP processes.
Luckily, the organization seized the chance to update its processes with the help of the Quadient AP integration with QuickBooks.
The previous bookkeeper had spent about 70% of their time on data entry and manual payment processing — processes now handled entirely by AP automation.
By streamlining the invoice approval process, Cook Bonner Ebeling can now spend more time on job sites attending to essential details and less time coding invoices in the office.
Ready for better with QuickBooks AP automation?
Transform your team’s manual processes with an AP automation solution. Invest in automation to ensure your organization’s finances stay up to speed and meet the demands of your business.
It’s time to modernize your AP workflows with the help of Quadient ’s QuickBooks AP automation.
Quadient AP is reshaping accounts payable with leading automation tools. Learn more about how Quadient injects modern finance teams with the efficiency they need, and request a demo today.
