QuickBooks Integration with GoCardless. How it actually works

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As you already may know, GoCardless offers its users, mainly businesses, the opportunity to take direct debits from their clients. The company had British roots when it came into existence in 2011. It charges a 1% fee for every transaction that you make. The minimum charge is 20p, and the maximum it goes to is £2. Before we jump into how GoCardless works with QuickBooks, let’s have a look at how GoCardless helps businesses by taking direct debits.  

How does GoCardless help your business by taking direct debits? 

Direct debit works best for organizations that have to gather little and standard instalments from customers. Be that as it may, the question will arise in your mind that which sorts of organizations and associations profit by direct debits? These businesses and organizations include foundations, schools, and individuals’ clubs which utilize direct debit to gather everything from school supper cash, memberships, donations, to enrollment costs. 

Direct debit is likewise exceptionally helpful in case you’re in business for property or utilities. Numerous lettings specialists, especially private residential, make use of direct debit to gather rents. Moreover, as long as they have the consent of the inhabitants, any extra expenses occupants bring about. 

Another area where you can make use of direct debit is to gather a similar measure of cash each time or variable measures of cash. For instance, if some clients take all of their money in a single day in a month or if others take out their money twice every month, both can make use of the direct debit from GoCardless. 

How can it work? When you’ve enrolled, reveal to QuickBooks which customers you need to gather money from by means of direct debit. When you’ve done that, clients will get an email welcoming them to click onto a website page where they can consent to an immediate debit order being set facing their assigned business account. When they’ve finished this progression, QuickBooks will inform you. 

How to set up 

Presently, set up instalment dates for every customer you take standard instalment from at the interims you need. Reveal to QuickBooks the sum you need to gather. At that point, you can pick either a day (or days) in the month, a week after week gathering, or you can program a recurrence in days separated (for instance, 28 days separated). 

Some other solicitations you issue in a charging period for that client can be added to the following direct debit instalment accumulation date. Then again, you can reveal to QuickBooks that a particular request must not be gathered by direct debit – you can do this on a receipt by-receipt premise. An important and useful tip: got a client whose instalments are past due, yet they set up an immediate charge with you? You can gather the past due sum right away. Simply snap Invoices > Select the receipt > Bank Payment. 

GoCardless integration with QuickBooks 

GoCardless integration with QuickBooks

The Procedure 

The whole procedure of setting up QuickBooks with GoCardless is pretty simple. You simply have to log into your QuickBooks. Then you need to click on “Apps”. From “Apps” you have to navigate to “All Apps”. Once you are there, you need to type in GoCardless in the search bar. The search results will appear, and you will have to choose GoCardless for QuickBooks from there. A new page will appear which will have the option “Get App Now” and you need to select that. 

Once you get the app; your QuickBooks account will automatically connect you to the GoCardless system. Now you will have the option to either make a new GoCardless account or use an existing one if you already have it. After the whole registration process, all your direct debit payments will be logged automatically by QuickBooks. Moreover, the fee that GoCardless charges will be added to QuickBooks as an expense. The good news here is that GoCardless does not charge you any fee for registering an account. As soon as it goes live, three days notices are sent to your clients before any payment is taken. Moreover, there are real-time, automatic updates every time a transaction is successful or fails or if a client cancels a direct debit. 

Some highlight features of QuickBooks and GoCardless Integration 

Low, transparent fees 

How GoCardless charges only 1% of the amount with a £2 maximum cap is incredible for the users. Moreover, it has no invisible costs, and the set-up procedure is completely free as well. No fee is charged for any failed payment either. 

Seamless integration 

Whether you have to create a mandate or reconcile an invoice, GoCardless’s integration with QuickBooks allows for everything to go smoothly. You can without any hassle manage all of your payments from within QuickBooks. 

Quick and simple set-up 

The low fee is not the only convenient part. The set-up procedure is also pretty simple. It takes no more than a few minutes, and you can start making use of it as soon as you are done without any delay.  

Improve cash flow 

Worried about your cash flow? It provides an automatic and quick collection of payments for all QuickBooks invoice on the date mentioned. The invoice can either be recurring or ad hoc. 

Reduce admin 

The administration becomes pretty easy, as well. You will no longer find yourself running after bills and manually keeping records of everything. You can spend more time being productive and leave the payments to QuickBooks and GoCardless. 

Happier customers 

What’s better than happy and satisfied customers? The GoCardless and QuickBooks integration provides users with a safe and secure payment method which is easy to use and set up. 

Additional Benefits of GoCardless and QuickBooks Integration 

You must already be familiar with how software helps to make payments rapidly and efficiently from your customer’s bank account to yours. However, when one software gets integrated with another, there are additional benefits. GoCardless’s direct debit has many advantages, but the advantages increase as the software is integrated with QuickBooks. Let’s have a look at five major advantages of Integrating GoCardless with QuickBooks. 

