Nowadays, Businesses and accounting software go hand in hand. Merchants have realized that managing finances manually would is not a better option to achieve expected results. If you are considering automatic accounting integration for your business, then you are reading the right article. However, before implementing accounting software, you need to understand its usage and benefit for your business.
What is Accounting Management?
Before we proceed with accounting integration, it is crucial to understand what accounting management is. Accounting management is related to strategic planning, organizing, directing, and controlling financial processes in your business. Any company needs to ensure regular cash flow. You need to estimate the capital needs and determine its structure before creating investment opportunities and making any financial decision. You will optimize profits, ensure business longevity, maintain regular cash flow, and maximize share price with correct financial management.
What is Accounting Integration?
Accounting integration, also called accounting software, is designed for accountants to manage and simplify financial operations for any business. It can range from simple, single-entry records-keeping programs to more advanced accounting systems such as managing accounts payable, accounts receivable, expenses, invoices, and assets.
Today, large enterprises and small and medium scale businesses have started to switch to accounting integration. It allows merchants to track financial transactions and generate real-time data and financial reports.
Before accounting integration, accountants used to record financial tasks manually. Consequently, the online accounting software automates the book-keeping tasks and minimizes expenses by enabling better financial decisions with real-time data.
Uses of Accounting Integration in for your Business
Accounting Integration significantly improves the efficiency of your business and is considered a valuable asset. Let’s look at some of the essential benefits it provides.
Ensuring Financial Control
Accounting software empowers merchants to control their finances automatically, even though they may lack accounting skills. With some training, they can manage all accounting operations using their electronic devices without paying third parties to keep their budgets under control.
Accounting software automates data calculations and admin procedures and takes control of your business revenue, so you do not have to outsource your financial management to any third party. The software can also reduce the costs of printing and manually recording documentation since all information is stored digitally in a safe device.
Increase Data Accuracy
Accountants say one of the essential benefits of good accounting apps is reducing human error during manual calculation and data entry. Inaccuracies in financial statements could lead to pain that has an impact on your business life span. Accounting integration can help prevent these issues from happening.
Improving Decision Making
It is the primary advantage of utilizing accounting systems. Without an automated accounting integration, you may have difficulty handling payment and managing budgets. In addition, it provides you with information that can help you figure out where to cut expenses or increase investment.
With a current snapshot of your current financial state, you will develop more innovative strategies and efficiently allocate resources.
Improving Financial Data Security
Financial data are the company’s most confidential information and must be highly protected to not fall into the wrong hands. A cloud-based accounting system ensures your financial data remains safe by storing it in a centralized system protected by firewalls.
How Single-Platform Integration makes Accounting Easier?
Instead of using many applications, online cloud accounting system integrations work together to run your business. The benefits of one single platform are beyond doubt because there’s no need for complex system integrations to be done manually or supported.
Like a CRM such as ConnectWise, software built on these platforms is designed to link data automatically within the system. These applications use one platform to integrate with various software and do not require additional actions to share data between different software platforms. Data can move more fluidly and without disruption because of this single-environment structure. It allows you to avoid integration pitfalls altogether, and you can focus on customizing and automating your system to achieve business goals.
Digital Payment and Accounting Integration
Offer your customers more options to make payment more accessible and convenient. Cash is the business’s backbone, and you must receive payment on time to manage the working capital and cash flow better and run the business smoothly. Do everything possible to get the payments on time and offer your customers convenient options to pay you.
Offering online payment options with CloudBanking Payment and integrating it with an accounting system automates the business workflow and you will be able to focus on boosting sales. For example, CloudBanking Payment Gateway integrates cloud accounting software such as MYOB, QuickBooks, and Xero. Once you have generated an invoice, you can send it to the customers directly from the CloudBanking Virtual Terminal, including a link to make payment online. Customers click on the link and make payments. The customer payments get updated in the accounting system, and you and the customers get notified. The whole workflow is automated! It makes life effortless for you, your employees, and the customers.
It was moving from a traditional accounting system to more futuristic accounting software that digitizes the process and provides lots of workflow automation that improves accounting and finance management with accurate and up-to-date data and reporting.
Ashley Halcomb is a researcher and a freelance content writer for CloudBanking and Switchconnect. She is an ongoing learner and always curious to learn new things. She uses that curiosity, combined with her experience as a freelance business owner, to write about subjects valuable to merchants on the CloudBanking and Switchconnect blog.