Managing your money and preparing for tax season can be a challenge if you’re using a manual process. From number crunching to digging up receipts, it’s easy to put the time-consuming task on the back burner while you handle more pressing business obligations.

Fortunately, you can streamline your efforts by taking advantage of third-party accounting software. These tools can be one of the most important you use to manage your business.

The benefits of accounting software

Accounting programs improve efficiency and accuracy by automating tasks, and reducing the risk of human error. Accounting tools also simplify filing your taxes by identifying deductible categories throughout the year, so you don’t have to rely on memory or a pile of receipts. Accounting reports can be especially helpful if your business experiences an audit.

Accounting software also creates a financial history of your business, providing visibility so you can track growth over time. The programs also pinpoint slow periods you can address with new promotions or sales strategies.

Improve the way you manage your money and streamline your finances by integrating your accounting software with your online banking. Here are some tips for three of the most popular programs.

Quicken®

Quicken is a user-friendly tool for managing your money and is appropriate for businesses of any size. From a centralized dashboard, you can reconcile your business accounts automatically, saving time and managing your books more efficiently.

Owners can also view reports to understand the cashflow in your business. You can create a budget to plan and monitor spending. You can also categorize transactions and download reports. Owners can also set up Business Bill Pay on Quicken to take care of payables and bills in one place.

It’s easy to connect your Wells Fargo accounts to Quicken to get a total financial overview of your business. Once you’re enrolled in Wells Fargo Online®, open your Quicken software and click the + symbol located in the Account bar. Select Wells Fargo as your Financial Institution. Then follow the instructions.

For more information on using Quicken with Wells Fargo online banking, click here to learn more.

QuickBooks®

QuickBooks is accounting and financial software for small business. The cloud-based tool allows businesses to track, organize, and manage business finances in real time from any device.

The software’s dashboard provides an overview of all linked bank and credit card accounts. You can set up automated payments to save time. And the app features an ability to snap and store receipts or track mileage.

One of QuickBooks’s advantages is its “pay now” button that can be added to online invoices for one-click payments that help streamline accounts receivable. Invoices can be customized with your branding.

Transactions can be categorized to help streamline filing taxes. And QuickBooks reports include profit and loss statements, balance sheets, accounts payable and receivable summaries, and general ledgers.

QuickBooks is safeguarded with encryption to maximize the security of your financial data. The site also requires authentication with a personal identification number and customer ID to access account information or send payments.

To integrate QuickBooks with Wells Fargo online banking, click “Add Account” in the Banking Tab of QuickBooks. Choose Wells Fargo from the list and select the type of account, such as checking or savings. Then follow the instructions.

For more information on using QuickBooks with Wells Fargo online banking, click here to learn more.

Xero®

Xero is an easy-to-use, cloud-based tool for small- and medium-sized businesses that provides control over your entire operations with features that track time, income, and spending for business finances.

Owners can see an integrated view of business financials, including bank accounts, sales, and accounts payable and receivable. The software includes invoicing, expense reports, and payroll capabilities.

You can also use Xero to create invoices, purchase orders, job quotes, and expense claims. And the software keeps track of transactions with independent contractors to make it easy to generate 1099s at the end of the year. Xero also has an inventory feature to keep track of the products you sell.

Integrate your Wells Fargo online banking from the Xero dashboard. Click “Add Bank Account,” and select Wells Fargo from the drop-down menu. Then sign in with your Wells Fargo Online username and password. Select the Wells Fargo accounts that you want to link, accept the terms and conditions, and confirm.

For more information on using Xero with Wells Fargo online banking, click here to learn more.

Third-party account software can provide you with a helpful financial wellness checkpoint, giving you control over your money and your peace of mind.

 
 

Quicken is offered by Quicken, Inc. Wells Fargo doesn’t own or operate Quicken. Quicken is solely responsible for its content, product offerings, privacy, and security. Please refer to Quicken’s terms of use and privacy policy, which are located on Quicken’s website and are administered by Quicken.

QuickBooks is offered by Intuit Inc. Wells Fargo doesn’t own or operate QuickBooks. Intuit is solely responsible for its content, product offerings, privacy, and security. Please refer to Intuit’s terms of use and privacy policy, which are located on Intuit’s website and are administered by Intuit.

QuickBooks and Quicken are trademarks of Intuit Inc. registered in the United States and other countries.

Xero accounting software is offered by Xero Limited. Wells Fargo doesn’t own or operate the Xero website. Xero is solely responsible for its content, product offerings, privacy and security. Please refer to Xero’s terms of use and privacy policy, which are located on Xero’s website and are administered by Xero. For more help, visit Xero support.

Xero is a trademark of Xero Limited.

LCR 0122