An IT company claimed it has automated the invoicing process between a popular cloud-based help desk app and cloud accounting program Xero.
The company developed the Wise-Sync app to connect the systems. Detailed product descriptions and other information were copied across from ConnectWise into invoices in Xero as well as the invoiced amount. The Wise-Sync connector reduced invoicing to several minutes.
“We moved to Xero and Connectwise and although we really loved Xero we still had the pain of having to enter data manually. Then we discovered Wise-Sync and … invoicing is now a breeze and takes minutes,” said Michael Stafford, director of IT services company Smikteck. “In fact it made the full time admin role redundant saving me $50K per year.”
Wise-Sync streamlined the accounts payable and receivable process for IT businesses using Xero, increased visibility of cash flow statements and simultaneously updated ConnectWise on accounts receivable payments and collections, said Paul MacNeil, co-founder of Wise-Sync and managing director at Virage IT.
The cloud service cost from $80 per month for up to 150 invoices and unlimited users. The connector validated and encrypted the data which was not stored on Wise-Sync’s servers, MacNeil said.
The ability to connect together various cloud-based business programs with cloud accounting platforms was a threat to mid-market accounting packages that cost many times more, MacNeil added.
“The bigger picture is how the mid-market enterprise platforms such as Great Plains, Arrow and Pronto, all with significant annual fees, are being replaced by the Xero $100 plan,” MacNeil said.
Virage IT had sold the Wise-Sync service to 40 Australian IT partners and had updated it for US companies. Although ConnectWise had 7,500 customers, most (70 percent) used QuickBooks Desktop, a large 20 percent used MYOB and 10 percent used other accounting software.
“Our biggest challenge is migration of (the IT company’s) accounting package. We’re currently working with MiFi as our accounting partner (to) assist with the conversion and provide fixed cost accounting services,” MacNeil said.