Automating Email Reports from QuickBooks

An accounting system is essential for every business to track funds flowing in and out of their business processes. In the not so distant past, bookkeeping was handled through files and registers. File stacks were bundled on office shelves like debris for years, and it was a Herculean task for bookkeepers to check closed accounts. Moreover, keeping papers for such long periods was not practical. The integrity of bookkeeping methods was debated in the early 2000s when instances of massive financial fraud came to light.  Then, the idea of digital bookkeeping was thought to be a myth. Technology birthed the Accounting Renaissance, where digital applications, on premise and cloud replaced papers and files. QuickBooks is one such example, known to small and medium scale businesses across the globe.

Turn the Pages Back

An accounting system developed and managed by Intuit in the early 2000s, QuickBooks started with an on premise DOC version that was installed on either a personal machine or a hosted server. The Digital Wave helped QuickBooks claim a large chunk of small-scale customers, but left gaps in the standard aspects of traditional accounting standards. Then, a series of version updates and patch releases enhanced the product and turned it into a cohesive accounting system. Intuit has integrated QuickBooks with a handful of tools and web applications.

Every Penny Counts

When you are beginning a business, every penny counts. You have to accomplish more with less and ensure you pick the correct tools to operate your business. Most stakeholders need to see reports daily to ensure projects are on schedule.  Accounting tools have different templates for reporting, which can be customized and sent across as pdfs or excel sheets.  The following are some major QuickBooks reports that stakeholders see as critical to their SMB:

·         Profit & Loss Report

·         Balance Sheet

·         A/R Aging Summary

·         A/P Aging Summary

·         General Ledger

Detailing accounting data is complicated. Customers and bookkeepers spend an innumerable amount of hours capturing information and then spend additional hours building out customized reports. To address the restrictions of their product, Intuit created advanced reporting, which is incorporated with QuickBooks Enterprise 14 R6P and higher for those with a functioning Full-Service Plan.

Email the Reports Out

This module helps customers set up a schedule to email reports at the needed frequency (i.e., daily business reports to staff, weekly money-related reports to managers, monthly budget reports to customers).  Generally, not everyone in the company has login access to Accounting systems to view financial statuses, particularly Account Receivables. In this case, scheduled reports are convenient, and can save a ton of time and provide an understanding of the organization's budgetary execution to date. Scheduled reports eventually influence better business choices that can add to future development and achievement. The key benefits of implementing QuickBooks Email Report Automation are:

·         Custom reports

·         Improved productivity

·         Better communication

·         Report compliance

·         Secured accessibility

Automate the Process in a Controlled Way

QuickBooks schedules predefined report templates that contain sensitive financial data that cannot be exposed. Stakeholders and the Accounting Department face the dilemma of segregating the data, so as not to send full reports to all team members. 

QuickBooks doesn’t allow the creation of custom reports or scheduled emails; thus, an intermediary database can do the job. QuickBooks has open APIs for different entities including reports. We at DBSync help our customers integrate QuickBooks with databases and various other cloud and on premise applications. The database, integrated with QuickBooks, can be in line with QuickBooks reports, and required information can be sent across the recipients based on business preferences. DBSync has email connectors that can be used to send emails based on the defined trigger criteria. Your QuickBooks database and email connector can be knitted together in an integration platform for controlled automation of email reporting. This helps when sending QuickBooks reports to selected recipients only.

Conclusion

Data is a crucial factor in driving business decisions. Decision-makers at different levels need to have access to customized reports that save time and effort. Automation of reporting distribution helps make for a sustainable organizational environment where stakeholders can focus on developing the business. 

An accounting system is essential for every business to track funds flowing in and out of their business processes. Technology birthed the Accounting Renaissance, where digital applications, on premise and cloud replaced papers and files. There are many benefits to automate parts of the process like emails..

Choosing the Right Point of Sale (POS) System for your Retail Business

Point-of-Sale systems (POS) have become a “must-have” for any retail store trying to reach the next level in their Line-of-Business. More than twenty (20) years ago, cash registers were used to manage sales. Increasing customer choices and product varieties over the past several decades have demanded more sophisticated electronic options to allow stores to reconcile their stock and transactions automatically.

With the technology boom, Electronic Cash Registers (ECR) -- later termed Point-of-Sale systems -- have become this option, expanding beyond the transaction register to cloud-based POS applications that allow complete control over multiple global retail lines.  Product inventory and sales can be controlled and monitored from any location seamlessly and with full transparency. A simple POS terminal can increase sales exponentially for any retail business by processing customers fast and providing multiple payment options.

For every retailer, selecting the best POS system for their business is a top priority. A few features that every POS should have are:

●     Stock Visibility -- keeping track of product movement can help retailers avoid stock-outs or dead stocks and thus improve customer relationships. A right POS should also keep track of inventory at other branches and provide continuous insights on product sales.

●     Routing the Branch -- keeping customers happy with an eCommerce POS option to process a sale at a different branch (if the product is not available in one department) is an excellent customer satisfaction strategy.

●     Real-time reporting -- the option to generate real-time business reports, based on product sales and inventory data, is one of the key features that every multi-store retailer needs. These reports can also help businesses get rid of extraneous costs.

●     Multichannel Customer Experience -- retailers who manage online stores along with physical stores should have the option in their POS system to provide the same consistent product and pricing information to their customers, whether online or onsite.

●     Integration with 3rd Party Apps -- businesses using POS systems need to make their data available to their ERP and accounting applications. With open API’s, these POS systems can allow integration platforms like DBSync to share the data with various other apps securely, thus avoiding double data entry.

●     Loyalty Programs -- with the smartphone era, modern POS systems are implementing loyalty programs more than ever to keep customers engaged. Customers can download the app instead of swiping or punching cards, to keep track of their purchases and earn reward points. This helps retailers keep track of their customers’ purchases and allow them to serve them better.

●     Data security -- data must be kept secure at all ends. Customer buying patterns and personal info is much more of a concern nowadays. A proper compliance POS system allows retailers to protect customers’ privileges and gain their trust and loyalty.

Several additional factors to consider when selecting a POS are cost, ease of use, and longevity. For multi-channel retailers who sell online and in physical spaces, applications like Shopify POS and Vend meet the above criteria. These POS applications not only allow retailers to manage sales, they even help in doing multichannel eCommerce by connecting to various eCommerce channels like Amazon, Big Commerce, and Walmart, thus increasing their presence around the globe. Moreover, these applications allow integration with various 3rd party applications for shipping and accounting process with the help of open API's. DBSync, a pioneer in the field, allows for seamless integration, providing complete control over the business and optimizing sales. 

Retailers must adhere to specific standards when selecting POS systems, keeping in mind that the perfect marriage of POS with eCommerce is the key to running a successful retail business in the future.