POS SYSTEMS THAT INTEGRATE WITH QUICKBOOKS ONLINE
Merging your accounting system and your point of sale system
As a business, your bottom line underlies everything you do. Every feature, every promotion and every happy customer rely on your base needs first being met. Checking in on that bottom line is more complicated than some give it credit for; businesses in every industry have to consider a multitude of questions:
How much do I spend to put products in front of customers?
How much am I charging for the product itself? How much of that is profit?
How quickly does my inventory turn over in a given year?
What does it cost to keep the lights on?
How much can I afford to pay my employees?
Are there repairs that I need to prioritize in my shop?
Can I expand to a secondary location?
Do I have an accounting method prepared?
It’s one thing to know the answers to these questions individually; it’s quite another to put that information together in a coherent enough way for an effective business plan. Accounting software providers offer tools to make those assessments but often become yet another thing to have to keep track of. This can be overwhelming and just add to existing problems rather than solve them.
Good point of sale (POS) solutions simplify this process by integrating that software into their existing interfaces. This page discusses the benefits of integrating your POS system with QuickBooks, highlighting features that impact:
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- Payment information
- Data and analytics
- Connectivity
Keeping track of payment information
Accounting software is, first and foremost, about money. This is not as easy a task as it sounds; you have employees to pay, bills to keep up with and equipment that needs to be repaired. As this money flows in and out, business owners need to make sure they can account for every cent. Otherwise, they face bigger problems down the road.
Luckily, modern POS systems provide unique solutions to these problems by integrating with accounting software.
Accounts payable
Perhaps the most fundamental function of any accounting software is the connection to your accounts payable. You have bills, employee wages and maintenance fees that need to be paid promptly. When that need arises, you want accounting software that not only accounts for the money gained or lost, but also facilitates the transaction itself.
Integrating your POS with your accounting software is the single best method to do that. Since your POS already helps regulate the flow of money going in and out of your business, syncing the two together allows you to do both. Streamlining your transactions this way projects professionalism and fosters good relations between your business and everyone else.
Multi-currency support
The digital age has made global business transactions more of a necessity than a luxury for small business owners. This makes making currency translation a must.
POS-integrated software allows small businesses to do the following and more between different world currencies:
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- Send invoices
- Record transactions
- Adjust reports
Accounting software performs these translations automatically, providing an accurate idea of the profit margins on a given transaction. Preventing that human error allows you to capitalize on savings and ensure the best deal for your small business.
Invoicing capabilities
For industries where invoicing is relevant, having the ability to create fast and easy invoices on the go is an essential tool of any accounting software. This tool identifies you to your customers and ensures that payments are made on time and easily.
Integrated accounting software allows you to create custom invoices you can send to your customers. This can be done either via paper invoices or via electronic transactions.
Features like these illustrate why POS systems that integrate with QuickBooks online are a first choice for business owners. Combining these features with the proprietary features of the POS itself offers a distinct advantage in any industry. These advantages are not just from the features themselves, but also from the convenience provided via the integration.
Gaining insight with data and analytics
Keeping your business in the black is about ensuring that you are bringing in more money than you are spending. At the end of the day, these insights can be difficult to glean on your own; your business likely has multiple income streams (e.g., online vs in-store) and multiple points of potential loss to keep track of.
In other words, if all your accounting software does is track payments, you’re losing half of what it could offer. Instead, you should look for software that also provides you with insights into the general direction of your company, including:
Inventory is the lifeblood of any business; whether you’re a restaurant selling food or a retailer selling clothes, you have inventory to keep track of that has an inherent value.
Accounting software such as Intuit QuickBooks offers basic inventory management tools to help you keep track in real-time of how much stock you have left to keep you one step ahead of the curve.
Perhaps your first location is doing very well; your sales are up and your accounting software has done a good job of preventing any revenue loss where it once existed. You’re ready to move to a new location.
What many business owners quickly find is that managing multiple locations is even more difficult than managing a single one. For every problem that you had at a single location, you now have to deal with the same thing for several locations. This means you need to look for accounting software that offers a comprehensive ability to keep track of profits and losses at all your locations.
