There is no bank feed integration or auto reconciliation. We’ve looked at this and whilst technologies like Yodlee make this look an attractive route, in the case of the types of high growth businesses that use our platform the unavoidable obfuscation of transaction ids by stakeholders causes tens of matching errors which undermine the alleged benefits. Auto reconciliation is better suited to sole traders and tiny businesses – they’re not our target market.
The system is tax agnostic and can be configured to work adapt to the majority of local tax frameworks. The two main types of tax are:
- output tax – a tax collected by the vendor on sales i.e. Sales Tax
- input/output tax – where a tax is collected on sales and claimed as an allowance on purchases i.e VAT
Absolutely, we regularly migrate businesses large and small from QuickBooks Enterprise and QuickBooks Online. Because we’re a global business we don’t have a Payroll feature.