In a 2015 survey by Wasp Technologies of 393 small businesses, most business owners ranked their accountant above their attorney in importance.
That is how much accurate bookkeeping/accounting means to a majority of business owners. So why then complicate your business by not integrating the mechanisms that allow you to accept and process payments with your accounting software ?
If you use Intuit’s Quickbooks and love its’ fluid user experience, there is no reason why you shouldn’t integrate it with your Point-of-Sale (POS) system. In this post, we’ll discuss ten reasons why you should integrate these two facets of your business—right after you read this post.
Let’s delve into it.
Eliminates Manual Entry of Data
You have just had a long day running your business. The last customer finally left the store and all you can think of is jumping in your vehicle, heading home and resting your tired bones on your homey couch.
You have not entered the day’s transactions into Quickbooks and you need to do it tonight or else if you wait until the end of the week, you will literally have to spend all weekend inputting all the numbers.
If this scenario sounds familiar and you would like to eliminate it from your life, it is the number one reason why you should take a serious look at integrating Quickbooks with your POS system.
Tied with the scenario described above, we all know that a tired mind and body is more likely to make mistakes.
Mistakes that can cost you thousands of dollars personally and on your taxes.
Anyone who has been on the end of either of these situations knows that neither is desirable.
Operate your Business From Anywhere
There is absolutely no rule that says you have to run all your business transactions from one physical location or one single device.
Whether you are at your store, at a trade-show or using a desktop computer or a mobile device, the beauty of Quickbooks-POS integration is that you can take payments, manage your inventory and make other business transactions from anywhere and since all the data is synced, you will have immediate transfer of all data into Quickbooks once again eliminating physical exhaustion and the possibility of accounting errors.
Your Accountant Will Love You (And Possibly Charge You Less)
Every time you send over paper receipts and create even more work for your accountant, you are charged.
By having all your data synced between Quickbooks and POS, all you need to do is hand them access to your Quickbooks account and let them focus on actually performing accounting tasks instead of performing data entry and reconciliation.
This also means less hourly billing from your accountant.
Access Your Data Anywhere
Because Quickbooks is accessible in the cloud, you will be able to access data from anywhere and at anytime without having to call into the store on your vacation to find out how business went on a particular day.
Vendor and Client Information Saved Seamlessly and Securely
If your business is the kind where you deal with clients and vendors on a recurring basis, a Quickbooks-POS integration is smart because you can easily capture and store essential information of said clients and vendors.
Where necessary, you can even go back to add in e-mails, addresses, and birthdays of clients/vendors in Quickbooks and use that information to send over deal coupons on special occasions to keep the relationships alive and ultimately increase profits in your business.
Essential Business Data Analysis
Sometimes we think we know our numbers until we see the real numbers. Data allows businesses anywhere to continue to innovate , pivot where necessary and ultimately increase profits.
Since you are now collecting essential business data fairly easily, more time can be allocated to analyzing the data.
What are your most lucrative days ?
What time of the day are most transactions done ?
What’s your most popular item ?
Which item in your inventory is making no sales at all ?
Is there a coupon campaign that has brought in more customers?
With Quickbooks’ one click reporting that allows you to study your profit and loss and other such reports at a glance, data analysis will help you make even better business and marketing decisions.
Sales Tax Allocation Made Easier
Make paying sales tax to your city and state super easy on you and your accountant.
A Quickbooks-POS integration means allocating the right amount of money to sales taxes so that you avoid not paying them or paying less than you are supposed to and incurring tax penalties.
When it comes to paying federal taxes, within Quickbooks, there is a tool that allows you to calculate quarterly taxes so you can easily set that money aside and avoid end-of-tax-year surprises.
Automated Inventory Control
Linking Quickbooks with your POS also means you can automate inventory control.
As we discussed in the data analysis point above, keeping track of inventory items that are running low, which ones sell out fast and which ones do not sell at all, inform your stocking decisions and of course have the eventual added benefit of increasing your profits.
Restock popular items quicker by contacting your vendors and thus giving them ample time to deliver.
Stop buying more of the items that do not sell and maybe put those items on sale so you can clear them out of your store.
Automated inventory control has the power to help you make a plethora of quality business decisions.
Quickbooks is an Incredibly Robust Software
If you are already a Quickbooks user, then this is not a point for discussion.
However, we realize that you might be reading this and still be on the fence about choosing Quickbooks as your accounting software.
Here are a handful of reasons why you should seriously consider Quickbooks as you think of integrating your POS with accounting software to make your business run like a well-oiled machine.
- You can read through the hundreds of reviews left by users on the Quickbooks website of how other small businesses are using and enjoying the software
- Their customer service is very reliable and available
- Quickbooks integrates with 400+ other business programs such as Freshdesk (for customer service management) and Timely booking app if most of your business is ran by appointment.
- Payroll can be ran directly through the software
- Competitive pricing and worth your return on investment
Basically, there is little you can do wrong by choosing Quickbooks as your accounting software.
We showed you the “why”. Now, let’s talk about the “how”
Now that we know the benefits of integrating Quickbooks with your POS, let’s discuss how to reach this goal when you work with Datainsure.
First of all, using transaction software which does not integrate with Quickbooks complicates the day-to-day running of your business.
We therefore highly recommend that you make a transition to a compliant Quickbooks-integration friendly POS software.
We are happy to say that we can provide you with the software if you need it.
Once you make a decision on the software, we will be happy to perform the Quickbooks integration for you with the fulfilment of one of our contracts.
Even though Quickbooks is well-known for its’ many features, it is an intuitive piece of software not to mention it is still the number one accounting software on the market.
Thus whether you choose one of our POS systems or decide to go with another one , choosing a POS that integrates with Quickbooks will ultimately save you money and time.
As an added bonus however, if you choose to go with one of our products here at Datainsure, even if you use an outdated version of Quickbooks, we will upgrade your software to the latest version for you for free.
Call our offices at +1-800-871-7640 or e-mail firstname.lastname@example.org to get the conversation started on how we can assist you with acquiring the right POS system for your business and how we can help you integrate that with Quickbooks.
The day to day of running a business is challenging enough without you or your accounting team having to stress over the financial ins and outs of your business.
This is why we built an integration that allows you to connect the most powerful accounting software, Quickbooks with your Point-of-Sale system.