Import Bank Statements into Zoho Books in 3 Quick Steps

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In our last post, we had announced feeds from more than 2000 banks in Zoho Books and we’ve been getting some great feedback from our customers. For those who still haven’t been able to enjoy the benefits of automatic bank feeds, you can still reduce data entry to a considerable extent by importing your bank statements directly into our accounting software.

All you have to do is ‘Select’, ‘Map’ and ‘Import.’
Import Bank Statements in accounting softwareSelect: Your first step, requires you to select the ‘statement’. Begin your journey by getting hold of an electronic format of your bank or credit card statement (CSV or TSV file) and feed it into Zoho Books. Choose your preferred amount column format, so your withdrawals and deposits may be arranged by Zoho Books in the right manner.

Map: Your next pit stop is the ‘Map Fields‘. Here you get to match the bank statement column headers to Zoho Books headers. If you plan to import statements frequently, then a quick tip to save time would be to click on ‘save your selection’ as shown in the image below. Next time you import, fields will be automatically mapped.

 

Save selection while mapping fields

Import: Your final step in this short journey ends with Zoho Books letting you know if the mission was accomplished, by giving you an import summary. Once you click the ‘Import’ button, all your transactions will be available in Zoho Book.

Take a look at out help document for more information on importing statements. This feature considerably reduces the time to reconcile your bank and credit card accounts. We hope you like it. Send us your feedback in the comment section below.

Zoho Books: Get Bank Feeds from Wells Fargo, Chase and many more

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In March, we had announced the release of the Bank Feeds in Zoho Books. Last week, we added more than 2000 banks from which you can get feeds. Now, a lot more of you can automatically fetch your bank, credit card and PayPal transactions right into your Zoho Books account. It means that you have instant access to real-time update of your accounts and your days of manually feeding transactions into your accounting software are almost over.

Bank Feeds in Zoho Books

Bank Feeds were already available for banks such as Chase, Bank of America, Wachovia and many more. This update, includes banks which require a second level of security clearance, which is something more than your username and password. Security could be in the form of an answer to the question provided to the bank or a token sent to you, which you need to provide for further access to the data. Such banks are clubbed together as banks with MFA or Multi-Factor Authentication. Some of the top banks included in the list are

  • Wells Fargo – United States
  • Regions Bank – United States
  • The Bank of New York Mellon – United States

There’s many more!

Quickly log into our accounting software to activate your bank feeds and let us know how it worked for you. This update was much awaited and we hope this information will prove to be of much use to our users. For those of you, who still haven’t activated your bank feeds, please go through our help documentation for more information.

Stay tuned for more updates on bank feeds.

Customer Spotlight: Nubifer’s search for an accounting software ended with Zoho Books

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With companies relying more and more on newer technology to remain competitive, it becomes crucial for the decision makers to be aware and unbiased towards better solutions. Reduced IT costs, faster implementation and better collaboration is making the technology heads see cloud computing in a different light.

Nubifer TeamNubifer Inc has taken it upon themselves to help companies welcome cloud computing with open arms. Their talented consultants, along with their slew of products and services like SaaS (Software as a Service), CRM (Customer Relationship Management) , HRIS (Human Resource Information Systems), PaaS (Platform as a Service), enable companies to migrate to the ‘cloud’ smoothly and cost efficiently.

A firm believer of cloud services, Nubifer themselves were looking for a cloud enabled accounting software to manage their business finances. Richard Ross, Director- Business Operations at Nubifer, Inc says, “We were looking for a right fit of applications for our company.”

And a year ago, they found Zoho Books! In Richard’s words,

In Zoho Books, I can create 10 invoices in like 2 minutes. We now have a  central location of all our financial data and it’s easy to keep track of invoices, expenses, customers, everything at one place.

Read on to find more about Nubifer and it’s search for cloud based accounting software.

Zoho Books Gets Even Easier to Use With Automatic Bank Feeds

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We’re always looking for ways to simplify life for our customers. We are thrilled to announce a major update to our accounting software, Zoho Books: You are now able to connect your bank and credit card accounts securely and automatically download transactions right into Zoho Books.

Reduce manual data entry
Let me illustrate with this with a simple example. You’ve bought a flight ticket using your credit card. To keep track of this in your accounting system, you’d need to manually classify this as a Travel Expense and enter multiple information including the amount, date, reference number, the airline from whom the ticket was purchased etc. This is tedious and can lead to mistakes. Even after going through this you are still not done – you still need to reconcile this with your bank statement. This is just one transaction. Imagine doing this for hundreds of transactions and the time wasted quickly adds up. We all have got better things to do!
But when you opt to receive automatic bank feeds, Zoho Books pulls in transactions from your bank accounts and all you’ll need to do is classify this as ‘TravelExpense’.

Auto-classification of Transactions with bank rules
Furthermore, Zoho Books allows you to specify how you want to classify the bank and credit card transactions, taking this closer to zero data entry. Continuing with the same example, you can tell Zoho Books to classify all purchases that in the description have ‘Southwest Airlines’ as “Travel Expense”. Voila! Absolutely nothing to enter and completely error free again.

