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Originally Posted On: https://www.gotomyerp.com/all-you-need-to-know-about-integrating-quickbooks-with-your-e-commerce-store/
Imagine this: Your business takes off and now you have to manage a product-based ecommerce store via multiple channels to increase sales. Sounds quite a hassle, right?
While selling online is relatively easier than selling at a brick-and-mortar store, it comes with its own challenges. Due to different types of digital channels, you have to maintain individual bookkeeping records for each platform while working on improving customer experience. From tracking inventory, consolidating financial data to managing customer relationships and cutting expenses, you have to be on your toes with several business tasks.
Fortunately, Intuit has come up with a robust automated solution for ecommerce businesses. The QuickBooks Commerce platform is designed to help small ecommerce business owners make smart business decisions.
Let’s talk more about QuickBooks for ecommerce integration.
Defining the Role of Automation in Ecommerce
Some of the most popular ecommerce channels include Amazon, Magento, Shopify, E-Bay, Wix, WooCommerce, etc. If businesses wish to stand out in today’s competitive online market, they must build a strong digital presence on more than one platform mentioned above. However, doing so isn’t always easy. Due to budget and skill constraints, many SMEs often fail to maintain their presence.
This is where QuickBooks comes in. Its robust features make it easier for ecommerce businesses to gain a competitive advantage. The software can integrate data from your ecommerce store into a well-defined, easy-to-understand dashboard.
From sales, inventory, utility expenses, and vendor payments to customer feedback and digital payments tracking, you can do it all using QuickBooks Commerce.
As many online businesses try harder to compete in this fierce market, software solutions like QuickBooks have opened doors for easy digital transformation for budding entrepreneurs. In fact, Digital Commerce 360 states that the global ecommerce industry accounts for over 50% of sales in the retail industry. And due to the pandemic, this number has increased quite dramatically.
However, as an online business owner, you need to stay efficient in basic accounting and bookkeeping practices. Moreover, investing in efficient ecommerce software can help you focus on core business tasks instead of crunching numbers every day.
Criteria for Choosing an Ecommerce Software
Many small online businesses fail to recognize the importance of robust ecommerce software, let alone know how to choose one. There are hundreds of ecommerce software products available, but not all of them are as efficient as QuickBooks.
When choosing ecommerce software, you need to keep a few basic features in mind. One of the most important ones is inventory management.
While hiring an inventory control manager may sound like a good idea, deploying an automated tool like QuickBooks is a better alternative.
The software keeps track of each item available in stock and consolidates day-to-day data on Excel, making recordkeeping as efficient as possible.
When choosing an ecommerce integration software, make sure that the tool understands your store’s current financial health. This way, it can produce more accurate projections and keep your business’s accounting unit running smoothly.
Quickbooks Commerce Features
Now that you understand the significance of deploying an automated ecommerce accounting solution, let’s talk about QuickBooks Commerce. This platform is solely designed to help online and offline sellers streamline their core accounting tasks.
From integrating and streamlining payments, inventory, and orders to collecting and analyzing sales data, QuickBooks can efficiently perform each and every bookkeeping task. There are various features available in the QuickBooks Commerce tool that can help you level up your ecommerce store.
Here’s what you can do with the QuickBooks Commerce integration:
Order Management
Using QuickBooks, you can sync, analyze, and fulfill orders without incurring extra downtime. The tool can track your orders, notify if something’s out-of-stock, and also create re-order tabs to increase the sales potential of your ecommerce platform.
Purchase Order Management
You can efficiently keep tabs on timely creation, assessment, and collection of POs whenever a customer places an order via your online store. QuickBooks can also be used to integrate vendor purchase orders at a commercial level.
Backorder Management
QuickBooks enables you to maintain optimal inventory levels by allowing you to pre-order products at certain times
CRM Technology
No one understands the process of building customer relationships more than a new, aspiring ecommerce business owner. The QuickBooks CRM tech helps online businesses track customer information, analyze it to create demand triggers, and offer accurate projections.
The software can also collect and assess customer responses and reviews from their buying patterns.
In addition, integrating QuickBooks into your ecommerce business will also help you:
- Create inventory reports on a daily, weekly, or annual basis
- Obtain consolidated sales report on time
- Manage and optimize inventory to make smart re-ordering and forecasting decisions
- Perform multi-channel business integration
- Enhance supply chain efficiency
- Enhance customer experiences and satisfaction by making digital payment modes safer
- Use fully-equipped inventory management and accounting software without breaking the bank
