AUTOMATE YOUR E-RETAIL BUSINESS UNDER $250

Since COVID-19 has taken the world into the abyss, the e-retail business has become more and more popular. Many shops and small business owners have moved their products to online stores. Giants like Amazon and eBay have received more number seller listings during this year like never before.

All these online stores have somehow reduced the physical workforce but the various eCommerce applications have taken advantage of this situation to increase their Sales.

Shopify is one of them which has gained more popularity over this period and thus providing a cost-effective way to move small businesses online. With just $29 Per Month, you can move your business online and increase your reach to a global audience.

It’s not only the sales which are affected, but the financial world has also taken a hit as well. The daily inflow of money for these businesses is really important, which accounting applications like QuickBooks have managed it really well. Starting from just $12 per month, QuickBooks provides a pretty convenient way to send invoices out and receive the payments.

All these applications had made B2B and B2C cost-effective, but this phenomenon is getting bigger and bigger as more merchants are moving to online space thus making automation a necessity. Nowadays, automation is not just the buzz word, it’s imperative for these businesses.

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Accounting Automation

DBSync Cloud Workflow makes this automation even more simple, easy to implement, and deploy. With just under $200 p.m. you can automate your complete eCommerce business starting from “Order fulfillment” to receiving payments with Shopify and QuickBooks and tracking shipments with Shipstation. DBSync provides a trouble-free and seamless integration between Shopify and QuickBooks by pushing your order data to QuickBooks to create invoices in almost real-time, Thus, avoiding any human intervention. It saves business owners close to $30,000 USD per year on an average in terms of overhead cost and also saves a ton of time in automating mundane manual work.

As an automation partner, DBSync not only helps in accounting automation, it also allows you to automate your inventory stock update changes and keep your Shopify stock updated at all times. Whenever a product is sold, the inventory for the product gets reduced in Shopify. With DBSync integration, those incremental inventory stock on hand updates can flow into QuickBooks and notify the purchasing team and generate a purchase order for a given SKU if the stock needs a refresh.

On the other hand, when the stock comes and that PO is received, those changes are reflected back to Shopify and making a particular product SKU available for ordering. This data-flow alone makes it super easy operationally, without needing any manual intervention.

Automated Shipment Processing

At the same time, the DBSync allows you to process shipments with its almost real-time integration with Shipstation. It not only pushes orders to Shipstation, but you can also generate tracking numbers via this automation. Thus completely harnessing the power of iPaaS, by reducing human effort in Order fulfillment and Order-2-Cash cycle.

With day-to-day competition in this growing market, automation has become an integral part of all businesses. The optimization in identifying buying patterns to fulfilling customer needs and eventually getting the all-important payments into your bank account, automation is pretty much lifeblood of your business. DBSync CloudWorkflow for Shopify is pretty much at the heart of these automation orchestrating data-movement and process integration with various business applications like Shipstation, POS systems accounting and so on.

Conclusions:

In a nutshell, the right eCommerce solutions can boost your business and the bottom line, but a good automation solution can take your business to new heights giving you the much-needed edge. Given the unprecedented situation where work from home or working remote is the new norm, cloud solutions like DBSync can provide effectiveness and scalability to your businesses irrespective of your geography.

ACCOUNTING INTEGRATION FOR SERVICEMAX

 Integrate Servicemax?  Definitely we can!

It’s been only a few weeks since we announced our Partnership with ServiceMax, and we can see the excitement among the enterprises signing up for the integration service.

ServiceMax is a leading provider of field service management solutions through its field service management tool built on top of Salesforce. It offers on-demand solutions that automate operational planning such as workforce optimization, advanced scheduling and dispatch, parts logistics, inventory and depot repair, and installed base entitlements.

With its real-time cloud integration solution, DBSync will connect ServiceMax to a variety of enterprise systems such as QuickBooks, Microsoft Dynamics GP, Intacct and Accounting Book. With the integration support introduced by DBSync, the ServiceMax users will have easy access to various records such as

• Accounts
• Contacts
• Work Orders & Work Details with Customers
• Jobs and Invoice & Line Items

 The features of the DBSync support for ServiceMax & Accounting apps like QuickBooks Integration are:

• Easily extend, map and create new business processes and mappings
• Supports custom objects in ServiceMax
• Supports Data Extension in QuickBooks
• Supports Multi-Company database Integration
• Migrate data from Accounting to ServiceMax or vice-versa

Through this support, the users will be able to improve productivity by reducing double data entry and increase data visibility across multiple systems. They’ll have a seamless experience by reduced A/R by automating payments, reports, workflows and alerts. They can also integrate with other applications like eCommerce to simplify business.

