5 Reasons Why You Should Integrate Magento and QuickBooks Online?

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5 Reasons Why You Should Integrate Magento and
QuickBooks Online?
Accounting is an area of pain. Thats what
everybody in the business believes. But the
truth is that you cant and shouldnt 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, its 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
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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. Its 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. Data
Availability
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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 doesnt 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
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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 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 years 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. Final Thoughts
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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!
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