Can Electrician Accounting Software Integrate With Your Financial Software?
Electrician accounting software can very easily integrate with existing financial software. More likely than not, you are already using advanced financial software to keep track of business expenses, income, cash flow, and more. Accounting software is generally compatible with the most popular financial software, such as QuickBooks Desktop, QuickBooks Online, and Sage50 Canada.
How Does Integration Work?
Integrating your accounting and financial software can be done at the push of a button. Using a special program, the data from your financial software can be transferred to your new accounting software and can be continually synchronized to keep both applications up to date. This integration process is the same no matter how much data needs to be transferred from one application to another.
What Are Some of the Main Features of Integrated Accounting Software?
There are several important features of integrated accounting software. One of the main highlights is the two-way synchronization between your accounting software and other job management software you may be using. For example, the service software you use to manage your electrician business may have specific applications for job site management and customer information, which can be synchronized to your accounting application.
Other major features of integrated accounting software include synchronization with invoicing and payment applications. If your job management software can transform invoices into timesheets for employees, you can also more easily process billable hours and pay your employees more accurately. You can also configure the imported data for specific accounts to improve customer information management.
Why Should You Integrate Accounting and Financial Software?
The main advantage of integrating your accounting and financial software is the ability to access all of your important data from one software program. Instead of wasting time checking different applications, integrated software gives you accurate access to all information around the clock, whether you are accessing information from applications like QuickBooks or you are accessing information from other accounting software. Other benefits include:
Reduce Data Entry
In general, using accounting software can greatly reduce the amount of data entry your accounting employees must keep track of. While manual data entry is cumbersome at best, it also carries the risk of human error that can have a great impact on the productivity of your business and the accuracy of your accounting records.
However, accounting software typically includes features that reduce manual data entry, such as automated payment and expense reports. Instead of every claim being entered manually on the ledger, accounting software allows the ledger to be updated by synchronizing the accounting software to financial applications, including payment processing applications. Ultimately, this benefit increases the accuracy of your financial reporting each quarter.
Customize Workflows
Accounting software allows your administrative team to customize workflows for transactions. Essentially, this means that each transaction root can be identified and added as part of a customized workflow, so bookkeeping data can be tracked more accurately. Because customizing workflows is a partially automated process, this also means that there are fewer human errors on the books.
Customizing workflows makes it much easier to track completed transactions. With this feature, your accounting staff can track who initiated the payment for a service or track payments made to other vendors. The digital trail for these workflow maps can also make it easier to track outgoing expenses, so you can tighten the budget for your business.
Improve Automatic Data Updates
Another important benefit is automatic data updates. If you want your accounting team to stay on top of the financial activity of your business, then automatically updating data for the accounting software will enhance the accuracy of your bookkeeping. Automatically updating data provides real-time synchronization of all accounting information on all financial software used by your company, while also ensuring accountants are always looking at the most accurate data.
Part of automatic data updates is automatically backing up your data. Whether your data backup is stored on a cloud or some other server, it's essential to back up data as often as possible so that your bookkeeping records are always accurate, even if something happens to your main computer systems. Automatic updates keep the payment information for various customers and vendors synchronized so your accounting team is always productive.
Create Automate Payments
Integrated accounting software also allows for automated payments. If you have recurring business expenses, such as purchases for equipment from other vendors, your accounting team can set up a customized workflow to automate payments to bypass some of the lag time between requesting approval for the purchase and placing the order.
Close Books Quickly
Finally, integrated accounting software allows your business to close books more quickly. Closing accounts and balancing bookkeeping sheets can be a time-consuming process when outdated financial software is used. However, because of all the partial automation in integrated accounting software, your accounting staff can more quickly complete these bookkeeping tasks.
Not only does this help your business keep books balanced, but it also allows your accounting staff to devote more attention to tracking workflows. Since the synchronization from other systems is automatic, your accounting staff will spend less time unraveling old payment data. Furthermore, using integrated accounting software to close books more quickly significantly reduces complications in your system and helps your accounting staff be more productive.
Integrating your electrician accounting software with other financial software can be a great help in improving the overall productivity of your business. The integration process is simple when you are using compatible software applications. Some of the benefits of integrating your accounting software include reduced data entry, customized workflow, and partially or fully automated processes. Contact Service Box for a free accounting software demo today.
