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Ensuring Reliable and Real-Time Banking Data with SoftLedger

Jul 09, 2024

In today’s dynamic financial landscape, maintaining accurate and timely banking data is crucial. As accountants, controllers, or CFOs, two essential practices can enhance the reliability and real-time nature of this data: the ability to upload raw Excel-based bank data into your general ledger and the use of logic rules to convert bank transactions into rich contextual journal entries. At SoftLedger, we’ve made it our priority to ensure that our customers have confidence and control over their accounting by continually listening to the needs of the industry and providing impactful solutions.

Uploading Raw Excel-Based Bank Data

Incorporating the ability to upload raw Excel-based bank data directly into your general ledger is a key step in staying current with your accounting processes. This method provides flexibility and ensures data integrity, especially when automated banking APIs are unreliable.

  • Flexibility: Excel spreadsheets are a universal format, allowing you to upload transaction data from any bank. This flexibility is crucial when automated API connections are down.
  • Data Integrity: Uploading raw bank data from Excel minimizes the risk of data loss or corruption, ensuring all transactions are accurately recorded.
  • Timeliness: Manual uploads enable prompt updates to financial records, maintaining up-to-date information for decision-making.

By implementing standardized Excel templates and validation checks, you can streamline the upload process, ensuring consistency and accuracy in your financial records.

Utilizing Logic Rules for Rich Contextual Journal Entries

Automating the conversion of bank transactions into journal entries with logic rules is a game-changer for accounting teams. This approach not only saves time but also enhances the contextual richness of financial data.

  • Consistency: Logic rules ensure similar transactions are recorded consistently, crucial for accurate financial reporting.
  • Efficiency: Automation reduces manual effort and minimizes human error, allowing your team to focus on higher-value tasks.
  • Enhanced Reporting: Rich contextual journal entries provide detailed information, making it easier to generate insightful reports and conduct financial analysis.

Implementing logic rules involves categorizing transactions based on predefined criteria and enriching them with additional context such as vendor names or project codes. This ensures accurate and meaningful financial records.

Conclusion

Reliable and real-time access to banking data is essential for informed decision-making and maintaining financial integrity. By enabling the upload of raw Excel-based bank data and leveraging logic rules for transaction processing, you can enhance the reliability, availability, and contextual richness of your financial data. These practices streamline your accounting processes and empower your organization with accurate and timely information needed to drive success. Stay ahead in your financial management journey by incorporating these essential practices, ensuring that your accounting processes remain robust and efficient.

Let SoftLedger’s powerful accounting automation platform enhance your work by giving you the time back to do what you love – outside of work.

About SoftLedger

SoftLedger, founded in 2015, delivers streamlined accounting for small and medium enterprises. The platform blends powerful accounting software with an API-first approach. SoftLedger caters to CFOs and controllers who have outgrown QuickBooks or Xero, and are seeking a better alternative to Sage Intacct and Oracle NetSuite. Customizable, yet easy to use, SoftLedger empowers finance professionals to simplify complex processes and add strategic value to their business. With over 150 connectors and rapid onboarding, new customers usually get to their first close of books on SoftLedger in 30 days. With key digital asset partnerships like Lukka, NODE40, Hyperion and more SoftLedger is revolutionizing the value that finance teams deliver for digital asset businesses. Visit softledger.com and follow SoftLedger on Linkedin.

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Travis Lander
VP of Customer Success at SoftLedger
Travis is the VP of Customer Success at SoftLedger. Refining over ten years of product management and customer success experience in software, Travis balances short-term execution with long-term vision. He has worked in several roles to plan, develop, and execute projects for both large and small enterprises in crypto, accounting, publishing, automotive, events, government, and lifestyle industries.

Frequently Asked Questions

Yes, users have the option to use their own chart of accounts or SoftLedger’s standard chart of accounts when getting started with SoftLedger.  SoftLedger’s flexibility allows users to make changes to their charts by easily adding new accounts.

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