4 steps to consolidate your business finances with accounting software

As a business owner it’s crucial that you keep on top of your company’s financial health at all times, including profit and loss, balance and cash flow. This can feel like a daunting task, but using accounting consolidation software can be a huge help. You, your accountant and your team can all see the business information they need at a glance, without generating extra manual tasks. So - what is financial data consolidation and why does it matter? This guide covers all you need to know.

Looking for better ways to manage your money across borders? Keep on top of your business finances by syncing your Wise Business account with popular accounting software tools like QuickBooks as a way of tracking and streamlining international business finances, and being able to better manage cash flow in multiple currencies.

In this article 🔎
Step 1: The importance of having one business account for all finances Step 2: Choosing the right accounting software Step 3: Consolidate financial data with an accounting software Step 4: Control your account with multi-user access

Step 1: Consider using one business account for all your international financial needs

Managing all your business finance through one business account which covers all your needs can be a huge help in consolidating your company financial data.

To do this you need to make sure you have the right account for your specific transaction requirements, which covers all you’ll have to do now and in the future. Picking an account such as Wise Business which has powerful multi-currency functions can be a big benefit for paying and getting paid by others in foreign currencies.

Whether it’s covering supplier invoices, or connecting with PSPs to take customer payments from overseas, Wise can help - and you can sync your account with your favourite cloud accounting software so you can see your finances at a glance, too.

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Step 2: Choosing the right accounting software

There’s no single correct answer when it comes to finding the right accounting software for data consolidation - but you’ll need to think about your options in terms of scalability and integration with other business tools, multi-currency management, and the specific features needed for your particular business.

Look at popular accounting software tools such as QuickBooks to give you some ideas of the options out there. With QuickBooks you can automate time-consuming tasks, track business cash flow and expenses, stay on top of inventory, organise receipts, and track tax. You’ll also be able to generate insights and reports into how the business is doing, with at-a-glance features to view your company’s financial health in real time.

Step 3: Consolidate financial data with an accounting software

Once you’ve picked the right accounting software for your needs you can consolidate your financial data by syncing your accounting tools with the Wise Business account.

To stick with our earlier example, you can link Wise Business with QuickBooks in just a few simple steps. Just log into Wise, then look in settings under connected accounts, select QuickBooks and follow the on screen steps to sync balances. Your Wise account will automatically sync daily with QuickBooks, showing your multi-currency balance, transactions and everything else you need.

You’ll also be able to easily import bills to Wise, and automatically mark them as paid in QuickBooks when you’ve sent over the payment. Plus, you can use Wise advanced settings to automatically record transactions to QuickBooks so you can set up your data consolidation in exactly the right ways for your specific needs.

Integrate accounting software: detailed guide

Step 4: Control your account with multi-user access

With a Wise Business account you can manage multi-user access to allow your accountant and team members to view your synced account and transaction history so they’ve got the information they need to be able to do their jobs. Within your account you’ll be able to set limits and roles for different team members to control access, including nominating some team members as admins and preparers who can manage the accounting software sync.

As a preparer, you’ll be able to view the account and also set up transfers, download statements and receipts, manage accounting feeds and more. This means you can delegate tasks to trusted team members and advisers to lighten the load a little where needed.

Multi-user access explained

Conclusion

It makes good sense to use consolidation accounting software to avoid manual accounting practices - both to save time, and to avoid the possibility of user error. And the good news is that with lots of smart cloud accounting options out there which can be synced with tools like Wise, you’ll be able to easily reconcile and view your business financial information from your laptop or phone. Use this guide to give you ideas about how you could use tools like Wise Business and QuickBooks to consolidate your business financial data, giving you the insights you need, without all the hassle.

Manage your international company's finances with Wise Business

Choose Wise Business for a powerful no monthly subscription international business account, which offers easy ways to hold 40+ currencies, send payments to 160+ countries, and get local account details for 9+ currencies including GBP, EUR, USD, AUD.

With Wise it’s easy to manage your money across currencies with low cost currency exchange which uses the mid-market exchange rate with low, transparent fees. Plus you can get business debit expense cards for you and your team to make overseas spending and cash withdrawals cheaper and easier when you travel.

Use Wise to save your business time, as well as saving money,with batch payment tools to pay up to 1,000 recipients at a time in multiple currencies with one spreadsheet, and easy ways to set and manage multi-user access. You’ll also be able to benefit from smart accounting integrations with tools like QuickBooks, so you and your key team members can view your business financial data at a glance, and without requiring manual inputs.