Modern accounting software takes much of the pain out of accounting processes whether you do your own books, or if you work with an accountant or bookkeeper. QuickBooks Online is one of the best solutions on the market. Let us show you how to integrate your POS with QuickBooks, ShopKeep style.
Because it is heavily used by small business owners and merchants alike, there are a variety of complementary product offerings, including point of sale and merchant processing services, that integrate with Quickbooks’ accounting software. Furthermore, integrating accounting software with your point of sale saves you both time and money by automating the bookkeeping process and allowing you to sync your shift data seamlessly for further analysis.
QuickBooks Online, a Powerful Accounting Tool
Intuit, the company behind QuickBooks, has been in business for over 30 years and has dominated the small business accounting market pretty much ever since. Created as desktop software, they initially developed an online version QuickBooks in the early 2000s but gave it a complete overhaul about five years ago and continues to make improvements and add new features. This opened the door for third parties, such as ShopKeep, to integrate and provide merchants with a more inclusive ecosystem for their small business needs.
Among its many benefits, Quickbooks is cloud-based, secure, and easily accessible from anywhere you have an internet connection, just like ShopKeep! It is also highly customizable and intelligently tracks every single transaction, allowing you to run detailed reports on things like profit and loss, taxes, and much more. They even have Accountant Reports that will make it easier to find all of the critical information you’ll need when tax season rolls around every year. Finally, it syncs directly to your bank account so you can automatically reconcile payments at the end of every business day. So yeah, it’s a pretty great accounting solution, and it’s used and trusted by over 1 million businesses, so they must be doing something right.
Intuit’s 2016 Application Small Business Report shows that 68 percent of small businesses use, on average, four business-related software applications, while 82 percent use an average of one to six applications. How many applications does your business use? How many of them integrate with each other? Are you taking advantage of these integrations?
Accurate Accounting is Critical to Success
Accounting is traditionally considered to be one of the most time-consuming, complicated, and unpleasant aspects of running a business. However, it is also one of the most fundamental and important things you have to get right to be successful.
You can’t just leave things like accurate tax payments, payroll, or cash drawer management to chance. Accurate records are essential to getting a complete financial picture of your business’ health and making smarter decisions about how to spend your money or increase sales and profits. You can’t invest in that second coffee machine to improve efficiency, hire another salesperson to help more customers, or take on more inventory unless you know how all your money is being collected and spent. The best way to track the information that informs these financial decisions is a with point of sale system which integrates with your accounting software.
Why ShopKeep (Hearts) QuickBooks
Time is money, and when you spend too much time trying to reconcile your books, you’re losing money. Understanding how to integrate with QuickBooks will not only help improve your workflow, but it will also allow you to allocate your time and resources to the other areas of your business that may have been neglected because your head was buried in the books for too long.
We know that even importing and exporting CSV files takes time and makes mistakes much more likely. That’s why if you have ShopKeep integrated with your QuickBooks account, every night after you close your shift, ShopKeep automatically sends the appropriate journal entries to QuickBooks, one for the day’s sales and an optional one for the day’s cash drawer functions. The sales entry offers critical department-level data, while the cash entry includes the notes on every drop or payout, along with who did it.
These journal entries provide you with QuickBooks data in a batched format, rather than many other solutions which create a busier view sending over each transaction as it happens. Sounds pretty good, right? Better yet, when getting started, ShopKeep automatically suggests preferred account mapping, for easy setup. Already a pro? You can customize your mapping so ShopKeep integrates seamlessly with your existing accounts.
With a guided setup process, step-by-step instructions, and thorough online documentation for reference, ShopKeep makes syncing your QuickBooks Online account a very smooth process. ShopKeep supports integrations with three versions of QuickBooks Online: Simple Start, Essentials, and Plus, allowing for maximum flexibility as your business grows.
Running a business takes a lot of hard work and dedication. After all, it isn’t just your livelihood, your blood, sweat, and tears went into creating your business and making it successful. You owe it to yourself to make things ‘easy’ every once in awhile and know how to integrate with QuickBooks is definitely a right turn down easy street.