Table of contents
Table of contents
You can have your morning coffee waiting the second you roll out of bed. You can adjust your heating before you even get home. Thank goodness for automation, right?
It’s also a blessing when it comes to running a business and managing your finances too. From bank feeds to automated invoice reminders, automation tools can help business owners deal with their bookkeeping and accounts more easily. Fortunately for those using PayPal in their business, there are options to help you too!
Depending on the accounts software you use, it’s possible to connect it to your PayPal account. Known as Paypal feeds, they work the same way as bank feeds, connecting your bookkeeping software to the platform so transactions flow straight into your accounts records as they happen.
You won’t need to spend time entering each PayPal transaction into your accounts. it reduces the risk of keying in the wrong details. All of the payment and bank accounts your business uses can be kept in one place, streamlining the process of looking after them. That’s nice, isn’t it?
It sometimes feels like the easiest and most time-effective thing to do is to stick with what you already know. Venturing out your comfort zone into accounting areas unknown, and shaking up the tried-and-tested systems you already have in place can seem daunting. And quite frankly, highly unnecessary when you’ve already got a million and one things on your plate.
We get it, we really do. But you know what they say about short-term pain and long-term gain.
More often than not, the easy option won’t be the one that helps you grow, evolve and develop your operations. It’s taking things to the next level – no matter how scary it might seem – that gets you where you want to go.
This one goes without saying but removing manual functions like entering data into bookkeeping records, and replacing them with automated ones buys you back hours, days, even weeks worth of your precious time.
Getting your PayPal account plugged into your financial accounts speeds things up significantly.
Even if you find data entry soothing, we’re all only human. Unless you’re a robot sent from the future to read this article (we have many questions), we all make mistakes. Anyone can mess up from time to time, and that’s okay.
Manual bookkeeping leaves you wide open to making the kind of errors that, whilst not the end of the world, could have a negative impact on your accounts – and your stress levels.
Automating your accounting processes drastically reduces the risk of human error. You can be sure your books and reports are as accurate as they possibly can be. The beauty of maintaining accurate financial records is that they allow you to:
You might well still need an accountant to help you make sense of the information, but accurate numbers are the best kind of foundation to build on. And really, if the information you need is already in PayPal, you might as well just magically transport it across to your business’s books rather than writing it all out again. Our developers are keen for the boss to know it’s not actual magic.
If you trade internationally, working out currency conversions can become one of your biggest pet peeves. But hey, you don’t need us to tell you that.
When you automate your accounting, transactions in any currency can be processed and recorded without you having to even reach for the calculator. Again, this reduces the risk of human error and accelerates the accounting process considerably.
Regulations require businesses and accountants to store records for a number of years before disposing of them. Traditionally, this means piles of paper and towers of dusty files cluttering the place and getting in your way. Moving to digital methods not only frees up your time, it frees up your physical space. Tidy desk, tidy mind, and all that jazz.
It also makes records much easier to access again in the future, without needing to laboriously work your way through old PayPal transactions in order to match them up to your bookkeeping. And that’s before we get on to the enhanced security.
Paper records are at serious risk of loss or damage, even if you duplicate them. Digital records are readily available on a very secure server.
Now all that’s left to do is put theory into action.
If you’re aware of Pandle’s PayPal integration then you’re already a step ahead. For those who aren’t familiar, here are our answers to some frequently asked questions to get you started.
Yes, super easy! All you need to do is add your PayPal feed in the same way you would connect a new bank account. Once approved, you can then select the date you’d like your transactions to start flowing into Pandle, and once you’ve done that, you’ll be all set.
We’ve got it covered. Pandle automatically detects the currencies in use in your PayPal account and creates ‘sub-accounts’ for each one. You won’t need to lift a finger.
PayPal integration comes as a bespoke wraparound for Pandle users so if you’d like to know more, just say the word and one of the team will be more than happy to talk you through. Just hit the live chat button on screen!
Learn more about using Pandle to make business accounting easier. Create an account today and decide what to do with all the extra time you get back.
A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible.
Create your account today, and decide what to do with all the extra time you get back. We hear Pilates is popular.
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