If you’re considering Shopify integration with QuickBooks, there are some critical benefits to keep in mind.
There are many benefits to integrating Shopify with QuickBooks. However, the main advantages with any automation is that it ensures accuracy and efficiency and frees up your time to focus on the critical aspects of your ecommerce business.
Why You Should Integrate Shopify and QuickBooks
Manual Data Entry is Time-Consuming
Many Shopify users manually track every penny they spend and earn, so you’re not alone. It’s far more time-consuming to track expenses in a spreadsheet or a paper ledger. As a small business owner, you may also tend to get behind because you just can’t keep up with everything.
Your time is better spent generating traffic and making sales than adding and subtracting, right?
When you integrate QuickBooks with your Shopify account, you will have more time. You can use that time to maintain your storefront and implement traffic-driving initiatives. Your Shopify account will automatically export to QuickBooks. By exporting data automatically, you can keep your financial records up to date while you cater to your business’s more critical aspects.
Tax Time is Far Less Stressful
How do those manual financial records serve you when tax time rolls around? You might put it off to the last minute or pass the mess onto an unlucky business accountant – and that could cost you dearly.
Integrating Shopify with QuickBooks will do a few critical things for you at tax time:
- Improve accuracy. Using QuickBooks reduces the risk of human error significantly.
- Save time. QuickBooks makes it far easier and faster to stay on top of your data entry, so you don’t need to play catch up before you can file taxes. You’ll have the records you need all ready to go.
- Save money. You may realize that you can easily file taxes on your own rather than paying an accountant, thanks to the organization offered by QuickBooks. If you still use an accountant, you won’t have to pay them by the hour as they sift through your manual records and try to get them into their system.
Improved Fulfillment with Inventory Tracking
Fulfilling orders accurately and promptly is critical to customer retention and word-of-mouth marketing.
When you rely on manual record-keeping, it’s much harder to update the number of stock items after each sale. You may do that only once a day or every couple of days.
That opens you to the high risk of selling more items than you can fulfill. And when that happens, you have to reach out to the customer to tell them that you can’t send them what they ordered.
That poor customer experience can backfire on your business. You are stuck returning money for orders you can’t fulfill. What’s more, that customer is likely to turn to a competitor for a replacement. When those competitors complete the order smoothly, you lose all future sales that the customer could have brought your way.
When you integrate QuickBooks with Shopify, you allow inventory counts to update after every sale automatically. You can have confidence that products showing in stock on your storefront are available for fulfillment in real-time.
Returns are No Longer a Hassle
Returns are a natural part of doing business today. Even with an online store, you can expect customers to send items back for one reason or another.
It’s estimated that online returns happen at a rate of 15% to 40%. Many small businesses struggle to process those returns promptly due to their manual process.
Shopify integration with QuickBooks streamlines this process. You can locate the sale and expedite the return quickly. You save money, and the customer is more likely to give you another chance.
Plus, your records are instantly updated to ensure proper financial tracking at all times.
Syncing Improves Your Product Listings
How much time do you spend creating and then managing your Shopify product listings? There’s so much to control. The product titles, category tags, product description text, and imagery are a lot. If your spreadsheet system makes it awkward and time-consuming, it’s time to integrate with QuickBooks and cut out the manual steps.
QuickBooks includes a product database that makes it easy to create listing information for each product. You can then ensure the names and descriptions are consistent between your Shopify storefront and all reports and invoices generated.
Shopify Integration with QuickBooks: A “How-To” Guide
Now that you understand why Shopify integration with QuickBooks is a good idea, how do you set it up? It may seem like just one more thing for your to-do list. Don’t write it off just yet. The process is far less time-consuming than manually handling all of your data entry tasks.
The sooner you complete the integration process, the sooner you can start saving time on record keeping. The following steps will take you through the process.
Get Your QuickBooks Account
QuickBooks offers an app that works through the cloud and a downloadable version designed for desktop computers. Most users go with the cloud version because it doesn’t consume computer space, allows access to all features, and comes with a free 30-day trial.
Five account options will determine what you pay for QuickBooks after your free trial.
- Self-Employed: Specifically designed for independent contractors and freelancers.
- Simple Start: Supports sole proprietors, LLCs, partnerships, and other types of small businesses.
- Essential: All features included in Simple Start, with extra functionality for businesses with more needs.
- Plus: All features from Simple and Essential, plus even more functionality for small businesses with more complex needs. This account is the most popular subscription level.
- Advanced: Includes all features of Simple, Essential, and Plus with additional features for businesses that are approaching mid-market size.
Simply select the account you want to start with online and follow the steps to create your account.
Download an Integration App
Your Shopify and QuickBooks accounts are connected by an app that you download online. You can use the Shopify for QuickBooks Online app, which is offered directly by QuickBooks for free.
Shopify also offers an integration app for QuickBooks, which is called QuickBooks Bridge. It will cost you at least $10 a month after the free 7-day trial.
You can also use third-party apps that are designed to integrate your accounts with better results. Some are available directly from the Shopify app store and provide a free plan. QuickBooks Sync by Bold is a good example.
Use the App to Integrate QuickBooks with Shopify
The app should allow you to decide what information you send to QuickBooks and how often data is updated. You may have other decisions to make as you decide how these two important accounts will operate together and eliminate the risk of human error.
Most apps make integration a fast one-click process. Follow directions given by the app once it downloads to your computer.
Let the App Do the Work
Once you setup and activate the app, it will automatically sync data between QuickBooks and Shopify. You no longer need to input data manually. You can rest assured that your inventory information is always up to date.
Your fulfillment process should improve once you have the integration in place. That means happier customers and more repeat sales. It all starts with integrating QuickBooks with your Shopify store.
Shopify integration with QuickBooks is a fast process that will transform how you handle accounting, inventory, and product listing for your online store.
If you want to discuss the best way to develop and manage your Shopify store, the professionals at Mindsize look forward to hearing from you. Let’s automate your processes and free your time today.