When you choose to use integrated accounting software for your business, there are several benefits that you will experience. It will help you streamline financial management processes, improve the accuracy of your data and save time and money.
Integrated accounting software eliminates the need for manual transfer of information from your ordering system to your accounting software. It will result in more reliable customer and vendor records.
When you integrate your accounting system, all the crucial data is stored in one place. It eliminates the need to transfer data from one software tool to another manually. It reduces human errors and gives you a more accurate, reliable financial picture of your business.
Integrated accounting software also automatically calculates job costs and sales commissions based on orders received, eliminating the need to manually input that information from your order management system into your general ledger. Moreover, they can link directly to your bank account and other financial platforms for payment automation.
A robust integrated accounting system integrates your point of sale terminal, inventory recording, and office expenses into a single software program. It eliminates double-entry and reduces human error. It also enables you to reconcile payments from customers and vendors on your accounting platform.
An integrated accounting system connects your business’s primary financial accounting functions into one application. It eliminates the requirement to keep different books for a general ledger, project accounting ledger, billing software, and inventory tracking program.
Moreover, it allows you to evaluate critical records like the vendor’s supply history, sales estimates, and more from a single dashboard and form smart business strategies. It also ensures higher transaction visibility on the customer and vendor sides by reducing duplication of entries.
As you integrate your accounting tools, giving your team members the time and resources they need to learn how to use them is crucial. It is where a knowledgeable IT partner comes in handy. They can help you plan the integration timeline and choose the best tools that will work together without causing disruptions to your workflows.
Integrated systems allow information to flow seamlessly from one module to the other. It eliminates the need for manual entry and reduces data-entry errors. It also helps to save time by automating processes like sending invoices, recording payments, and generating receipts.
Accounting teams often need help matching and reconciling payments to accounts receivable and accounting ledgers. It can be time-consuming and error-prone. Using a system that allows information to flow automatically from the payment processing software into the accounting software reduces this time and eliminates human errors.
Integrated accounting software allows business leaders to make informed decisions based on real-time financial data. It enables them to compare revenue, expenses, and costs against budgets and set KPIs for the future. It also helps them to track progress against the past and forecast business growth.
Integrated accounting software shifts all your company data to the cloud with layers of encryption and backups. It eliminates the need to spend money on expensive computer systems or hire workers who could be doing other important work instead.
Unlike standalone accounting tools that keep financial information separate from other business functions, an integrated accounting program allows teams to manage all tasks in one application. That includes integrating your CRM, inventory, and customer relationship management system with the accounting tool for quick access to contact information and invoicing.
The best accounting integration programs also allow you to synchronize your payments processing system with the accounting tool for automated billing and invoicing. Eliminates manual re-keying and reduces human error by providing a constant flow of real-time data.
Integrated accounting systems link major financial accounting processes like accounts receivable, accounts payable, and the general ledger into a single interface. It eliminates the need to re-enter data from separate systems manually and reduces human errors caused by duplication. It also ensures more reliable records for tax filing purposes.
For example, automated integrations between a point-of-sale terminal, inventory management software, and office expenses tracking software allow for self-balancing that eliminates the need to enter sales or purchase information multiple times. It saves employees time and the need to double-check that functions are consistent across systems, resulting in more accurate information and better decision-making. The system also provides real-time visibility so you can see your business’s financial situation anytime.