Ledgersync: Streamlining Financial Data Management for Accountants
Ledgersync (www.ledgersync.com) is a powerful financial data aggregation platform designed to simplify workflows for accounting and bookkeeping professionals. Established in 2017 by Maurice Berdugo, an MBA graduate from Johns Hopkins University with extensive experience in financial software development, Ledgersync addresses common challenges faced by accountants, such as retrieving client bank statements, check copies, and credit card bills.
Key Features of Ledgersync
1. Unified Dashboard
Ledgersync automatically collects and consolidates client financial data, including transactions, statements, check images, and deposit detail images, into a single, user-friendly interface. This eliminates the need for manual document retrieval, saving time and effort.
2. Extensive Financial Institution Connectivity
Through its partnership with Mastercard, Ledgersync connects to over 10,000 financial institutions, allowing accountants to access checking, savings, credit card, and loan accounts seamlessly.
3. Automated Statement Retrieval
Gone are the days of logging into multiple bank portals each month. Ledgersync automatically fetches new statements as they become available, ensuring timely and hassle-free access to essential financial documents.
4. Check and Deposit Image Access
The platform provides an intuitive way to retrieve check and deposit images, displaying them in a scrolling format for quick review and download. These images can be easily incorporated into monthly or annual financial reports.
5. Global Rules Engine
Ledgersync enables users to create universal transaction categorization rules that apply across all clients. This feature significantly reduces repetitive data entry, increasing efficiency and accuracy in bookkeeping.
6. Platform Agnosticism
Ledgersync supports multiple accounting platforms by offering transaction downloads in various formats, including QBO, OFX, CSV, and PDF. This ensures compatibility and flexibility for accounting professionals using different financial software solutions.
Real-World Impact
In a case study featuring Parkway Business Solutions, co-founder Matthew Fulton highlighted that Ledgersync reduced client exposure by eliminating the need to store bank logins, cut data entry time by 60%, and streamlined the onboarding process. Additionally, its integration with Dropbox provided audit-ready data, including check images and statements, further enhancing efficiency.
Pricing and Accessibility
Ledgersync offers a tiered pricing model, with standard connections starting at $20 per client per month, covering up to seven financial institutions per client. Additional services, such as check and deposit image retrieval, start at $8 per client per month, with pricing adjustments based on usage.
Final Thoughts
By providing a secure, real-time connection to clients' financial data, Ledgersync (www.ledgersync.com) empowers accountants and bookkeepers to focus on strategic tasks and client service, reducing the time spent on manual data entry and document retrieval. The platform’s automation features enhance efficiency and accuracy, making it an invaluable tool for financial professionals.
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