 Benefits that you can reap through the integration of Accounting or ERP System from ServiceMax are:

• DBSync for ServiceMax & Accounting integration integrates ServiceMax to QuickBooks, Microsoft Dynamic GP, Intacct and Accounting Book.
• DBSync for ServiceMax & Accounting integration provides an easy to use application to synchronize Accounts, Contacts and Work Orders to Customer, Jobs and Invoices and many more into your Accounting system.
• Track Cash to Close and AR analytics to manage your customer more effectively.
• The application provides a pre-built field map along with a flexible advance mapping capability and configuration capability. The application also has an automatic online update so you never have to manually upgrade your application.

For more information on ServiceMax integration, visit our page: https://www.mydbsync.com/integration/servicemax 

KEY BENEFITS OF INTEGRATING YOUR INVENTORY MANAGEMENT SOFTWARE WITH ACCOUNTING

Inventory management software has become an indispensable tool for many successful business owners who recognize the importance of accurate inventory management. Likewise, accounting software is invaluable for even small businesses, providing critical data on business performance. Inventory management software is a must for a business of any size, and so is accounting software to improve efficiencies and organize businesses smartly. Accounting software defines your company’s current standing, while inventory management software is used to maintain inventory health. Inventory management is about knowing what you have in your warehouse and where your stock is located. However, unless it’s integrated with your back-office systems, an inventory management system alone can’t effectively optimize your inventory nor ensure the inventory asset value on your financial reports matches what is physically in stock — at least not without manual, arduous intervention and reconciliation.

Many companies will already have accounting software in place and a system for their inventory management. However, these two systems may operate independently of each other despite having a lot of information worth sharing. In order for inventory management to be effective, it needs to communicate with multiple aspects of the business. Although inventory management software can track physical inventory stock, it needs to integrate with other business parts to yield the best possible optimization.

Two of the most strategic systems to link together are online inventory management software and accounting systems. By combining these two systems, it allows a company to streamline information efficiently. This will enable them to plan better and make better decisions. Forecasting can be more accurate, and manual reconciliation mistakes can be minimized. These two entirely different business components can be incorporated for better management that gives your business a competitive edge while reducing risk, saving money, and automating the processes.

This article examines why integrating both inventory and accounting software is so essential and beneficial for business owners. In doing so, we can show you how you can maximize the potential of both by fusing them using DBSync iPaaS for seamless and hassle-free integration.

Investing in iPaaS provides an enterprise with a Managed Integration Solution that can smartly automate the complete inventory management irrespective of your data sources and allows centralized control over the enterprise’s stock movement. It should also provide complete flexibility in controlling data integrity.

Precise and coordinated inventory management is vital to a business’s success, so the level of functionality that system alerts provide can be a driving force behind improving processes and cutting costs for the organization.

A sound inventory management system can be the critical difference between your business growth or failure.

The top 5 benefits of Integrating your inventory management system with accounting can be listed as follows:

Prevent Out stocks and overstocks situations

Optimizing inventory stock helps maintain customer satisfaction and avoid wastage. Storage and handling costs are associated with every inventory item stored. So collecting excess inventory stock will lead to unsold items sitting on shelves, which is a cost in itself and even more so if items become damaged or obsolete. However, on the other hand, having a shortage of items will lead to missed sales opportunities and disappointed customers.

An integrated inventory management and accounting software solution can increase data analysis accuracy and provide valuable insights such as sales forecasts and cash flow. Solutions with real-time visibility will benefit businesses in planning out more accurate inventory stock levels required for demand.

With the right amount of inventory stock, you can manage the expectations of customers and investors. Customers want instant satisfaction, meaning that they want the product available when they want it. They don’t tolerate waiting when there are so many other places to shop. However, investors want to minimize working capital that is being held in excess inventory. If your accounting system communicated with the inventory system, you could plan to have the right stock based on sales orders and previous accounting history.

As DBsync, we make this possible by making the systems talk. With DBSync iPaaS, we make sure that all systems get the updates when inventory fluctuates. For instance, customers using Quickbooks to manage their finances and Skuvault for inventory management can benefit from DBSync’s iPaaS integration, enabling bi-directional mapping between the two. DBSync has helped these applications to share data at the most granular level by integrating all these applications overcloud

One of the many COVID-era lessons learned the hard way by commissaries and other offsite providers, and their retail partners is that it’s more important than ever to know your inventory and to limit budget-busting waste. The value of inventory management systems has become even clearer during a disruptive event like the pandemic, said Joe Smirlies, senior vice president of Periscope.From a production planning and ordering perspective, a perpetual inventory position is used as a measure of reality on how product has moved from the shelves and is constantly used against any future need assessment which has to be also tied to the accounting software to realise the actual growth and strength of the company.                                              

Joe Smirlies, senior vice president of Periscope  

 

https://www.supermarketperimeter.com/articles/5812-the-latest-in-inventory-management-technology  

Reduce Labour Expenses and Reduce Errors

In a recent Harvard Business Review By John L. Neuman it was concluded that the key to a successful business is to make overhead cuts that last.  

