The Flag of the United States of America

What Is an Integrated Accounting System and How Can It Help Your Business?

An integrated accounting system is software that receives a constant flow of data and combines major financial accounting functions into one application. It interconnects the reporting activities and eliminates the need for separate books for recording orders, costs, expenses, and other accounting transactions. It helps your business to interconnect reporting activities to different functional areas such as POS terminal, inventory management, and office expenses.   

It is regarded as one of the modern technologies in accounting processes that have made handling files and numbers much easier. It will allow your business to upscale and modernize by providing greater control over financial activities. An integrated accounting system helps to find out the marginal cost, variances, and other abnormal costs and supports the merchant to control the liabilities and expenses of the business. It provides detailed information regarding each cost, expenses, accounts payable, accounts receivable and prepares profit and loss account and balance sheet for your business. This capability to process all information and provide a uniform flow of data provides a competitive advantage and greater control over the financial process for your business and becomes more lucrative in performance. 

How Does an Integrated Accounting System Work for Your Business? 

Accounting Integration can reconcile all the financial records in a real-time and accurate way. It is a cloud-based software that eliminates human error and the need to reconcile all the financial information by avoiding manual data entry from one system to another. This means information once entered and shared with other modules is updated in a database in real-time and can be accessed anytime. Moreover, it helps you to make data-driven decisions with accurate information on time.  

An Integrated accounting solution can access data from POS terminals or inventory management modules and your business can enjoy “all-in-one” functionality from the software. Some of the key functions performed by integrated accounting software are: 

  • Record and Update everyday Billing and Bookkeeping 
  • Maintain and record accounts payable and accounts receivable 
  • Maintain general ledger 
  • Process payments electronically 
  • Manage employee’s payroll 
  • Bank Reconciliation (Comparing cash balance of the company books with bank statement) 
  • Maintain Purchasing orders 

The secondary functions of integrated accounting are debt collections, manage the company’s payroll, timesheet management connected with Enterprise Resource Planning (ERP), customer relationship management (CRM), or inventory management. 

What are the Benefits of an Integrated Accounting System for Your Business? 

An integrated accounting system gives greater efficiency and control for your business; thus, it is considered worth purchasing and learning how to use it. However most accounting software is user-friendly, you might need to give your staff training and time to learn how to use it.  

Let’s look at the core benefits that integrated accounting provides to business and helps it grow and modernize: 

  • It minimizes the need for manually entering numbers into the system and will save a lot of productive time and reduce human error. You do not need to ask your accounting team to re-enter and re-calculate numbers to balance new figures against them. 
  • The accounting integration software shows you a clear picture of your business. It helps you to verify job costing and other expenses and makes your job much easier as compared to doing them traditionally.  
  • You will be able to view far insight on your company’s financial situation. With accurate data and real-time information, you can view your business forecast and back up your data-based decisions.  
  • Using modern accounting software is an effective way to keep maintain good relations with suppliers, be competitive in the market, and boost your business revenue.  
  • Accounting Integration ensures higher visibility of transactions and closely monitors payments. It speeds up the process to post receivables and improves cash flow. Moreover, it provides you a snapshot of supply history, sales estimates, payment processing, and other information and builds smart business strategies.  

Integrated Accounting Software Solution Available for Your Business 

It is very important to consider the integration function before selecting any accounting software. Integration function allows you to add and pull data from any bills and invoices, payroll, tax system and minimizing the chances of an accounting error and data redundancy. 

In this process, we have analyzed the integrated accounting software feature to help you identify their integration capability.  

  1. Xero 

Xero is cloud-based accounting software that allows users to manage accounting processes such as invoicing, payment processing, purchase order, and inventory management. Xero has a special expense management functionality, which allows you to maintain a record of receipts, track claims, reconcile cash statements with a bank statement and monitor expenditure in real-time. This software provides a payment management function and allows users to make bulk payments for payroll and product invoices.  Moreover, your employees can add their timesheet and send payroll invoices within the system,  

The key functions of Xero integrated accounting software are: 

  • Provides POS terminal for payment solution 
  • Inventory payment processing 
  • Payroll solutions for employees.  
  1. MYOB 

MYOB is one of the accounting software that has been providing bookkeeping and cloud-based accounting solution since 1991. It is one of the dominant players in accounting software and provides a cloud-based booking solution. This software is designed for businesses that are new in the market and where the merchant does not have any previous accounting information. It has a user-friendly interface and uses simple phrases like ”money-in” and “money-out”. It has an efficient customer support system and has uploaded online training videos to maximize the use of the software.  

  1. QuickBooks 

QuickBooks is accounting software that offers end-to-end accounting solutions for any type of business. Accounting tasks like payroll, payable, inventory tracking, etc are easily managed via this software. You can add any specific accounting features as per your business requirement via QuickBooks and help your business grow. Thus, you can easily add all your expenses, including multiple transactions from different bank accounts.  

QuickBooks provides industry-specific report templates; thus, you can prepare the financial report in your version and make improvements wherever required.  

  1. Billingbooth 

Billingbooth is a cloud-based accounting solution that offers integrated solutions with other accounting software such as QuickBooks, Xero, sage, and many more. Its key features are invoicing and payment, order management billing, and prepare financial reporting for small and mediums sized businesses. It generates periodic invoices and sends them out automatically. With its reporting tools, you can analyze financial information in current and past days and review monthly reviews. It helps you prepare a customized invoice with your business logo and theme color.   

  1. ConnectWise 

Connectwise is a business management platform that provides more function than an accounting solution. Along with tracking, billing, recording, and invoicing, it provides services like sending marketing campaigns, cloud application management, customer relationship management, and service level management. It is designed to connect every technology software you use for your business and provide better business, discover full-visibility billing, and handle handoffs without hiccups. 

Conclusion 

An integrated accounting system makes the accounting process easier for your business. Rather than manually entering information, the accounting system automatically receives a constant flow of data and provides up-to-date financials. By syncing up your accounting software with the CloudBanking payment platform, you can securely connect and access your information in the cloud. You can automate your payment processing and reconciliation and save your values time and resources. 

inquiry

    © Copyright 2020 CloudBanking Ltd. All Rights Reserved.

    ecommerce pricing comparison table

    pricing comparison table

    ACCOUNTING SERVICES

    Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

    Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

    HIGH RISK

    Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for a high-risk industry? Don’t worry! CloudBanking got you covered.

    We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

    Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industries.

    HEALTH AND WELLNESS

    Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for the health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security, you need; we can guarantee you streamlined business operation.

    In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

    FIELD SERVICES

    Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

    Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

    RETAIL

    The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

    Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

    PROFESSIONAL

    CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

    We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.