đź’¸ Finance Edition đź’¸ | May 2023
Now that Tax Day is over and done with, I wanted to introduce myself as well as the new accounting and bookkeeping product features we’ve been working on!
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My name is Olivia and I’m here to help you learn how to incorporate MarginEdge into your day-to-day so you can focus less on data entry and more on what you do best - being the financial superhero for your clients. Now, onto the updates: Listening to customers is very important to our development team and we’ve heard you! Over the last few months our team has been improving product features specifically for bookkeepers and accountants. Here’s a quick glance at our latest updates.
And while not a product update, we wanted to be sure you knew about our free QuickBooks migration service. You can read more about this below. Please feel free to reach out to me at oivory@marginedge.com with any product questions or suggestions. Thank you for being a MarginEdge client, Faster electronic paymentsWe’ve made some enhancements to how we process electronic payments so bills in MarginEdge can now go from “Approved” to “Paid” in as little as just two days. In addition to more efficient and more frequent paydays for your clients’ vendors, here are some things to keep in mind that may impact your current operational workflow:
*Previously, the time it took for payments to hit vendors’ bank accounts was 3-4 business days. Faster payouts will give your clients’ businesses more flexibility and more control over their cash flows as well as position them to be their vendor’s new favorite client. Learn more here.
Just pay a vendorSometimes you need to pay someone right away. The invoice got buried in your desk and the due date is, yikes, tomorrow. We’ve all been there. Or maybe the invoice is missing and you get a call from your client to pay it so their next order can be processed. You can now create an invoice and then pay it immediately, receiving its cost details in 1-2 business days. Simple and quick. Any uploaded images thereafter will go through regular invoice processing and be automatically connected to the payment. Learn more here.
Incorporate recurring expenses without invoices in your reportingInvoices aren’t always on a piece of paper or in an email. To include expenses that you may not have an “official” invoice for, you can now create them at the category level. This is convenient for recurring payments like rent, marketing expenses, or equipment purchases. Once the invoice is created, you’ll have a faster way to account for category-level costs to see overall performance in category reports like Budgets and your P&L. Other actions you can take once the invoice is created:
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