As your business grows, you need better ways to keep track of your finances within your accounting software. It becomes even more important to reduce data entry and record transactions accurately. The advanced banking module in Zoho Books packs a punch with the following essential features:
1. Bank feeds
Automated bank feeds are the first and most important step in eliminating tedious data entry. Zoho Books connects with a third-party integrator to receive a list of your bank transactions and remove duplicate entries. These up-to-date transactions include amounts, descriptions, and names of the payers and payees. This means business owners don't have to grapple with the tiresome task of manually uploading and updating transactions.
2. Transaction matching
The intelligent system built into Zoho Books makes categorising your transactions an easy process. As each uncategorised transaction is picked up from the collected bank feed, it is automatically matched with an existing transaction in Zoho Books. When matching transactions, you can view only the best matches or all possible matches.
Best matches are transactions that are on the same date and have the same amount as the selected uncategorised transaction. Possible matches are all transactions recorded within the last 90 days before the statement date.
For most transactions, you'll find the right fit among the best matches. If you're having trouble matching a transaction, you can check the possible matches instead.
Balance sheet errors and mismatches are serious problems that can land your business in trouble with the tax authorities. Reconciliation prevents those problems by ensuring that your closing balance is in sync with the amount cleared from your account. In Zoho Books, your account reconciliation happens with just a few clicks, removing a major accounting headache and preparing you for the VAT filing season.
4. Banking dashboard
The banking section of your dashboard gives you a bird's-eye view of your expected recurring payments, balance mismatches, past transactions, and past reconciliations. It is a quick and easy way to keep track of your banking activities within Zoho Books. It complements your business dashboard and comes in handy when you use multiple accounts to run daily operations.
The right banking tools make all the difference for a growing business. Zoho Books offers automated bank feeds to reduce your data entry, easy reconciliation to keep your books tax-ready, and a powerful dashboard to show you what's happening with your money. The future of your business finance is here.
Having a question about VAT or bank reconciliation or Zoho Books for the UAE? Write to firstname.lastname@example.org or call 800-0444-0824 (toll free). You can also learn more about VAT from Zoho Books Resources.
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