Reduce Labour Expenses and Errors by enabling  automation
https://hbr.org/1975/05/make-overhead-cuts-that-last  

Integrating inventory management and accounting software means that many processes usually performed manually can become automated. This reduces the need for an excess number of hands-on-deck, reducing time pressures and error risk.

A significant part of a business’s expenditure is spent on labor costs. When integrating inventory management and accounting software, the chances of unnecessary labor-intensive manual feeding of components that relate to each other are reduced – saving time and money.

With DBSync iPaaS, you can drastically reduce labor costs and the risk of human errors, which directly impacts business growth and improves automation.

Provide visibility to supply chain partners

For companies with multiple supply chain partners, ensuring they have maximum visibility is key to ensuring productive working relationships. Allowing inventory level visibility to the supply chain partners will help them manage customer shipments effectively. The best way to do this is by integrating inventory management and accounting software.

Aside from its symbolic role – that is, in showing that you trust your suppliers with important information – providing this visibility also has a functional role. Fusing the inventory and accounting software will allow supply chain partners to see your fluctuating inventory levels so that they can proactively ensure you have enough to fulfill customer demand.

Compiling accurate financial reports

Every business needs to check inventory stock with accounting data to avoid discrepancies. Accuracy is vital for key stakeholders and investors, not only accurate financial statements for tax purposes. If there are continual significant discrepancies, then root causes should be investigated. Integrating your inventory management system’s transactions with the back-office accounting system will help remove complications, mistakes, and delays.

Any successful business owner will understand the importance of regularly creating financial reports to identify what is working and not. This is a difficult task to do without accurate information about inventory and accounts, so integrating inventory and accounting software is the best way forward.

By integrating both software systems, business owners, inventory managers, and accountants will work more effectively together. More collaboration and communication can mean more effective decisions, and it is these things make your business superior to competitors.

Easy reconciliation of data

By integrating inventory management with accounting software, you can easily enable data reconciliation, which plays a vital role in business operations.

Tracking your inventory is one of the most complex and challenging automation to execute. As the number of sales and purchase orders increases, it becomes much more challenging to track inventory item movements and stock-on-hand updates. DBSync IPaaS solves this problem and ensures easy reconciliation of data across all applications.

Work with DBSync and reap more benefits, as mentioned below:

Better ROI

DBSync iPaaS is the best fit for your organization and value add and the right investment for solving all inventory management  issues while integrating with accounting software, making it an easy solution which is time-saving and cost-effective

Enhanced Automation

Integrating two of your business’s most vital software into one platform streamlines processes and with real-time solutions, the data available increases automation in the business. The crucial decisions can be based on the output from the integrated software, uncovering potentially valuable insights for inventory management decisions and also allows for efficient and accurate financial reports that can be obtained effectively through the integration.

Determining your business’s right inventory management system and a strategy for back-office integration requires assessing your needs today and your plans for future growth. To achieve maximum benefits, integrating inventory management and accounting software solutions should be real-time, flexible, transparent to users, reconcilable, and scalable.

Fast & Secured Integration

DBSync iPaaS pre-built templates assist you in connecting your accounting software to inventory management systems within minutes. Our in-built scheduling and queuing of data flow ensure critical business objects like customers, items, invoices, and orders are not duplicated, and integrity is maintained.

A delicate balance

DBSync iPaaS ensures a delicate balance in managing your inventory and the accounting related to it. As any seasoned inventory manager knows, striking a balance between holding too much and too little stock can be a daunting task. If you order an excess amount that exceeds demand, you will have valuable cash tied up in obsolete stock. On the other hand, failing to order enough inventory to meet demand will result in dissatisfied customers.

This is where integrating inventory management software and accounting software will come in handy. By combining the two, business owners and inventory managers will have more to work within more accurate analysis and insights into the company’s needs.

Such integration will allow for more accurate information, leading to improvements in sales forecasts and cash flow. Further, getting this information in real-time will enable inventory to be assessed accurately in line with demand, purchase orders, and sales. All of this comes as a given solution by using DBSync iPaaS.

Conclusion:

With DBSync iPaaS, you can leverage seamless integration to provide greater visibility into ordering and fulfillment, deadstock, and safety stock notifications. Product purchase forecasting can be done using DBSync iPaaS by analyzing QuickBooks sales data and correlating it with stock movement over a specified period. The real-time inventory replenishment and movement status can be synchronized with all enterprise applications to determine product availability and reduce shipment time and cost by notifying.

