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In the realm of professional service automation (PSA) and accounting integration, Wise-Sync stands out as a beacon of efficiency and reliability.
Unlike traditional syncing solutions, Wise-Sync offers a unique set of features designed to streamline the synchronization process between your ConnectWise PSA and accounting package. Whether you’re new to Wise-Sync or considering a transition from another provider, understanding these differences is key to harnessing the full potential of this powerful platform. Here’s a comprehensive guide to help you navigate the distinctive functionalities of Wise-Sync, designed by our expert implementors and consultants at MSP+OS.
Company Matching: A Seamless Transition
At the heart of Wise-Sync’s efficiency is its approach to company matching. Unlike other providers that rely on CompanyID, Wise-Sync uses the Company Name to match and create customers in your accounting package.
This method ensures a more intuitive and seamless connection with your existing customers. If you’re transitioning from a system that used CompanyID, updating your accounting platform to match by company name is a crucial first step.
If you need help doing this, you can leverage the step-by-step documentation in the MSP+OS Elevate Platform here.
Mastering GL Account Mapping
A critical component for a successful Wise-Sync setup is understanding GL account mapping within ConnectWise PSA.
Configuring your General Ledger (GL) account mapping in ConnectWise PSA can seem intimidating and complex. For the successful creation of all necessary GL accounts, it’s crucial to first comprehend how ConnectWise employs various options for seamless integration with your accounting software.
A prevalent issue encountered in GL mapping is the lack of properly configured accounts and/or inadequately structured GL mapping, making it difficult to modify, add, or eliminate agreements, products, charge codes, and other relevant options.
Moreover, ConnectWise PSA uses multiple dimensions that enable association with specific items or hierarchical elements. These can capture a wide range of elements based on the chosen dimension. For instance, you have the option to map a single agreement product or you could opt for product category or subcategories.
Important Considerations:
Before you begin altering your General Ledger (GL) mapping, it’s strongly advised to initially inspect the following areas within your PSA:
- Location
- Groups
- Agreement Types
- Product Category
- Product Subcategory
- Expense Types
- Charge Codes
By correctly configuring these elements, the process of mapping your GL accounts becomes much simpler and can accommodate future alterations without requiring substantial effort. For instance, if you’ve correctly set up an Agreement Type like Managed Service that directs all managed service services to the appropriate GL account, it becomes easier to update or introduce new agreement types without needing to modify your GL mapping.
For newcomers or those yet to dive into the intricacies of GL account mapping, it’s advisable to consult ConnectWise experts who are also certified accountants on setting up GL accounts, or work with a consulting company that provides this work as a professional service, like MSP+OS. This foundational knowledge will ensure your financial data flows smoothly between systems.
GL Account Numbering: Enabling Flexibility
Everything starts with your chart of accounts.
Wise-Sync introduces the necessity of using account numbers, a shift that may require adjustments for platforms previously not employing account numbering.
This requirement, though initially challenging, facilitates long-term flexibility, allowing changes to GL account names without affecting the sync process.
Notwithstanding the importance of proper accounting in general, the Managed Service Provider industry has standard practices that align with the Generally Accepted Accounting Practice principles that allow you to easily compare your financials to your peers in the industry. This further aids in mergers & acquisitions, selling, buyouts, and more.
A charge of accounts is usually split into three sections:
- Assets, Liabilities & Equity
- Revenue & Cost of Goods Sold
- Sales, General, and Administrative Expenses
You can access the full documentation for our recommended Char of Accounts via our elevate site.
Expenses: A Differentiated Approach
Wise-Sync’s handling of expenses distinguishes it further from other platforms. Expenses transferred from PSA are recorded as bills in your accounting system, tagged to a vendor that Wise-Sync creates using the PSA username.
This unique approach, coupled with prefixes for reimbursable (RE-##) and non-reimbursable (NRE-##) expenses, enhances the clarity and management of expense reports. For those looking to streamline further, Wise-Sync offers settings to group expenses weekly, simplifying the billing process.
Procurement: Streamlined Processes for Modern Needs
Transitioning from platforms like QuickBooks Desktop, Wise-Sync users will notice a shift in managing Purchase Orders (POs).
Received items from POs generate a bill associated with the company, a process that prioritizes accuracy in reflecting the actual receipt date of items. Adjusting the Vendor Invoice Date Source setting in Wise-Sync allows for greater control over invoice dates, an essential feature for managing back-ordered items effectively.
Past Due Notifications: Enhancing Client Communication
Wise-Sync also offers functionality for sending automatic past due notifications, aiding in timely payment collections.
However, for more flexibility in communication, integrating PSA workflows for overdue invoice reminders is recommended, providing a tailored approach to managing client payments.
Next Steps
Wise-Sync offers a comprehensive suite of features designed to optimize the synchronization process between ConnectWise PSA and your accounting package. By understanding and leveraging these unique functionalities, businesses can achieve greater efficiency, accuracy, and flexibility in their financial operations.
However, at MSP+OS we understand that your team might not have the time, expertise, or capacity to execute on the work needed. As you embark on or continue your journey with Wise-Sync, remember that the key to success lies in mastering these differences, ensuring a seamless and productive integration experience - and we are here to help!
If you would like our assistance with planning, guidance, education, support, or execution -- please schedule an introductory call to learn more about our packages starting at $99/mo.
