Case Study: LedgerSync and Qbox in My Operation

How Did You Learn about Ledgersync and Qbox? #

Bob Linzer: I found out about Qbox about a month before going to QuickBooks Connect. I was just getting over leaving another provider when their servers were hacked and looking for a solution that would replace the cloud server that I was spending thousands of dollars on I put my first client on it in early December 2017 and I have over a dozen on there right now and more to come. As far as Ledgersync, that is an integral part of the practice. We learned about Ledgersync at the Sleeter Trade Show back in 2014. I saw a live demo and absolutely loved what I saw! Today I have several dozen accounts with Ledgersync.

Sara Laidlaw: I found Qbox after it was mentioned on an accounting Facebook page. We were discussing the hazards of using a QuickBooks file in something like DropBox and how it corrupts QuickBooks files. QuickBooks uses multiple hidden files not designed for syncing programs, which creates conflicted copies. Qbox is the solution since it syncs the files when the working user logs out of the file. I believe I found Ledgersync years ago on one of Seth David’s (Nerd Enterprises) Friday live panels. I also saw Ledgersync at a few SleeterCon conventions. I was instantly impressed!

Matthew Fulton: A little over three years ago, our firm Parkway Business Solutions set out to find a way to reduce the amount of time we were spending on each company file when we found Ledgersync. At that time, all of our clients were using QuickBooks Desktop, so the concept of bank feeds was completely new to us. Each week, we paid an employee to login to each of our client’s financial institutions to collect new transactions, download copies of the check images and bank statements so we could complete the month end reconciliations. By the time we had completed the first month using our new paperless workflow, we immediately saw how much time Ledgersync was able to save us each month and we never looked back.

What Workflow Process Did You Implement with Ledgersync and Qbox? #

Bob Linzer: When accepting new clients, I require from them if possible to provide me my very own log-in for their accounts so I can put their bank feed data on Ledgersync. For me, it is great that I am able to see details of every check, deposit and bank statement of my clients on a regular basis if/when they call with questions. I don’t have to find their credentials and get the answer. In addition, we also use the download function to cloud storage services like ShareFile and SmartVault for all of our accounts. This has cut our processing time dramatically. Similar to QBOX, I like that the support is based in the US/Canada and when there is an issue I can reach out and call. The real savings for me is when I was able to complete a client’s account that normally takes a couple of hours in about 20 minutes from start to finish including reconciling. Ledgersync provides a way to verify my numbers when pulling the data in from bank feeds.

Sara Laidlaw: Qbox is our first step with QuickBooks desktop clients. If the client is large and requires multiuse on their own LAN, they purchase the Qbox and install the Multi-use folder before inviting us. The cost is the same, but we find that the larger clients want “ownership” of their folder. For everyone else, we roll the cost of Qbox into their monthly fee. The next task when onboarding a new client is to ask them to contact their bank to give us view only access and our own login. This enables us to handle the Ledgersync account ourselves. Otherwise, the owner of the bank account will assist us in keeping the link current.

Matthew Fulton: In a time, so focused on cloud accounting platforms, the Parkway Team created a highly efficient desktop-based workflow by combining a couple powerful apps. When processing a QuickBooks Desktop client file, we start the process by synchronizing with QBOX to open the company file on a local machine. While the file begins the sync process we head over to Ledgersync to gather the months check images and bank statements. Then from the checks image tab we update the check details with proper payee names before exporting all the data. That data file is then imported into Vendorsync to finish coding the transactions using the payee names from the QuickBooks Desktop file. Once the transactions have been updated, we download the custom QBO file and import the transactions in through the bank feed center where all the expenses are automatically suggested. I guess you could kind of say we brought the power of the cloud to QuickBooks Desktop Over time, we have created user videos and workflow guides that demonstrate the best ways to utilize Ledgersync with QuickBooks Desktop as well as other accounting platforms.

How Has This Process Benefited Your Company? #

Bob Linzer: I have to say that now Qbox and Ledgersync are a key factor in automating my practice and setting me apart from my competition. I am able to enable my clients to do as much as they want and I can pick up the rest. With that being said, it has helped me grow my practice and do more bookkeeping as opposed to taxes that provides my firm a steadier stream of income.

Sara Laidlaw: Our clients tend to be complex nonprofits and currently require us to stay on QuickBooks desktop. The #1 reason for migrating to QBO is remote access. Ledgersync and Qbox are the perfect solution to “buy us more time.” With Qbox, clients using a hosted server discovered that they could work in multi-user mode locally and take turns with the remote users. Using QuickBooks locally saved each client an average of $100-150 per month! My current client base has their books established. The beauty of Ledgersync is when we acquire a client who is behind in posting or does not have books compiled at all. It makes after-the-fact accounting a breeze. Ledgersync provides one place for my bookkeepers to obtain bank statements, check, and deposit images. If they have a question on a cancelled check, or need to enter a manual check, the image is at their fingertips. One use of Ledgersync that we discovered is that some banks do not provide a way to save images of all monthly cancelled checks, which may be needed in case of an audit. Ledgersync makes it easy to download copies to our server.

Matthew Fulton: Prior to discovering QBOX and Ledgersync, the amount of time it took for us to update and close a client’s books was easily three hours or more each month. By adding QBOX into our workflow we eliminated 20 – 50 minutes per processing transferring the file back and forth on TeamViewer. When we implemented Ledgersync into our workflow, the amount of time we saved downloading transactions and check images every week enabled us to double the number of clients we could process. Besides the huge time savings provided by our new Ledgersync & QBOX powered workflow, we also experienced a major increase in the overall security of our service offering. Thanks to Ledgersync, Parkway was able to stop storing client’s login credentials, and by implementing QBOX our clients company files were always backed up and safe from file corruption.

Written by:
Bob Linzer: Owner of: Need Business Help? https://needbusinesshelp.com/
Sara Laidlaw: Owner of: Accounting Services Bureau Inc http://asbinc.net/ Developer of: TBX Trial Balance Exporter https://tools.asbinc.net/
Matthew Fulton Co-Founder of: Parkway Business Solutions https://parkway.business Parkway Business Solutions is a provider of integrated accounting, business management, and growth services with multiple offices in Ventura County, CA. Parkway provides finance and administrative solutions for small and midsize businesses that help them use time and capital efficiently.

About Ledgersync: Ledgersync (https://ledgersync.com) offers software for Accountants and Bookkeepers allowing them to automatically sync all their client’s financial transactions in one place. Additionally, we offer an enterprise level Bank Feed API making communication with your client’s bank effortless using advanced aggregation technology. For more information about Ledgersync please reach out to: Maurice BerdugoMaurice.berdugo@ledgersync.com 408 806 6558
About Qbox: >Qbox (https://www.qboxplus.com) is the fastest growing QuickBooks desktop sync/collaboration tool used by a large number of accountants/bookkeepers/Pro Advisors across the country. Using Qbox, they have a locally hosted copy of the file that is continually synchronized with their remote client’s copy. In other words, no more sending QBW files back and forth, no more screen sharing, no expensive cloud hosting and no more downloading/uploading of QuickBooks files. With Qbox, there is also a locking technology that avoids the creation of conflicting copies. To learn more about Qbox, you can email sales@coraltreetech.com or call us at 855-448-7269.

Updated on April 8, 2021

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