FAQs
Auto-categorization may not be working for several reasons:
- Unrecognized Transaction Descriptions: The system might not recognize certain transaction descriptions or vendor names. Ensure your transactions have clear and consistent descriptions.
- Rule Misconfiguration: Review your categorization rules to ensure they are set up correctly and apply to the appropriate transactions.
- Data Sync Issues: Check if there are any issues with data synchronization between your bank accounts and Inkle Books. Ensure all accounts are correctly linked and updated.
- Custom Categories: If you have custom categories or exceptions, ensure these are configured properly within your settings.
If auto-categorization issues persist, consider reaching out to Inkle Books’ support team for further assistance.
The burn rate is calculated by taking the total expenses incurred over a specific period and dividing it by the number of months in that period. For example, if your monthly expenses are $20,000, your burn rate is $20,000 per month.
The runway is determined by dividing your current cash balance by the monthly burn rate. If you have $100,000 in cash and a burn rate of $20,000 per month, your runway is 5 months. This means you have 5 months of operational funds left before needing additional capital.
Inkle Books offers a variety of financial reports to help you manage and analyze your business finances. These include:
- Income Statements: Show your company’s revenues, expenses, and profits over a period.
- Balance Sheets: Provide a snapshot of your assets, liabilities, and equity at a specific point in time.
- Cash Flow Statements: Track cash inflows and outflows, helping you understand your liquidity.
Yes, Inkle Books supports accrual accounting. The platform allows you to record revenues and expenses when they are incurred, rather than when cash is exchanged. This helps in tracking accounts receivable and payable, and in generating accurate financial statements that reflect your company’s financial position and performance over time.
Inkle Books prioritizes the security of your financial information with robust measures. The platform uses encryption to protect data both in transit and at rest. Additionally, Inkle Books complies with industry-standard security protocols and offers multi-factor authentication (MFA) for added security. Regular security audits and updates ensure that your financial information remains safe from unauthorized access.
Inkle Books allows you to track payroll by integrating with payroll services or manually entering payroll data. If you use a payroll service, connect it through available integrations to automatically sync payroll information. For manual entry, record payroll expenses under the appropriate categories, ensuring accurate tracking of wages, taxes, and other deductions. You can also use Inkle Books’ reporting features to generate payroll summaries and review compensation costs.
If you don’t have a Mercury or Brex account, you can still connect your bank account to Inkle Books using Plaid, a secure financial data aggregator. Simply navigate to the “Data Sources” section in Inkle Books, select “Connect,” and click on “Other banking institutions” in the connect modal. Follow the prompts to connect your bank via Plaid.
Plaid supports over 12,000 US financial institutions, so you should be able to link your bank account without issues.
Still have questions?
Reach out to our support team if you have any additional questions regarding filing.