In this age of digitalization, it has become necessary for every kind of business to maintain an online presence in order to stay in the competition among other rivals. The very first step towards making an online presence is having your very own website for your specific business and with that website, an online shopping or eCommerce platform is also important in order to maximize customer engagement as the number of consumers purchasing products online has drastically increased over the past few years especially with the growing popularity of smartphones and other handheld devices. This is where Magento and QuickBooks enter the game. Before we begin to explore how Magento and QuickBooks together can transform your business, we must understand what they are and their importance for running a business.
Magento
Let’s talk about Magento first. It is an open-source eCommerce platform that provides retailers or merchants with a highly customizable shopping cart system. It also offers control over the content, theme and overall functionality of the online store. Furthermore, it also provides powerful marketing, catalog management, and search engine optimization tools to enhance the productivity of the online store. There is a variety of extensions, plugins, and themes available to enhance the overall customer experience as there are a lot of aspects that have to be configured according to the requirements of a specific business to provide the perfect customer experience. In addition, there are numerous benefits of using Magento as your eCommerce platform, some of which are listed below.
- Secure order preferences and product management.
- Multi-website options
- Currency and language support
- Custom Integrations.
It is because of these benefits and this degree of customizability that Magento has become one of the largest eCommerce platforms today. Integrating Magento with other third-party applications like QuickBooks can also enhance the productivity of an online store.
QuickBooks
QuickBooks is an accounting software package that offers financial solutions to small to medium-sized businesses and is used by businesses all over the world. It offers features like project profitability management, billing, payment management, invoicing, contractor management, and many more which are essential aspects for any kind of business.
Magento and QuickBooks Integration
QuickBooks integration with Magento is a powerful tool that helps a business to automatically synchronize all accounting data which includes customer information, product information, invoices, taxes, and other relevant data from the business’s Magento website to its QuickBooks Online. So how does this synchronization work? When an order is placed on an eCommerce website, the integrated system will search for this particular order data in the central database. If this information does not exist in the database, a new customer will get added to the list of customers. Otherwise, the data will be updated. The integration of Magento with QuickBooks highlights the business-critical insights into the overall performance of the online store. It also reveals important data relevant to stock levels, resources, and customer orders that help you to make better business decisions. It will add new products, update product information, and sync tax rates from Magento and QuickBooks automatically. In addition, you can obtain invoices and payments directly via QuickBooks accounting.
Magento QuickBooks integration offers many more industry-leading features to manage a Magento store. Some of these features are:
1. Business Management on the Move
It is now possible to manage your business and stay organized from anywhere due to the compatibility of Magento QuickBooks with smart devices like mobile phones, tablets, and other handheld devices.
2. Expenses Tracking
All of your business’s expenses can also be tracked by just taking snaps and saving receipts to QuickBooks.
3. Business Progress Tracking
Now you can stay up to date with the performance f your business through dashboards and customizable reports.
4. Cash Flow Control
Scheduling recurring payments like payments to vendors further optimize the business process by saving more time.
5. Integration.
Magento QuickBooks can also be integrated with software to manage other business processes.
All of these features greatly optimize the business processes by automating repetitive time-consuming tasks and also simplifying the entire business management system. They also provide increased accessibility to stay up to date with everything relevant to the specific business and the ability to access business data from anywhere at any time.
Does QuickBooks have API integration?
QuickBooks offers two types of API integrations; QuickBooks Online Accounting API and QuickBooks Payments API. QuickBooks Online Accounting API can help you manage financial data for your business such as payrolls, bills and invoices. Whereas with QuickBooks Payments API, businesses can accept and process payments as well as sync accounting data in customers’ QuickBooks Online company files. Both API integrations are extremely useful for e-commerce businesses as they allow them to manage their inventories and transactions as well as reconcile records under the same platform.
What Apps does QuickBooks work with?
There are multiple apps and integrations that work with QuickBooks, allowing you to maintain all your accounting related data and tasks in one place. Time consuming tasks are made easier with automations that these apps offer such as automated booking, invoicing, reporting etc…
Let’s have a look at some of the best high rated apps that work with QuickBooks:
- Salesforce: The Salesforce Connector app is a great tool that lets your sales and finance teams work together to maximize revenues and drive growth. The app allows you to manage customer and sales activities i.e. invoices, expenses and payments due as well as provides real-time data, leading to better decision making. This is a great tool for e-commerce as managing financial data such as transactions and inventories can consume a lot of time that can be used to do more important tasks.
- HubSpot: This is a great app for CRM; enabling you to manage leads and customers under the same platform. With HubSpot, you can auto-sync all your customer data and information as well as get order and product details. This data can be used to re-target customers or potential customers for marketing purposes; you can create different segments for different customers which can be used for marketing campaigns.
- DocuSign: A very convenient app for businesses; it allows you to sign contracts and documents electronically. You can manage your employee lifestyle seamlessly through this app by speeding up processes such as generating contracts and streamline negotiations. DocuSign not only prepares and sends documents but also manages your data; it stores your data in a secure and safe database as well as authenticates signatures.
- Bill.com: Bill.com is a cloud based accounting software which gives you full financial control; it enables you to automate order processing; from receiving an order to fulfilling the order. The integration of this app with QuickBooks can be very useful to your Magento store; it allows you to automate processes such as invoice generation and payment processing.
- Expensify: A great app to manage finances; businesses can manage expenses from their smartphones. It offers features such as receipt scanning where you can photograph a receipt and store all the required information in the app.
Accounting is an essential part of any business; the way a corporation keeps track of its operations therefore, by integrating QuickBooks to your Magento site, you can benefit from the multiple applications that the software works with.
What Now?
According to statistics over 250.000 online businesses are powered by Magento which goes to show how much Magento has had an impact on eCommerce globally and also explains why the majority of online business owners prefer Magento. Integrating Magento with QuickBooks can provide business owners with a whole new digital ecosystem where they can collect, manage and analyze all the data. Furthermore, Magento integration with a CRM can further maximize the overall productivity and functionality of a business looking to grow in today’s market.
So when are you integrating your Magento website with QuickBooks to get the most out of your business?
Interested? Rolustech is a full-service Magento eCommerce Platform development firm and our experts can make sure your e-commerce platform serves your business in every way possible. Get in touch today for a FREE Business Analysis session!
