Streamlining Stripe Transactions to Simplify QuickBooks
Our client works in the tech insurance space and offers protection plans to cover phone, laptop, electronics, and other vital personal items against costly damage and theft. They offer their plans under a monthly or annual subscription using Stripe as payment processor.
Challenge
High Volume Stripe Transactions
Industry
Tech-Insurance
Time Savings
10 hours/ week
Challenge
Due to the high volume of Stripe transactions and in order to simplify the bookkeeping in Quickbooks Online they were receiving Stripe payouts and recording their revenue on a monthly basis without splitting it into all the plans they sell. This was affecting their cash-flow and the ability to make timely business decisions.
Solution
The STRMS team built a custom integration between Stripe and Quickbooks Online to sync the revenue (split into all the plans they sell) based on daily payouts. Since this client started using our solution their Quickbook Online has the most up to date revenue data and their cash-flow has improved.
Conclusion
In summary, the implementation of an automated system helped streamline processes for our client. The conversion from a monthly deposit to daily cash conversion has significantly increased their cash flow, while also producing cleaner data due to daily entries. This has not only allowed us to save our client’s accounting team 10 hours each month, but also improved their overall accuracy and efficiency.
Moreover, with quicker access to daily deposits from their bank account through Stripe, we have helped shorten their cash conversion cycle, leading to even greater financial benefit. These results show not only the potential of automated systems, but also the significant impact they can have on a business’s productivity and profitability.
Written by
Korey Cournoyer
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