80% of small businesses utilize QuickBooks to handle their accounting needs. This includes accounts payable, accounts receivables, time tracking, vendor databases, and client databases. QuickBooks is a revolutionary program that has one big flaw; it does not allow for native importing of other systems data.
Most businesses and their accounting firms have no idea that they can import anything into QuickBooks with a little help from a custom-programming firm. By integrating disparate systems with QuickBooks, businesses can increase their productivity and run more efficiently by eliminating redundant data entry.
Benefits to Small and Medium Sized Businesses Utilizing QuickBooks
Data is Entered Only Once
QuickBooks integration means that the data only has to be entered once. Once the data is entered into a company’s time keeping or order entry system, there is not need to do anything more. The data is also entered into QuickBooks in real time, meaning fewer man-hours and more efficiency.
There are less data entry errors when QuickBooks integration is utilized, as there is less human data entry needed. Human beings make mistakes and the ability to eliminate redundant data entry will decrease these errors.
Enhanced Cash Flow
QuickBooks integration allows for faster workflow from the point of entry to the billing stage, which allows the business to bill faster and increase cash flow.
Benefits to Accounting Firms
By facilitating QuickBooks integration for their clients, accounting firms will be viewed as problem solvers by their clients. Being seen as an advisor that can help with broad areas of the business, will lead to more referrals and more overall work for each firm.
Because the information is automatically updated, accounting firms will find that there are fewer errors in their clients QuickBooks files. This decrease in errors and time spent correcting information will allow the accounting firm to work faster and more profitability.
Files Will Be Received Earlier
Accounting firms will discover that their clients will hand over their QuickBooks files earlier, which will allow the firms to handle the busy tax seasons with ease.
Higher Rate Accounting Work
Because clients will be spending less money on bookkeeping services, accounting firms who recommend QuickBooks integration will see that these same clients now have larger budgets for higher rate accounting work.
There are two main methods used to facilitate QuickBooks integration. These are batch imports and back-end integration. With batch imports, the business owner can create an export file, view the contents, and then choose to import that file into QuickBooks. With back-end integration, the two systems talk to each other directly meaning that all is completed in real time.
Good examples of business that can benefit from QuickBooks integration are accounting firms, staffing agencies that utilize time tracking systems to pay their employees, online stores who sell products online, and then must record the sales data for accounting, and large construction companies that utilize complex work order systems.
A credible custom-programming firm can be utilized to integrate QuickBooks into most web applications or desktop application. This integration enables small and medium sized businesses to grow by reducing man-hours, increasing efficiency, and improving company productivity.