Recurly for QuickBooks Online: Streamline Your Accounting Process
In order to give our customers access to best-in-class applications in both subscription billing and accounting, Recurly has integrated with QuickBooks Online. Our integration will give you the ability to accelerate your month-end close process, automate your revenue accounting flow, and eliminate manual processes.
The QuickBooks brand is synonymous with entry-level business accounting and bookkeeping. While the QuickBook brand may be perceived as entry-level, anecdotal evidence, however, suggests that QuickBooks is used by companies with as much as $20M-$40M in revenue—underlining the stickiness of accounting software.
Several years ago, Intuit launched QuickBooks Online as part of the company’s shift to the cloud. According to an April 2016 article in the NY Times, QuickBooks Online’s subscriber base is up 49% from the previous year. MarketRealist reports that approximately 80% of QuickBooks Online’s customers in fiscal Q1 ‘16 were new to Intuit. Built as an open platform, QuickBooks Online connects with approximately 2,000 apps.
Speed month-end close process
Recurly has many advanced capabilities for running your subscription business, but in order to prepare for fundraising, an audit, or a board presentation, you need to be able to present accurate financials. Much of the data that is used to calculate your revenue, cash, and accounts receivable balances is stored within Recurly. Recurly’s integration allows you to automatically import this data into QuickBooks Online. Through this integration, Recurly data is synced with your accounting system, letting you focus on more strategic goals such as analyzing and understanding trends in your billing and other data to make more informed business decisions.
Eliminate manual processes
Although many financial professionals love Excel, our integration eliminates the need to manually transfer data in spreadsheets between Recurly and QuickBooks Online. Many other tools require that you export, manually manipulate, and then import data. Our integration eliminates this process since your customer data, invoices, payments, refunds, and credits are automatically imported into QuickBooks Online. All you need do is assess the balances to ensure that they look materially correct and adjust if needed.
Furthermore, you can utilize QuickBooks Online’s bank reconciliation functionality to reconcile your cash account at the end of each month. If you integrate your bank information with QuickBooks Online, you can reconcile payments from Recurly with corresponding deposits in your bank account to quickly and accurately calculate your cash balance.
Combine with revenue recognition for a comprehensive accounting solution
Recurly’s revenue recognition tool lets you automate and complete your revenue accounting process. This tool can be used to calculate your month-end and deferred revenue balances, which you can post as a journal entry in QuickBooks Online. Use our QuickBooks Online integration to calculate your accounts receivable and cash balances and complete your revenue accounting process.
Recurly supports finance professionals
Recurly provides finance professionals with comprehensive solutions supporting their subscription business’ accounting processes. Now, with our QuickBooks Online integration, it’s easier than ever to use Recurly in conjunction with your other business systems.