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When we’re chatting with Canadian businesses across the country, one question we’re often asked is about the availability of journal entry integrations for our clients! Today, we’re taking a closer look at one of these integrations in particular: with QuickBooks Online.
Let’s back up – what’s a journal entry again?
A journal entry is a critical piece of business information, with specific entries that reflect the payroll portion of the business. Whether you’re a business owner doing it yourself or an accountant or bookkeeper taking care of it for your clients, getting the journal entry data into the general ledger each time payroll is run is not just a best practice; it’s mission critical.
Many companies use an accounting software; in fact, QuickBooks Online is a leading financial technology platform for small businesses globally. This accounting technology helps businesses maintain their financial documentation, but if businesses are manually entering payroll journal entries into that accounting software, it’s possible to inadvertently enter it incorrectly, thereby producing inaccurate data. This not only increases the business’s risk profile, but could also potentially cause bigger issues with auditing down the road.
We offer integrations – like with QuickBooks Online – because there are many intricacies and administrative tasks when it comes to running the books for a business, and we know this has long been a source of stress for payroll professionals, business owners, and financial departments alike. Journal entry integrations, like the one between Payworks’ and QuickBooks Online, can help bring you peace of mind!
Benefits of journal entry integration
Payworks’ clients using our Payroll solution automatically have access to our journal entry integrations, like the one with QuickBooks Online.
Taking a few minutes to set up this integration can help your business feel confident, reduce administrative strain and the need for manual processes and complex tools, improve timeliness of financial statements, perform quicker auditing, and have a lot more time to focus on other important tasks. If you’re a current Payworks’ client looking to set up this integration, contact your dedicated Client Service Representative for more information.
How does Payworks’ journal entry integration with QuickBooks Online work?
The journal entry integration Payworks has with QuickBooks Online provides a streamlined user experience that links our clients’ payroll platform (that’s us!) to their accounting software (in this case, QuickBooks Online!). This allows for the journal entries related to payroll to flow directly from Payworks to QuickBooks Online in one simple click (yep, seriously!).
After the initial setup, our clients can send over journal entries in seconds after each payroll is processed. It can’t get easier or faster than this! Payworks clients wanting to learn more or in need of assistance can reach out to their dedicated Client Service Representative (CSR) at any time.
“Being a member of the Intuit Developer platform helps us meet the standards that Canadian businesses have grown to expect,” says Vidur "VK" Krishan, Payworks’ Vice President, Product Management. “Providing solutions like this integration makes day-to-day tasks easier for our clients, and ultimately improves the bottom line for their business by simplifying their processes and allowing them to feel more confident in their financial records.”
For more information about Payworks’ journal entry integrations, visit: https://www.payworks.ca/solutions/integrations/quickbooks-integration.
Key topics in this article:
InnovationAnalyticsPayroll ResourcesFinanceBusiness OwnerAccountantSMEBookkeeperAcc-Book
