On July 5 we celebrated a breakthrough at X6 Management. Using the Quickbooks bank feed to download the monthly activity for one of our client’s credit cards, 100% of the transactions were automatically assigned to the appropriate expense category and required no further editing. All we had to do to complete the processing was to click the batch entry button and the transactions were instantaneously recorded in Quickbooks. The online balance per the credit card website matched the balance per the books so our reconciliation was a slam-dunk. All in all it took less than 5 minutes, start to finish, to complete the monthly accounting for this credit card. In the interest of full disclosure I will concede that this particular card had relatively few transactions for the month of June: 27 charges to be exact. Nevertheless the outcome represented a milestone in our quest to implement fully automated bookkeeping. We are finding that the proportion of imported transactions requiring no editing has modestly increased each month. For all clients at least 50% of the bank fed transactions are auto-coded and require no further attention. For some clients, up to 75% of credit card charges are fully coded – and these results are achieved for clients with up to 400 credit card charges per month.
The Quickbooks bank feed application significantly improved with the release of QES 14. The layout of the intermediate buffer, the color coding, the ease with which to edit the vendor naming algorithm: these upgrades have all contributed to a marked improvement in the user friendliness of the program and the accuracy of the results. Data import is one of the most fruitful applications available to enhance productivity in a Business Management practice. The bank feed application can easily transform a daunting project that would otherwise take many hours of manual data entry to complete into a routine task that might consume half an hour of labor time. The robo-bookkeepers are on the move!