As your business grows into a corporation, you might start thinking about the challenges of taking your business worldwide. You will have vendors across the globe awaiting payments, multiple payments coming in and all these transactions waiting to be reconciled. The solution? An integration between accounting and banking, the integral parts of doing business. Presenting the Zoho Books and Standard Chartered integration, which offers innovative solutions to enhance the corporate banking experience for our customers in India.
Here is how the integration will make business accounting and banking easier for corporations:
Direct B2B payments
With a large volume of transactions taking place every day and a need to accurately record them in your accounting app, each minute of the day counts. The Zoho Books and Standard Chartered Bank integration not only lets you pay your vendors directly from your accounting app, but also automatically records the payments, saving you from hours of manual data entry and the errors associated with it. Once a payment is initiated, Zoho Books intelligently displays the payment mode (NEFT, RTGS, Book Transfer) based on the amount and vendor bank details. The integration also ensures that only authorized employees can execute payments.
Direct cross-border payment
Making cross-border payments can be challenging, especially when your banking partner does not have a global presence. Keeping track of these payments can also be particularly troublesome. The integration with Standard Chartered allows users to make international payments right within Zoho Books. Once the payment is made, Zoho Books sends you notifications so you’re always up-to-date on the status of your payments. What’s more, with this integration, users making international vendor payments need not pay Telegraphic Transfer (TT) charges during the year 2018.
Receivables reconciliation with virtual accounts
With hundreds of client payments coming in every day, matching each payment to the client can be difficult, especially if the remitter’s information is missing from the receipts. The integration seeks to simplify this process by adding virtual accounts to separate each client’s payments. Zoho Books matches the payment to the client using automatic client identification. The automatic bank feeds ensure that all transactions are securely fetched from your bank portal into Zoho Books and the best match is displayed for each one, letting you reconcile your receivables with a click.
Virtual accounts also come in handy if you need to collect payments without disclosing your account number, protecting your privacy and your profits at the same time.
Automatic transaction reconciliation
While in principle bank reconciliation is simple and error-free, things may not work out so well in practice, especially if there is a multitude of transactions taking place. Manual reconciliation is slow, time-consuming and error-prone, which puts the company at risk. With automatic transaction reconciliation, this integration fetches all your bank feeds to Zoho Books and displays the best possible match for each transaction. Once they’re matched, you can reconcile your transactions in a click. This saves you hours of manual work and keeps your business audit-ready at all times.
The Zoho Books and Standard Chartered Bank partnership is a leap into the future of accounting and banking integration. To know more about the integration, head over to our help documentation or send an email to firstname.lastname@example.org, to talk to our stellar support team.
Do let us know what you think about the integration in the comment box below.