How to pay vendors and reconcile deposits in Rundoo 💸
Go to Admin > Banking for some new financial features!
The Hershey, Pennsylvania photo from last week got some love, so I’ll start with a fun tidbit on rental cars today before we jump into business.
We are based in California and do every go-live in person. As such, we fly a lot and rent a lot of cars. We always book the cheapest car, usually a standard compact sedan. But it turns out that when you rent a lot of cars, you can get upgraded. And boy have we gotten some upgrades!
This week, Andrew & Umer went to Ashtabula, Ohio to set up a new client on Rundoo. They got upgraded to…a Dodge Ram! Neither had driven a pickup before, so they had a blast.
Meanwhile, Kyle & Joe visited stores in Atlanta this week and got upgraded to everyone’s favorite suburban vehicle…a Chrysler Pacifica minivan. You win some, you lose some. ¯\_(ツ)_/¯
Alrighty, enough about cars. Let’s get into the fun stuff.
Integrating finances with Rundoo
Our goal is to be vertical software for paint & hardware stores. In that vein, we are actively developing more features on the financial side. Our thesis is that integrating work that would have otherwise been done in Quickbooks or your bank makes life easier.
As a first step on this journey, we launched financial accounts. Every Rundoo client has an underlying financial account in which they can store funds and pay vendors. This financial information can then be automatically reconciled against activity in the point-of-sale. To illustrate, let’s go over two specific use cases:
Paying vendors in Rundoo to ensure correct COGS.
Knowing which sales, bill payments, and refunds are in a card deposit from Stripe.
How to pay vendors through Rundoo
Before: Most clients did their payables, i.e. paying vendors, in Quickbooks or some other separate software. As such, they had to carefully match their invoices to both Quickbooks and their point-of-sale to ensure the cost of products in reality matches both systems.
Now: You can make payments and match them to the underlying Orders. This ensures costs, and ultimately margins, are correct.
How to know what is in a card deposit
Before: Most clients had little idea exactly what was in a Stripe deposit. Because some payments and refunds may not process the day they occur, deposits frequently don’t match the daily card total in Rundoo. The only way to properly reconcile was to compare all Rundoo activity to the merchant processor statement.
Now: You can see the sales, bill payments, and refunds associated with every Stripe deposit. If you click on any deposit in the Admin > Banking account, all corresponding transactions are linked and can be opened. Pretty neat!
What next?
This is only the beginning! Broadly speaking, reconciliation is the process of ensuring that your finances match you POS data. With access to both, our goal is to make sure the two are in perfect harmony.
Getting started requires 5 minutes on your part. To get access, fill out the form in Admin > Banking. Then, reach out, and we can turn it on for you.
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