When merchant processing services are integrated with QuickBooks accounting software, your bookkeeping becomes more efficient and effective. Whether you are using a cloud-based version of QuickBooks or a local server, this dynamic general ledger and reporting software gives you the power to manage your business with greater control.
With QuickBooks, you can create invoices, cut checks, reconcile bank accounts and track accounts receivable, streamlining the bookkeeping process. You can also generate a wide variety of financial reports, including balance sheets, income statements, cash flow statements and customized reports. Whether you need sales figures, accounts payable aging schedules, inventory lists, or a chart of accounts, you can generate the report that you need to move your business forward.
This system is exciting because it takes a lot of the guesswork out of accounting. You have access to business setup templates that come with a recommended chart of accounts. You also have tutorials and setup wizards that get you off on the right track. Given that accountants can charge hundreds of dollars per hour for their services, having templates available can save you time, money and energy, which you can then reallocate to other parts of your business. Your accountant can review your QuickBooks records quickly and easily, further reducing the money you spend on finalizing your books.
This accounting system also makes document retention easier and more cost-effective. You can save digital copies of all your reconciliations, financial statements and financial forecasts quickly and easily. You can get rid of duplicate paper records and organize digital records, which will help you prepare your tax returns. If you’re audited by the government, you can quickly produce accurate records that will meet support requirements.
This software works well with PaymentCloud because the seamless integration of information reduces strain on your bookkeeping staff. Instead, your cash receipts are recorded in your ledger system, cutting down on data entry and journal entries during your month-end close process. You will also get the support you need to fix any connectivity issues between merchant processing systems and QuickBooks.
This support will prove invaluable, if you do not have a dedicated IT team to handle networking and connectivity issues. When you integrate your merchant processing and bookkeeping, your enhancing the efficiency and effectiveness of your business. You’re also improving the accuracy and timeliness of your financial reports. Integrate your accounting system today and start reaping the benefits immediately.