2016-09-19 00:00:00 Small Business English Managing your finances is important when running a Retail business, which is why Intuit QuickBooks have teamed up with Shopify. Find out... https://djnx69zjp3mvw.cloudfront.net/wp-content/uploads/2017/01/08220005/Screen-Shot-2016-09-19-at-2.43.41-PM.png Retail Why Cloud Accounting matters in Retail

Why Cloud Accounting matters in Retail

2 min read

If you’re running a retail business, you’ll know the importance of having an online, as well as an offline presence in order to be successful in today’s crowded marketplace.

But knowing which items are selling better than others is also key, and rather than create and set up time consuming reports that show you this, you could use a tool that gives you this insight straightaway.

That’s why we’ve teamed up with Shopify, so that you can experience full control of what you sell, how it’s presented and most importantly how you manage your finances. Whether you’re an online retailer, or selling in a shop, Shopify & QuickBooks have you covered.

At QuickBooks, we believe that staying on top of your accounts doesn’t need to take hours and hours to understand; especially when you could spend that time growing your business and providing even a better service to your customers.

In a few steps, we’ll walk you through some of the benefits of syncing your sales platform to your accounting software and how it can help you take charge of your business.

 

Save time

Every time you sell an item, whether through the online Shopify platform or using their new POS solution in-store, all the data gets recorded in QuickBooks. This includes items sold, VAT, payment fees and shipping expenses (if applicable). All this data is pretty seamless, so you don’t have to spend time manually keeping track of this in your books – your retail accounting is done for you!

 

Collaborate with your accountant

If you are using an accountant, you can allow them to access your QuickBooks for simple and effective collaboration, wherever you are.

Get an instant overview on your business

Using QuickBooks with Shopify also means that you can get real time data on your retail business and see how well you’re doing at any time.

Whether it’s creating reports or checking your cashflow while on the way to your retail stockists, you can make critical decisions there and then that are based on accurate information.

It’s cheaper than you think

Worried about the cost of accountancy software? You shouldn’t be. Your time is also money! There are flexible packages starting from £10 per month, and even if that’s a stretch for your startup, it is certainly worth investing in, as it will offer more and more value as you begin to scale up. The more sales you make, the more time you’ll save having an automated data sync between the tools you use.

 

Hopefully, the four points above give you some indication to why cloud accounting is important in retail. But the integration between Shopify and QuickBooks should make the transition as seamless as possible, freeing up time to do what you love.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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