Accurate, real-time data is vital for decision making, but it’s not always readily available to use when we need it. A recent study found that nearly 30% of data inaccuracies are caused by inadequacies with current relevant technology. With real-time data available in more diverse and dynamic ways than the traditional end-of-the-month, quarter or year assessments, what’s creating friction between the systems in your tech stack?
This blog post will go over traditional syncing practices between software systems and why they frustrate teams. We'll also explain why true real-time, two-way syncing solves those frustrations to create better access to business metrics and improve workflows.
Software integrations are supposed to be seamless. Ideally, the systems that make up your tech stack all speak the same language, exchanging data so that both systems reflect the same information. However, business intelligence tools — think ERP and payment automation — are created by different software companies, resulting in unique syntax, hierarchies and workflows.
Traditional syncing is generally a one-way road. Your payment platform pushes data toward your accounting software so that your accounting software updates with the most recent data. Two-way syncing means that data is being both pushed and pulled between both systems. But if the data created in your payment platform doesn’t correlate to the available fields in your accounting software, information is lost, incorrect or even duplicated.
Finance teams are beacons of accuracy in a myriad of complex business operations. They rely on automation tools to ease mundane workloads so that they can focus on forecasting and financial statements. Errors in financial data result in dead stock, poor cash flow and over or undervalued profit leading to missed opportunities and even tax liabilities.
The reality is that teams typically have to comb through hundreds or even thousands of entries and cross-reference those entries with invoices — constantly moving back and forth between two different programs — just to recapture accurate data. Meanwhile, business waits for no one — or no syncing error — and the work piles on. This can overwhelm teams, leading to manual errors that compound data corruption and further delay any meaningful insights for teams to use.
Customization within ERP and accounting software allows your business to design tools to your needs. Today, you can customize approval workflows, entry fields and even branded invoice formatting. But customization increases the possibility of syncing errors. Credit memos are a great example of where syncing errors occur. Not being able to take advantage of customization because it causes syncing issues negates the benefit of building a system to work for you.
For example, a credit memo created in your accounting software to reflect a returned product will most likely run into an error on your payment platform. Credit memos reflect a negative value by nature, but the payment platform might only recognize the entry as a “sale.” The error occurs because the payment platform rejects a negative value as a sale. Which is to say, a necessary element of your workflow isn’t considered valid input.
Real-time, two-way syncing is a seamless integration experience. It applies a more dynamic syncing structure through sophisticated field mapping and synchronization architecture. In other words, it creates a common language between various systems to prevent errors. Data consistently flows in both directions leaving you with the most accurate and up-to-date records without having to move between systems to track down errors or conduct manual data entry.
It takes a lot of effort and time to create and maintain a sustainable infrastructure within your accounting software. Implementing payment solutions to support strategy and growth shouldn’t duplicate this effort. Real-time, two-way syncing enables data sets — bills, invoices, vendor profiles, application customization — to move from your accounting software into your payment platform.
Finance teams know that fewer errors in accounting and payables data equal faster reconciliation. Real-time, two-way syncing ensures clear payment records no matter which system you are in, making month-end reconciliation a breeze.
Dynamic integration provides immediate and matching payment details in both systems. Your finance team can trust that the data they need is readily available and accurate when they need to provide tracking details to vendors.
With real-time, two-way syncing, your team spends less time inputting data manually and fixing mistakes. As a result, you minimize, even eliminate, the back and forth between platforms to find a source of truth.
The tech stack you use today may work with syncing issues from time to time. But will the extra work still make sense as you grow? It’s not sustainable to go back and forth between software as it is, but once your payments start to scale, it’s going to be impossible to keep up. Implementing systems that integrate seamlessly ensures that you’re ready for big opportunities when they arise.
If your payables platform is causing syncing issues that require your team to tirelessly clean up data, it may be time to make a switch.
With Routable, you’ll get an effortless sync with QuickBooks, Xero and NetSuite that reduces reconciliation efforts by 25%. Our syncing capabilities are the best because we built them that way thanks to insight from hundreds of finance folks who have shared their B2B payment struggles with us.
Seamless software syncing isn't all Routable solves. Learn more about how we're simplifying B2B payments:
Automated accounts payable. Support your team with less manual tasks and give the more time for more meaningful work.
Mass payouts.Send thousands of payments a month without the extra work.
Global payouts.Pay vendors and contractors around the world quickly with complete transparency into conversion rates and fees.
We’re excited to announce our official release of international payments for Sage Intacct! Routable makes sending payments across borders a breeze.
We’re excited to announce our official release of international payments for QuickBooks Online! Send payments to over 220 countries and always stay in sync with your accounting software.