Although most modern POS systems keep real-time sales info on their own database, it’s important that your integrated accounting system can keep up with the numbers being provided by the POS.
Having accounting software directly integrated with your POS provides you with exactly this opportunity. Because they share a direct link via an internet connection, the data from your POS go straight to your accounting software, allowing for real-time sales info to be provided for curious managers looking for insights on how to improve their business.
Data analytics is perhaps one of the most significant features of modern accounting and POS systems alike. The tools provided here do more than just record transactions; they analyze the data taken from those transactions and offer you critical information such as:
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- Am I in the red or black?
- Where am I losing money?
- Is my inventory moving?
- Is one of my locations doing better/worse than the others? If so, why?
The answers to these questions can mean life or death in the business world. As such, it is an essential investment for small businesses and growing chains alike to facilitate growth.
Connectivity brings clarity
As we move deeper into the age of the internet, it’s essential to learn that everything is connected. Our smartphones keep us linked at all times, and your accounting software should be no different. Traditional models remained relatively isolated for purposes of security; a device not connected to the grid couldn’t be hacked. With improvements in modern security, however, the need for that isolation no longer applies. What exists instead is a robust parade of features designed to simplify the process of accounting:
| Tax information |
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When it comes to running a business, one of the things that business owners dread most is tax season. In the worst cases, this can make or break a small business. With expenditures being what they are to keep the lights running, tax season can spell disaster. This is especially true in instances where accounting software is isolated from the point of sale and where manual transmission of data can result in numbers that don’t add up due to human error. Integrating your POS with your accounting software, however, gets around this problem from the jump. Because the data from your POS sales automatically is transitioned over to your integrated accounting software, there is relatively little—if any—room for error that can spell disaster during tax season. This takes another load off your plate as a business owner and lets you focus on the really important things. |
| Employee payroll |
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Your business is nothing without your employees. They are the face of your company, and as such, they deserve fair payment delivered on time. In addition, business owners want software that easily grants bonuses or promotions without having to fuss too much with the numbers. This is especially true in the modern era of the “Great Resignation,” in which employers are struggling to keep employees showing up for shifts. Integrating your POS software with your accounting software gives you the ability to seamlessly switch between checking on employee evaluations (including sales and overall performance) and signing off on their paychecks. This allows you to get a realistic up-to-the-minute look at how well your employees are doing. It also gives you the ability to reward the ones that are doing well while alerting you to the ones who may need additional support. |
| Bank feeds |
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In addition to monitoring sales and overall profits, businesses also need to worry about what they have in the bank. This directly correlates to how much they'll be paying in taxes and how secure their businesses are as a whole. Traditionally, bank feeds were also separate from central accounting software for reasons of security. More modern accounting software does not require this isolation, instead providing:
Connecting your POS directly to your bank feed via accounting software integration also maximizes convenience. By automatically transferring money from one to the other, small businesses can ensure they put away the right amount for savings to keep their business growing. On the other hand, transferring from the bank to the POS can allow for payments to be made easily and quickly. |
Connectivity is the name of the game when it comes to integrations; an all-in-one workstation where small business owners can control their financial assets to quickly make difficult otherwise time-consuming decisions is essential. Maximizing convenience for everyone (owners, managers and employees) smooths out your daily operations and creates a clearer path forward.
POS systems that integrate with QuickBooks online simplify the dull
The truth is, meeting your baseline and your customers’ needs are ultimately one and the same; take care of your customers and they will take care of you. This is true assuming you have the right tools in place to keep your business in the black. Having a POS that integrates with accounting software makes that project feasible
The best thing to do is to partner with existing POS systems that integrate with QuickBooks online already. Software companies like talech eliminate the intensive manual work by boiling it down to just a few easy steps. In addition, we offer several incorporated features to make your daily operations flow smoother than they ever have before. Reach out today about a free demo and to learn how talech can be your trusted partner.
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