Accounting has come a long way. What we used to do using pen and paper we can now manage on our mobile devices from anywhere. Banking has come a long way too, from cash transactions to e-payments. Despite all this progress, we’re still innovating here at Zoho and we’ve just reached a major milestone. We’re changing the way businesses function by merging the online worlds of banking and accounting. Welcome to contextual banking.
We’ve partnered with ICICI Bank to bring accounting and banking together on one platform. The integration offers business-friendly features like direct payments from within your accounting system, automatic transaction reconciliation, super-fast reimbursements, and much more. Let’s take a look at how these features are going to ease your life.
Get paid faster
In a recent survey*, 96.7% of respondents in India reported that they were paid late by B2B customers over the past year. Cash flow is the lifeline of a business, so delayed payments affect your business significantly. But what can you do to get paid on time? You can empower your customers to pay you online by integrating your ICICI Bank current account with Zoho Books. With this integration, you can collect payments through multiple modes such as credit cards, debit cards, net banking, NEFT, RTGS, and the latest UPI. Online payments are always quicker and easier for vendors than other modes of payment. This integration gets you paid faster by making it easy for your customers too.
Pay your vendors directly
When you want to pay a bill, you might have a workflow like this: simultaneously open the invoice and your banking app, memorize the amount due, carefully enter it in your banking app, and cross-verify that you’ve chosen the correct vendor. After some toggling between your banking and accounting software, you can finally make the payment. Did you wonder if this process could get easier? It just did. With this integration, you can simply choose a bill, click Pay Now in Zoho Books, choose the payment type, and pay the vendor directly. Paying your vendors is now error-free, easy, and quick as Zoho Books and ICICI Bank are seamlessly integrated. If you have set up a payment approval process, you still get to approve the payment in the ICICI Bank’s Corporate Internet Banking (CIB) portal.
Under the old system, as soon as you paid a vendor, you would have to log in and record the payment in Zoho Books manually. Now, we can do that for you. With this integration, as soon as you make a payment, the corresponding bill will be automatically updated to paid status. Keep your records in sync without lifting a finger.
Previously, when you paid a vendor or received a payment from a customer, you would have to manually reconcile your bank feeds with your transactions in Zoho Books. Although this process helps you keep your books accurate, it is time-consuming and tedious if you have a lot of transactions. With the ICICI Bank-Zoho Books integration, all the reconciliation is automated. Your bank feeds are fetched directly from ICICI Bank and reconciled with their respective transactions in Zoho Books automatically. Set up the integration and put your reconciliation woes to rest.
When your employees incur expenses on behalf of your organization and submit expense reports for reimbursement, you used to have to validate them and manually reimburse each amount separately. Now, you can use Zoho Expense to manage your employees’ expenses quicker than ever before. Set up the integration and reimburse directly from within Zoho Expense. Depending on the type of transaction, reimbursements happen either instantly or in just a few days. As each reimbursement is processed, both the reimburser and the employee can track its status until it is settled. This makes expense management quick and uncomplicated for everyone involved.
Bring your financial worlds together
The ICICI Bank-Zoho Books integration is packed with features to benefit you and your business. And, as unbelievable as it may seem, we are bringing them all to you for free. Try this industry-first, revolutionary integration and transform your business finance and accounting. We’re making everything easy for you, one integration at a time.
We would love to hear what you think about this integration and how it helps your business. Do let us know in the comments below.
P.S.: If you haven’t tried Zoho Books before, sign up now for the free 14 day trial period.