For many small businesses today, who either are online or are planning to do so in the future, it is critical to provide their customers with the easiest and most comfortable way to pay for products or services. This means it’s highly likely many of your business clients are using different services to accept and manage payments.
Online and e-commerce businesses usually operate with high volumes of transactions, so adding more payment sources may increase these volumes incrementally. How many of these sorts of clients do you have? Probably a few. Then multiply this by the number of different payment gateways you need to collect data from by X times. In terms of accountancy, that’s a pretty massive variety of sources, and you need to bring financial data (such as payment gateways or e-commerce platforms) from all of them into accounting.
This article aims to bring an actionable solution to professional accountants that have long wanted to move their offline accounting online but couldn’t due to an absence of the necessary integrations, and those who operate with multiple clients at once. Below are some of the most prominent benefits that moving online can provide to your accounting practice.
Step 1 – Find the right technology solution for you
The right technology solution is key for your ability to scale for growth. But not every solution will benefit your accounting practice. It is critical for software to be able to scale for growth not only in terms of the ability to process the increasing amounts of transactions but also in the ability for a business to grow in the number of clients.
Wrong solutions lead to poor results
One of the two most frequent cases is to store all data in Excel and then transfer it manually into accounting. With the increasing amount and difficulty of transactions, this much manual work may cost you extra hours, your health and your sanity. Or you might use multiple software solutions to fulfil this task because the software you might be using to import payments into accounting may support a limited number of integrations. As a result, your software budget and the pains of new software adoption only increase instead of minimising the effort.
Step 2 – Consolidate data from all payment channels at no extra costs
Already including the most popular solutions, the list of Synder integrations is increasingly growing. But from now on, even if you are using something peculiar that is not yet in our menu, you can download your records from any platform into Excel and import them from Excel to QuickBooks or Xero accounting using Synder. This allows us to say that there’s nothing that Synder doesn’t support.
All you need is to simply download transaction data into an Excel file, import it to Synder, and synchronize with your accounting right away. There’s no need to search for and pay for another solution. In Synder, you can connect as many payment sources as you need to your QuickBooks or Xero accounting at no additional cost.
Step 3 – Have super-detailed data in your accounting to see a clearer picture of your sales and cash flows
Synder consolidates all your payment details in accounting and guarantees super-detailed synchronisation. Thus, you’ll always have at hand all the necessary data to analyse the performance of your clients’ businesses. The product makes it easy to provide your clients with comprehensive and accurate financial reports.
- Every time your clients introduce a new payment gateway into their business, it adds to the accountancy difficulty on your side, leading to errors in the books and making reconciliation a problem.
- You might spend too much time and effort transferring transaction data manually from Excel spreadsheets into accounting or buy the first new software you find online only to find out that it doesn’t integrate with this payment gateway. Then you need to search for and purchase another solution that would cover your needs.
- While Synder provides a vast list of integrations, it’s impossible to comprise everything at once. But that’s not an issue anymore. Thanks to the Import from Excel feature, you can easily bring transaction data from whichever platform you might have lacked in Synder to your accounting.