Accounting is an area of pain. That’s what everybody in the business believes. But the truth is that you can’t and shouldn’t avoid it. You need to maintain your accounting sheets properly to prepare the compiled financial statements throughout the year.
And with a Magento based e-store, it’s a daily task to track the cost of sold products, sales receipts, taxes properly. And if you have just started in the business, it might seem overwhelming. In this digital age where QuickBooks online is vastly used to manage accounting records, it still remains a tedious task to enter all the details manually from your Magento store to QuickBooks Online.
You might struggle to add the data without any errors, make duplicate entries in the system as well. To eliminate this situation, integrating both the systems can be a solution. It’s a safe, reliable, and time-saving. Still seems a bit blurry to implement? Check out the below reasons that explains why integrating your Magento to QuickBooks Online is a right thing to do!
Keeps Your Data Safe
The integration is done with the Magento QuickBooks Extension. So, chances are there that you might get concerns regarding Data security. And that actually becomes a question when you perform the task manually. As you need to fetch the data in the sheet which increases the risk of data loss.
In the integrated system, the data sync process is performed by the cron job. Therefore, even if both of your systems are down, your data will remain safe.
While working with the eCommerce domain, data is one critical thing. You might need the data anytime to go through the previously done sale transaction, canceled order, and so on. And if you rely on your manually added data from the QuickBooks, it doesn’t provide 100% accurate data.
The good thing with the Magento QuickBooks integrations is that it always gets regular backups of your data. The data stays there and you can fetch it any time you wish to.
Helps Avoid Duplicate Entries
This is probably one of the biggest reasons to adopt an integration-based accounting solution for your business. The task of data transfer on a manual base needs a complete dedication. And if you duplicate any of the entry from the record, you would get the whole account data full of discrepancies.
If you Integrate QuickBooks with Magento, your sales transactions, product inventory, and all other data from your Magento store would automatically get reflected in QuickBooks Online.
Validate the Unpaid Invoices
The key thing while you validate your account details is paid/unpaid invoices. Because with the help of this data you can validate your revenue to project the future plans for your business growth.
With Magento QuickBooks Extension you get a facility that whenever you generate an order in Magento, the extension fetches it to QuickBooks with the status as an unpaid invoice. This way, you can review the pending payments against the sent invoices.
Get Real-Time Reports
Having an Online business means driving a proactive decision-making loop. You will need to come up with a new product idea, a marketing strategy, improve the current system, study the sales account data anytime. And reports are the first thing you need. That can be a report of current year’s account data, sold products, returned products, total revenue with profits, and more.
And when it comes to generating effective reports, Magento QuickBooks Integration generates accurate accounting reports which help you to strategize your business for the coming accounting year.
Hence, I guess it is pretty much clear that with the integrated Magento QuickBooks system you can organize your accounting data in a better way to capture the valuable insights of your business. Do you use any such solution for your business? And yes, then if you face any issues with that? You can always share your thoughts with us!