We Support THOUSANDS of Banks 
Currently we support several thousands of banks that we are able to receive feeds via Yodlee. However, these do not include banks that require multi factor authentication. We will include these banks in our upcoming product upgrades. Yodlee is the world’s leading provider of online banking solutions and banks world over use Yodlee to automate aggregation of account data.
So what if your bank is not there in the list of automatic feeds? Don’t worry, we also allow you to import a CSV file bank statement. You still can gain massively from auto-categorization and avoid data entry. You just need to upload the statement yourself instead of Zoho Books doing it for you.

To learn more about this, visit our tour page.

This has been a top-requested feature from you, our customers. We can’t wait to have you try it out and let us know what you think.

PayPal Payflow Pro : New addition in the gateway list

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Zoho Invoice and Zoho Books now support PayPal Payflow Pro payment gateway. You can configure Payflow Pro as your online payment option and have your customers make online payment on the same page without being redirected to any other site.

​​​​If you are from US, CPayflow Proanada, New Zealand or Australia and your company processes large number of transactions on a daily basis, then Payflow Pro is a good choice for you. Your customers will love you too as they don’t have to wait in the long queue to make their payment.

​​Payflow Pro requires you to have an Internet Merchant Account, essentially an account that handles the funds received via credit card payment from your customer. The real beauty with Payflow Pro is the extensive reporting it offers. It lets you know the payment status and their customer support is always available to troubleshoot any questions you have for them.

Online Payment Gateway

Read more about Payflow Pro and find out if it suits your business needs.  While you are at it, also check out other payment gateways that we support – PayPal –  Standard and Business payments, Google Checkout and Authorize.Net.  Read more on how to set up the online gateway in Zoho Invoice and Zoho Books and quickly start receiving online payments from your customers.

The New JOBS Act and Crowdfunding Opportunities for Entrepreneurs

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If you own a private company, chances are you have considered going public or plan on doing so after you have accrued enough resources. And if this is your vision for your small or medium-sized business, a new legislative act put in place last week may be the impetus needed to turn that vision into reality.

Known as the Jumpstart Our Business Startups, or JOBS Act, this bipartisan legislative package aims at helping the growth of startups and small or medium-sized businesses, ultimately creating more jobs and boosting the overall economy. The bill consists of measures that reduce SEC restrictions on small and medium-sized companies and create new investment opportunities.

Specifically, the JOBS Act:

  • Eases certain rules and restrictions the SEC imposes on small companies, allowing them to go public with less resources and in less time.
  • Allows entrepreneurs (many of whom were previously banned from “crowdfunding”) to solicit and gather money from smaller investors.
  • Raises the shareholder registration requirement threshold for small companies, thereby providing more flexibility to grow.

For some companies, going public is essential to creating job opportunities and acquiring more capital resources. And for those who believe start-ups are a critical element of the overall market, then the JOBS Act is a step in the right direction. Only time will tell if this legislation profoundly affects job growth and whether it will favor medium-sized companies over smaller start-ups, but the new measures may help expand your business’ window of opportunities.

If you would like to learn more about the new business measures provided by the JOBS Act, you can refer to the following links:

Please provide us with feedback below, as we want to know your opinion on these new provisions and how you think they will affect your business.

And when the time comes for your business to start growing, the team here at Zoho is right here to help – with tools to mange your pipeline, manage your finances and help you hire the people you need.

Go Cloud this Shopping Season

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​It’s that time of the year when you run to the shop to kick start your shopping season.

​Economy is not exactly in the pink of health at the moment. It is believed and proven that one of the factors that drive the economy is the growth of small business in the community. Boosting the economy is not a priority on your agenda or mine but what if we contribute little in the way we shop?

This was the underlying idea behind the creation of the Small Business Saturday. ​It started out last year when the American Express OPEN (small business services wing of Amex) created the Small Business Saturday to bring alive the spirit of neighborhood shopping. Their motto is ‘Shop small, Shop local’. Today more than 2.4 million people are aware and have ‘liked the ‘Small Business Saturday’ and many have pledged a small portion from their wallet to the neighborhood store. 

Now while the community gets ready to support the cause, small business owners need to get their act together and be equipped to welcome the eager shoppers and the efficient management that follows soon after. During this season, the number and frequency of visits by shoppers increases tremendously. There’s money flowing in and out and inefficient management can often lead to unhappy results.

The ‘special personal touch’ is what differentiates a small business from the rest. Managing a small business is not an easy task. The fundamentals of running a business are the same, be it small or big. You need plenty of time and resources to brace this period. Unfortunately, there is no magic wand to increase the 24 hour limit but there is a magic trick to save time and make your work life more productive. 

Go Cloud.

Cloud computing comes to the aid of small business owners by providing simpler and smarter solutions for efficient management. Zoho was built exactly on that notion and we constantly strive to help our customers save time and increase their productivity. The online applications manage your customers, send invoices, provide intuitive reports and manage your accounting among many other things. You don’t have to do everything by yourself. Delegate it to cloud. So giddyup. 

Be armed with cloud computing this shopping season and spend the saved moments to add that ‘special personal touch’ to everything you do.