Accounting solution that provides a complete payment method 

Research has shown that 78% of small businesses in the UK use more than one cloud software based on accounting to make things easier. This software includes an online software, and QuickBooks is one of them. Businesses have been continuously using QuickBooks to keep a record of their financial matters. By Integrating QuickBooks with GoCardless, you will have access to several advantages, such as: 

  • One of the best advantages of GoCardless and QuickBooks amalgamation is Direct Debit payments as discussed before. You can easily share your payment transaction to the cloud accounting software. Consequently, all of your data will be in one place automatically. 
  • Another advantage of this integration is that all of your transactions will be automatically updated if you have access to bank feed that is live. All of the payments received will be automatically updated in the feed, reducing work for you and saving time. 
  • You will have access to seamless and smooth payment and accounting records. The integration between GoCardless and QuickBooks allows for an accounting solution that provides complete payment solution. It is an accounting method that keeps your finances in order and saves a lot of time and effort. 

All in all, GoCardless has changed the game for so many people, especially due to its integration with QuickBooks. From streamlining the business to keeping the cash flow up to date and quick transactions has changed how people do accounting. Every time you get a new customer, QuickBooks integration will automatically fill in the details for both software, and you won’t have to enter data twice. 

Have your transactions automatically reconciled 

Have your transactions automatically reconciled

Direct debit is an incredible advantage that GoCardless and QuickBooks integration offers. However, there is one more thing that makes life easier, and that is automatic reconciliation. The work for administration goes from a lot to minimal as when QuickBooks and GoCardless used together offer automatic reconciliation as the softwares do everything on their own and all you have to do is go through it to check. 

Alongside your payment record being taken directly into your accounts: 

  • All the payments that you receive are displayed in the live feed. Every transaction appears in the live feed, including all your GoCardless transactions. 
  • You don’t have to worry about reconciling your transactions with invoices as it is done automatically. QuickBooks matches all the incoming payments matching it with the relevant invoice.  The fee for GoCardless is also automatically handled by QuickBooks and is incorporated as an expense. 
  • The automatic reconciliation saves a lot of precious time for the team. The saved time can be used to do other productive tasks. The faster and more efficient bookkeeping makes your finances streamlined, allowing more time for higher levels of work. 

Improved cash flow due to predictable payment 

Alongside the automation of reconciliation and receiving of payments, you also get these advantages of QuickBooks and GoCardless integration: 

  • You get a regular and organized as well as predictable overview of your income. This is because of the regular cash flow due to invoices paid on time. 
  • Monitoring your cash will become the easiest thing ever. The integration offers a live display of all the cash flowing. All the transactions are incorporated and matched in the records, so it becomes easier to have a predictable cash flow. 
  • If any transaction or payment fails to take place, a quick notification will be sent to you. Consequently, you never miss out on any client who has not paid or has failed to pay and can make an informed decision about the situation. 

Right on-time payments and a decrease in late payments 

Some of the latest results of the research show that SMEs are owed around 26.3 billion pounds in overdue payments. This shows that there is a great issue of late payments in the UK for businesses. Therefore, GoCardless QuickBooks integration makes it easy to make payments. However, there are several other advantages of this integration with regards to late payments: 

  • Late payments are not an issue anymore as the two softwares work hand in hand to make payments on time automatically. Customers no longer have to worry about making payments. As the invoice payment deadline is reached, cash is automatically taken from accounts to make payments. 
  • There is an aged debtor report in the app that takes data from both apps and shows in QuickBooks, keeping you up to date about all the late payments. 

An economical payment solution that’s always improving 

According to GoCardless’s own claim, they are constantly finding ways to make making payments for people easier, simpler and faster every day. Another motive they have is to make this economical, and they can achieve this with their integration with accounting software based on the cloud. 

“GoCardless is extremely quick and easy to set up and use with QuickBooks accounting software, and it’s also relatively cheap as well – those are the key things for me. 

I don’t have time to configure complex payment set-ups, so the fact that GoCardless is so easy to set up is a real benefit. And it really is very cost-effective, particularly when you have larger individual payments, because of the £2 per transaction cap. If someone’s paying you £1,000 per month, the percentage you’re losing from that income is minimal.” 

GoCardless’s direct integration with QuickBooks allows users to experience the digital age of making and receiving payments. It continues to evolve and get better with time. New features are added frequently, making it better than before. Sharing business data becomes quite easy and smart cash flow allows for smoother management of funds. 

In Conclusion 

QuickBooks is one of the most famous cloud accounting software used by businesses to manage their accounts today. Its integration with GoCardless makes it twice as better than before due to several advantages that the integration brings about. The automatic reconciliation, records about late payments, and end-to-end to payments makes doing business a lot easier as a lot of time and effort are saved and can be put into other productive tasks.