Why wise HTG Partners use Cloud Accounting

Discover   Written by Paul MacNeill on May 4, 2015    

What is Wise-Sync?

Wise-Sync is a cloud based integration that synchronizes accounting data between ConnectWise and cloud accounting software (Xero and QuickBooks Online). It features great security and privacy by encrypting all data in transit and never storing your accounting data on our servers.

Built by fellow HTG #26 MembersVirage IT, Wise-Sync delivers unprecedented efficiencies in syncing your Accounting Data to the cloud. Features include full integration of Invoices, Procurement & Inventory, Expenses and Payments. Each and every interaction is designed to improve efficiency and deliver greater levels of detail to your Accounting Package.

HTG Special Demo  

Watch a demo to take to turbo charge your accounting system. 

 

Wise-Sync takes the Pain out of SLI Reporting

Evolve IT Australia moved from QuickBooks Enterprise as a way to save time and effort after hearing the success of other HTG #21 partners had by moving to cloud accounting. With improvements recognised across the financial administration of Evolve IT, it gives business owner Nick Moran insight and manageability like never before.

First concerned with the increase of cost of the total solution; Alex Yon, General Manager of Evolve IT looked to understand what savings could be made across the business. What they were not ready for was the sheer value that a change to cloud accounting software Xero would bring.

With savings of over $90,000 in admin and staff productivity costs, are just the beginning. It's not only the cost savings that the business is so enthused by, more the sheer simplicity of the system that helps Evolve IT make sound financial decisions, based on up-to-date accounts reconciled daily.

Using the Xero Tracking and Reporting, Evolve IT is able to identify greater levels of financial visibility across their products and services portfolio, helping to get greater visibility across the business.

One year on, Alex highlights the importance of Wise-Sync in their business, especially the welcome return of her work-life balance as simply; Invaluable.

 

 

Wondering if Cloud Accounting is right for your sized business?

 

 

PowerNet IT Consultants took the epic challenge of moving their business to ConnectWiseQuosal and Xero in one monumental lift-and-shift! With over 50 users, spread over four offices in three states and two countries, dealing in multiple currencies. PowerNet needed a solution that could deliver the efficiencies that could take their business to the next level. Looking at QuickBooks Enterprise as a step in the backward-direction, they looked to cloud accounting to help reach a key efficiency of reducing their admin costs.

They were quick to come across Xero, the market leading cloud accounting platform. Initially discounted as being too cheap to meet their enterprise needs.

They were quickly set on track when they saw Xero's capabilities together with Wise-Sync's multi-location, tracking capability, that would take their complex GL Structure and  deliver full insight into their business performance across their multiple locations (something that they had never dreamed of before).

One year on, the picture could not be clearer. With their business going from strength to strength; they've been able to make key business decisions - all powered by the on-time and accurate financial information.

We understand ConnectWise

We're ConnectWise partners ourselves and we understand the intricacies and features of the software.  This means we can deliver the tightest possible integration between ConnectWise and Xero offering features that you really need and even some you didn't realise you needed until now!

  • Rounding: We validate all of the data before sending across to your accounting platform. So if there is a single line adjustment (due to rounding), then we apply a rounding adjustment to the line and note this in the invoice. Making sure that every line is exactly as it is in ConnectWise.
  • Invoice Totals Match: We ensure that the invoice total EXACTLY matches the invoice total in ConnectWise. This means that if it is $0.01 out, we apply a minor adjustment to the invoice, so that it matches exactly. No more pesky invoices which are short paid in your accounting package due to this long running issue.
  • Tax Validation: With options to check and warn you when the ConnectWise Tax Flag is not applied to an item, ensuring that you correctly charge and allocate tax on your invoices.
  • Product Items: The detail coming from GL Accounting Interface (API) is limited, so we make sure that we back fill missing information, providing that it is accessible to other APIs. This includes the detailed product information on Purchase Orders. We get additional information from: Customer Records, Product Items and Purchase Orders
  • Payment Sync: We sync payments applied to invoices in xero back to ConnectWise. We only sync changes made to invoices, rather than needing to sync payments to "All Invoices" for a period range.
  • Inventory Sync: We sync inventory accounting entries to adjust your Asset Accounts automatically. Included in this feature is Inventory Adjustments, Inventory Transfers and Inventory Sales (Cost of Sale Adjustment).
  • Expense Sync: We sync all of the Expense Types, not just reimbursable ones. Which includes Employee Reimbursable, Company Paid (Non-Reimbursable), Personal Expenses (Employee to Reimburse Company). With Wise-Pay, you can also link your Credit Card and Bank Accounts to streamline expense payment allocations. 
  • Sync Invoices to Draft or Approved: Set whether to sync invoices and bills as Draft or Approved. Wise-Sync'ers know that we're 100% right when we say post it to Approved.
  • Single Record Batch: As part of our strategy to keep it simple, we batch records individually. This allows you to delete a single batch, and only affect a single record. Not only does this keep it simple, it also allows you to correct an issue, without affecting your whole agreement invoice run. Any issues encountered in batching a single record will then not hold up all the other invoices which need to be batched across.
  • Tracking Codes: Provides partners with the ability to view their P&L in more business aligned ConnectWise Structure segmentation
  • Multi Owner Level support to a single accounting organization: Allowing partners with larger CW setups to define which OwnerLevels that are to be mapped to specific accounting files.
  • US and Complex Tax Code Support: Provides dynamic support of Tax Codes from ConnectWise Tax Group or  Tax Levels (for even more complex tax location requirements), ensuring support of complex US tax tables.
  • Xero Multi Currency Support: Support to transact in Currency as set at the ConnectWise Location Level. Invoices will be posted to Xero in the designated currency and automatically converted to the base currency by XE.com
  • QBO Multi Currency Support: Available only on Global QBO Plans (not available for North American Customers) Support to transact in Currency as set at the ConnectWise Location Level. 

