QuickBooks User? Then Kolleno AR integration is for you!  

Dimitri Raziev17 Mar 20225 mins

Get the most out of your QuickBooks accounting software with Kolleno AI-powered credit control and AI management integration. Kolleno will enable you to automate monotonous credit control tasks, receive powerful insights and analytics, improve the client relationship, and plan your cash flow with confidence. Read below how advanced technological solutions can transform your financial operations.  

Quick History 

QuickBooks is an extremely user-friendly accounting software that was founded in 1983. It quickly became one of the most popular Accounting Software with 4.5 million subscribers worldwide. The QuickBooks Software suits perfectly larger organisations, as well as the SMEs with a more accessible online version – QuickBooks Online. The accounting software helps businesses to manage payroll, pay bills, and keep track of other important accounting records.  

QuickBooks Online is intuitive, simple and cheap- the basic plan is starting at $7.5 a month. The basic version allows to connect the business’s bank account, issue invoices, track expenses, and help with VAT. The popularity of the software is explained by accessibility. Users don’t need accounting training to be able to maintain your own accounts. However, it is also powerful enough for the larger corporations offering access to many users, as well as custom solutions. The real strength of QuickBooks is coming from the marketplace, an app store where external developers can add their solutions to multiply the value of having QuickBooks.  

Even though QuickBooks is the world’s most popular accounting software it still can become a better tool, and the external apps help with that. The apps, or extensions, can provide industry-specific bespoke solutions which are too unique or niche. On the other hand, special integrations are aiming at improving the productivity or workflow of certain departments or roles. Below we will explore how Kolleno QuickBooks Integration can improve the accounts receivable and credit control of an organisation that is already using QuickBooks software.  

AR Management with QuickBooks 

QuickBooks as accounting software can clearly show the user what is the amount of Accounts Receivable (AR) of the business. When the business makes a sale, the customer receives an invoice. The outstanding amount (not yet paid) will be shown in that record. QuickBooks shows users the ageing reports. It is the breakdown of the invoices and aggregate amounts in accordance with the date they were issued and how many days are overdue. 

Now, the credit controller is responsible for recovering the outstanding amounts. Usually, they will choose the client with an overdue invoice, create a personal reminder, contact them, etc. The actions taken by the credit controller are recorded by the credit controller on the spreadsheet. If the invoice is still overdue, after the first reminder, the credit controller must perform the same actions all over again. That means going through the excel sheets. This cycle is repeated until the cash is finally retrieved. Otherwise, the account will go into dispute, legal action and so on. These monotonous tasks and workflow can be daunting for the finance teams, especially when the late payments are widespread.  

Late Payments are Stalling the Work of Finance Teams 

The research shows that despite generous payment terms in the UK of 45 days on average, late payments account for almost 40%! In the US the B2B payments are also an issue, with a staggering 43% of overdue invoices. Furthermore, the time between a sale and receiving a payment (Days Sales Outstanding, DSO ) stands at 65 days worldwide according to a study by Euler Hermes.  

The financial department must stay on top of all unpaid invoices. Otherwise, the sales of the business might not translate into growth. Furthermore, the report has found a relationship between the ratio of finance teams using spreadsheets and the high ratio of delayed payments. The CFO, on the other hand, will find it harder to plan ahead, when the cash flow is not reliable. Besides, as the trends show CFO nowadays is a more strategic role. Relying on old-school methods is not in line with the digital transformation of the business.  

While all business processes are automated and are using advanced technologies, the office of a CFO was lagging behind in the adoption of modern solutions. With Kolleno extension this no longer is the case. The Kolleno cloud-based AR management and credit control toll will transform the finance department.  

Kolleno and QuickBooks – Perfect Combination 

Behind the simple and intuitive Kolleno dashboard, stands the powerful machine-learning technology with a proven track record to improve the financial state of any business.  

To begin with, once the Kolleno integration connects to your business’s QuickBooks software via API, it will suggest a tailored collections strategy based on the snapshot of your AR. However, in the future, the strategy will adjust itself thanks to the machine-learning capabilities to reflect the payment behaviour of your clients, the response rates, and time variables.  

The user of the QuickBooks and Kolleno has access to the “action centre”. The user can view the actions the user has to perform today. Moreover, Kolleno offers omnichannel communication channels. That means the clients will receive reminders via phone, SMS, email and more. The technology suggests the mode, but also provides a suggested message, depending on the stage of the collection cycle, but also the most appropriate tone of voice. 

The best part is that the credit controller does not keep track of the actions taken. Kolleno keeps all records and analyses the interactions from clients. Once the client has paid, the overdue invoice, Kolleno performs an Automatic Accounts Reconciliation.   

Automating AR is Shaping Your Company’s Future  

The above features tremendously save the time of the credit controller. Also, it enables faster cash collection tremendously, because sometimes invoices are overdue for simple reasons. For example, the payment reminder didn’t have an attachment of the invoice. With Kolleno this won’t be even an issue. What is more, the client will always have direct access to the payments portal. That increase chances of early repayment.

The c-level users, on the other hand, benefit from advanced analytics and reporting prepared by the Kolleno app, to estimate the upcoming cash flow and plan ahead. The dashboard shows the ageing reports, DSO dynamics and other accounting ratios. Besides, Kolleno will provide regular reports on how the collections and cash flow improved after subscribing. 

The role of the CFO has become one of the most important in organisations. It transformed away from “being responsible for accounting.” Moreover. The CFO is a strategic role that modernises the operations of the financial department and helps to steer the company’s future. With AR and credit control automation the CFO can create more modern and sophisticated financial operations.  

See for yourself, how Kolleno AR management and credit control integration with QuickBooks can give your financial department a competitive edge and contribute to the business’s long-term success.

Download Kolleno on QuickBooks marketplace.