Xero users: we have an integration for you!
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Tired of the journal entry download-upload song and dance? Or worse yet… viewing journal data in one system, only to have to manually re-key it into another? Not only is this process time consuming; it can also put your business at greater risk of inadvertent errors resulting from manual processes and data re-entry.
Journal entries have long been a source of stress for payroll administrators and financial departments, but they’re vital in helping to tell the story of your business’ transactions—showing amounts credited and debited, transaction dates, and involved accounts. As such, accurate and up-to-date journal entries are crucial for providing stakeholders with a clear view of the company's financial health and quickly identifying any discrepancies or issues. In other words, getting journal entries right is mission critical… so any opportunity to streamline the process and reduce your risk of data re-entry errors is sure to help you breathe a sigh of relief! Enter: Payworks’ journal entry integration with Xero.
Payworks + Xero = no added cost, all the added benefits!
Payworks’ Payroll clients who already use Xero’s accounting software can instantly take advantage of a streamlined journal entry process through direct access to our journal entry integration. Better yet, setting up the integration is incredibly fast and easy, taking only a few minutes and a handful of clicks to get connected. Our journal entry integration can help reduce administrative strain, improve timeliness of financial statements, allow for quicker auditing, and provide payroll administrators and financial departments with more time to focus on other important tasks.
If you’re a current Payworks client looking to set up this integration, head to our Help Centre to learn more or contact your dedicated Client Service Representative for support.
How does Payworks’ journal entry integration with Xero work?
After connecting your Payworks and Xero accounts, you can configure your integration to fit your business needs and preferences. You can set the posting date (which may be the pay period end date, among other options) to use for each journal entry, choose a tracking category (like department name or cost centre) for sorting transactions, and map each pay element in Payworks to your desired general ledger account in Xero. Once the integration is set up, journal entries can be sent in a matter of seconds after each payroll is processed. It really can’t get faster (or easier!) than this. Our journal entry integration with Xero provides a streamlined user experience, allowing payroll journal entries created in Payworks to seamlessly flow through to Xero’s accounting software in one simple click (yep, ONE click!). The data moves securely between systems through an encrypted connection, all while allowing you to continue working within one platform (no more flipping between tabs!).
“Working together with Xero allows us to meet the broad needs required by the Canadian business landscape,” says Payworks’ Vice President, Product Management Vidur “VK” Krishan. “Providing solutions like this integration will make day-to-day tasks easier for our clients, and will ultimately improve the bottom line for their business. This integration simplifies our clients’ processes and allows them to feel more confident in their financial records.”
For more information about Payworks’ journal entry integrations, visit: https://www.payworks.ca/solutions/integrations/xero.
