Robust bookkeeping is a fundamental cornerstone of any successful business. That’s just as true for an e-commerce store as it is for a brick-and-mortar one since maintaining competent records of your sales, overheads, and cash flow is required by law for any commercial entity.
It’s no surprise, then, that 64.4% of small business owners use accounting software to manage their finances. As one of the UK market leaders, QuickBooks offers an integrated solution to balance the books of your e-commerce store, combining exemplary records with automated updates and synched services to ensure you stay in the black and out of the red.
Accounting acumen
First and foremost, QuickBooks brings simplicity and strategy to the accounts of your e-commerce store. QuickBooks makes managing your finances fast and straightforward, whether it’s managing the payroll, synching your orders, or preparing your records for filing with HMRC.
It also comes with a range of handy features, including payment support, refund monitoring, and live chat to discuss any issues you might be having. With a dedicated community on hand to provide the answers you need, it’s an excellent aid in bringing your finances under control.
Integrated manufacturing
One crucial aspect of any e-commerce operation, which is often overlooked, is the manufacturing department.
However, staying on top of your inventory of raw materials is crucial to ensuring that you don’t run out of stock on your product range, thus keeping your customers happy and avoiding any stress during busy periods.
While QuickBooks cannot seamlessly manage your inventory on its own, you can enlist the help of a third-party app such as Katana, which can integrate QuickBooks with your bill of materials. This gives you the ability to keep track of your factory floor and automatically re-order new materials as and when you need them.
Employee productivity
When your accounting efforts exist in silos, it creates much more legwork for your workforce. If, for example, the payroll is handled by a different software package than invoicing, it will involve data input into multiple different systems. QuickBooks eliminates that inefficiency by combining all of your financial management needs into one simple solution.
When employees aren’t asked to spend their hours toiling over an inefficient way of doing things, you’ll find that they’ll be freed up to tackle more important projects. This will boost their productivity and increase the value of their labor and result in staff members who feel more challenged and thus more engaged and more content in their respective roles in your workplace.
Reduced stress
According to a recent study, one in four self-employed households experience heightened stress levels due to their choice of career path, with worries over money issues (including tax submissions) a chief reason for that phenomenon. With software like QuickBooks in your corner, the margin for error that every human employee brings with them is eliminated.
This means that not only will your accounts be more accurate, but that you’ll be subject to less anxiety in the process. Relying on an app like QuickBooks that automatically updates your records in real-time as transactions occur keeps your bookkeeping up to date in a way that even the most accomplished human accountant never could. That’s efficiency and accuracy in one neat package.