We at DBSync are excited to empower our mutual customers with greater transparency, reduced errors during fulfillment and in handling returns, which ultimately enables them to deliver a seamlessly accurate, transparent, and efficient experience for all businesses

Accounts Payable Automation with DBSync

Why AP Automation?

This is one of the common questions that we come across if a company should invest in automating their Accounts Payable process. Well, the answer is, many companies out there do this!

Let’s face the fact that many companies do face a lot of challenges handling this part of the business and list out a few significant problems

·         Poor data entry – With many departments involved during the procurement of materials, the data is provided through unstructured data like emails, documents, OCR, RPA, etc. How to keep track of all these without any human error intervention?

·         Approval process – With different levels of approval needed during procurement, people often have to wait for a timely response to process the requests. This is a significant roadblock of mid-sized companies stretching their wings wide.

·         Storage – When most of the organizations running on “Cloud” these days and organizations with non-digitized systems, storing the documents and retrieving them is a challenge.

·         Handling Fraudulent Remittance– Even with all restrictions and compliances in place, there are organizations that still face issues with paying the suppliers before the receipt of materials on double payments. In the healthcare domain, there are organizations working with receiving paper invoices due to HIPAA compliance where they can step into different digitized methods of addressing this issue.

·         Time & Cost – Looking at the above significant challenges the primary concern for any organization would be on time and cost. How much time is spent to address these issues and investment does an organization have to continue with their current business model?

This is where Automating your Accounts Payable with different online tools, and available integration platforms help to ease running a business 

·         Start planning and research on what are the online tools that are available which can help you address the issues that as an organization that you are facing. Taking advantage of having specific applications to manage and utilize efficiently is the first step to resolve your problems.

·         Having an xRM (This is an extension of CRM like Salesforce or Microsoft Dynamics 365, which are very configurable and metadata driven setup) in the house would help a business to segment many parts of the company. An xRM solution to a business not only manages Customers but also track everyone doing business with you. Building a customized CRM or having a platform which addresses these would help organizations to have data entry at one point and maintain all their records at one single system
I do understand just having an xRM / CRM wouldn’t resolve how you can automate AP, but that’s a start for any organization who is looking to roll-on for the first time.

·         Organizations would sure have an ERP or an Accounting tool to manage their financial data. Taking off some load on what accounting does is an excellent step to get things on track in saving a lot of time and cost.

·         They are using online applications to tackle warehouse, shipping and packaging, a delivery confirmation. Etc is part of any organizations now that are looking to streamline their business. Using specific applications to manage different segments of the system will ease the business and help to track the progress easily within an organization.

·         For Healthcare sectors, adhering to multiple compliances would be a challenge and using different digitized way to transfer data outside of the organization can be done over emails, secure FTPs, secure ways to payout can be addressed.

Well, talking all of above on how can one automate AP and multiple business segments. That’s why an organization would need a solution provider to help you integrate and have all these data manage across different platforms. Automating AP would ease business in generating vendor bill’s, maintaining the item receipts, tracking shipments, managing inventory, automating payments, etc. without much human intervention and human error.

Auto scheduling of payments, send out reminders, getting the best of the systems to manage approvals are at ease automating your largest business sector. All these can be done when you look out for different applications that are handling these exclusive tasks for you. 

These would ensure your accounting is not involved in every step of the process. As the data can be shared across multiple systems, accounting would never be a bottleneck for any of your queries. And to make sure this happens, integrating your data with the platform can ensure you are in the right direction.

There are many surveys conducted helping us to understand that close to 35% to 40% of time and cost is reduced having AP automation.

With Data accessibility you can generate all kinds of reports and dashboards to be on top of your business and making use of different BI tools to understand how things are working out for you at different segments. 

Integration tools out in the market help you connect different applications and all data available across the multiple systems. One can question why should someone choose so many applications and have an integration setup between them. Well, my answer to them will be “ how easy is it to live in a four-wall room when you are piling up.”

Integration platforms can make sure you don’t go through the hassle of maintaining data with multiple entries in different applications. There can be real-time integration to make data more available across the organization.

You can get many integration platforms but DBSync being in the elite club of iPaaS space proving integration solutions connectin a variety of on-premise or cloud applications is subscribed and recommended for automating Accounts Payable. With many templates explicitly built to integrate different applications that I have mentioned above, they can offer a solution to the problem of an organization. Having a platform which can be leveraged to solve multiple issues of an organization can be fulfilled through integration, and I firmly believe these folks can do it.