If you're new to Waddle & using QuickBooks Online, let's go over 3 things that will maximise the amount of credit available to you.
Not all businesses are ready to make the leap to storing their accounting data in the cloud. For those businesses that use QuickBooks online, they’re taking advantage of time and cost savings that Waddle brings to thousands of Australian QuickBooks Online customers through pure automation of all lending processes.
Here are three things to get the most out of your account:
1. Reconcile customer payments
Waddle monitors your QuickBooks account in real-time meaning you don't have to do anything outside of your normal accounting processes. Everything syncs to Waddle instantly. One key way to have your credit limit updated on a regular basis is to ensure you are logging into QuickBooks and reconciling customer payments on a regular basis. This allows Waddle to get a real-time view of your true invoice value outstanding from customers. The more accurate this data is the more often you can draw down funds and get credit increases.
We recommend engaging the use of third party bookkeepers or accountants to ensure that all transactions are accurately coded for best practise accounting.
Contact firstname.lastname@example.org for a list of preferred partners in your area.
2. Turn on bank feeds
Are you manually entering transactions from your bank statements or even downloading/uploading statements? If so, it's time to get this updated.
Waddle uses bank transaction data to constantly assess customer payments and match these with your reconciliation data. This allows us to ensure your account is running smoothly and gives your account manager the confidence to lift your credit limits if the need arises for any seasonal peaks in trading or last minute purchases or expenses.
3. Only create invoices once goods or services are completed
Waddle is the easiest way to get funds advanced against your outstanding invoices. This works by simply linking your QuickBooks account and as you are now aware the above two points help us get you the maximum funding with the absolute minimum of fuss.
Our last point and most important one is ensuring that your invoicing is correct before saving it in QuickBooks. You are borrowing funds directly against invoices that are to be paid 30,60 or 90 days from now. We understand that mistakes can be made however, to save any hassles with payments or accounting errors double check your outstanding invoices before requesting any new drawdowns in your Waddle account.
That's it for this guide, if you have any questions or want to request more training please email email@example.com or ask us on twitter/getwaddle for live support.
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