The Benefits of Connecting QuickBooks to Digital Banking
January 24, 2024
In today’s fast-paced business world, efficiency is key. For small and medium-sized companies, managing finances can often be a time-consuming task that takes away from the core focus of growing the business. Thankfully, there’s a solution that connects your business Intuit QuickBooks program to your RCU digital banking account. Here are six reasons why we recommend this to our Business Members.
1. Real-Time Date Syncing
By connecting QuickBooks to your RCU digital banking, you ensure that your financial data is automatically and continuously synced in real-time. This means you always have an up-to-the-minute view of your transactions, account balances, and expenses, allowing for more informed decision-making.
2. Enhanced Accuracy and Reduced Errors
Manual data entry is not only time-consuming but also prone to errors. The integration of QuickBooks with your RCU accounts eliminates the need for duplicate entries and reduces the risk of inaccuracies. Accuracy is vital for financial reporting, tax preparation, and overall financial analysis.
3. Time and Resource Savings
Efficiency is synonymous with saving time and resources. With automatic data syncing between QuickBooks and RCU digital banking, you can spend your valuable time and resources on more strategic efforts. This streamlines your financial operations and allows you to focus on growing your business.
4. Simplified Reconciliation
Reconciling accounts can be tedious, especially when you have a high volume of transactions. The integration between QuickBooks and RCU digital banking simplifies this process by automatically matching transactions, reducing the time and effort required for reconciliation. This feature is particularly beneficial during tax season or when preparing financial statements.
5. Improved Cash Flow Management
Having a clear, real-time understanding of your cash flow is essential for making informed financial decisions. By connecting QuickBooks to your RCU digital banking, you have better control over your cash flow, helping you anticipate and plan for upcoming expenses, investments, and potential challenges.
6. Enhanced Security Measures
Security is a top priority in the financial world, and integrating QuickBooks with your digital banking ensures a secure and encrypted data transfer between the two platforms. This added layer of security helps protect sensitive financial information, giving you peace of mind.
Integrating QuickBooks into your RCU digital banking is a strategic move toward more streamlined and efficient financial management. By harnessing the power of technology, you can simplify your financial processes, reduce manual errors, and focus on what matters most – the success of your business.
Learn how to prepare and sync your QuickBooks account to your RCU digital banking here.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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