Detailed Invoices

Direction: ConnectWise > Xero | QBO

Invoices with all the bits and pieces

We know the value of meaningful information in your invoices, that's why we sync as much information as wisely possible to xero. Designed by a business just like yours, we'd rather have more information at hand when looking at your invoice in xero - that just makes you wiser.

We've found that the best system to use to send your invoices is ConnectWise, our clients agree. The information that is synced to xero is limited to the structure of your accounting interface setup in ConnectWise.

  • Invoice #
  • Invoice Date
  • Reference # / Client PO#
  • Payment Terms (in days to pay)
  •  Aggregate billing amount based on CW Setup
    *Time records are not exported only summary information
  • Aggregate agreement amounts applied (credit)

Standard Invoices (Product Invoices)

  • Product Code (xero inventory item)
  • Product Detailed Description
  • Unit of Measure (optional)
  • Quantity
  • Unit Amount
  • Extended Amount

Agreement Invoices (Agreements)

  • Agreement Additions (xero inventory item)
  • Product Detailed Description
  • Unit of Measure (optional)
  • Quantity
  • Unit Amount
  • Extended Amount

 

Client Information

Direction: ConnectWise > Xero | QBO

Customer Details, Details.

Customer details are automatically updated each time a new record syncs to xero. So any changes made in connectwise are replicated with each sync for that customer. We know how simple xero is to use and sending statements is a breeze from xero. With the right information. And email addresses of client financial contacts makes the process easier and simpler than ever before. Wise business owners know the power of keeping your debtor days down, sending statements just became fun.

Customer records are only created when a new invoice is synced to accounting.
Fields synced include:

  • Account Name & Phone Number
  • Account Postal Address
  • Account email address (billing contact email)
  • PrimaryContact Name / Details
  • Billing Contact Name / Details (each invoice)
  • Account Code (optional)

Payments

Direction: Xero | QBO > ConnectWise

You should always know when you have the money!

Syncing payments back to ConnectWise could never be easier. Wise syncers know the power of keeping on top of their aged receivables (cash your clients owe you). Ensuring that the payments are correctly applied in accounting can also be helpful as this information is displayed in the ConnectWise portal when a client reviews their invoices. Avoid difficult conversations by syncing your payments with the click of a button.

Due to a limitation in the ConnectWise API we can't apply any credit memos applied in your accounting package.

ConnectWise-Xero

Detailed Purchase Orders and Products*

Direction: ConnectWise > Xero | QBO

Procurement

If you have purchased the procurement module, and are using it... Wise syncers inducted into the procuremiester hall of fame know the power of reconciling your purchases in accounting.[twocol_one]

Purchase Order Header

  • All Vendor Details (same as customer details)
  • PO Number
  • PO Date
  • Vendor Invoice Number
  • Due Date (from terms)

Greater support for Purchase Order Part-Shipment; including

  • Mapping of PackingSlip to reference for unique reference.
  • More detailed batch ID for ease of identification

Purchase Order Details

  • Product Code
  • Item Description from PO Line
  • Item Detailed Description from Product Item Details
  • Unit of Measure
  • Quantity
  • Unit Price
  • Extended Amount

Optional Items (configured per company)

  • Part Shipment - Allows PO's to be batched to accounting as purchase order lines are received in ConnectWise
  • Part Shipment PO's are created based on the Packing Slip ID used in ConnectWise.
  • Multiple Invoices are created based on the unique Packind Slip ID

Multiple Companies

Synchronise between two or more billing locations in ConnectWise. Wise-Sync supports the sync of multiple connectwise billing locations to matching organisations in xero.

This feature is usually selected by companies that need to sync their financial datas to different xero organisations. Whether you have many locations for billing or just more than 1, wise-sync can map the output with ease.

This feature is ideal for larger organisations that need to split their financial records to different organisations in xero.

How do you take the first step to Cloud Accounting

We're ConnectWise and HTG partners ourselves so we understand the intricacies and challenges faced when trying to prepare your quarterly financials. For partners using Xero, we even provide a SLI Compliant Chart of Accounts and Income Statement Report, so that you can prepare your SLI figures for input, with the click of a mouse. Our understanding of both ConnectWise and Accounting means we can deliver the tightest possible integration between ConnectWise and Cloud Accounting offering features that you really need and even some you didn't realise you needed until now!

HTG Special Demo



CONCLUSION:

If you have desktop accounting its time to make the change. Dont wait any longer.
Wise-Sync currently offers integration with two Cloud Accounting software platforms – Xero and Quickbooks Online.