How small business owners manage their accounting

Managing multi-channel sales when you own a brick-and-mortar store and sell online is no easy task. Research shows that many small business owners feel that administrative work impedes their ability to carry out day-to-day tasks — business owners spend an average of 16 hours per week on manual administrative tasks, the equivalent of two full days of work. And accounting, invoicing, and revenue tracking is a significant part of the administrative work that needs to be done to keep a retail business running. 

The good news is that many tools exist that can help you run your business in a way that’s smarter, simpler, and quicker than manual bookkeeping. 

One of the best accounting options on the current market is QuickBooks — and for good reason. This handy software allows you to track bills, record payments, pay vendors and bills, manage multiple payments, handle payroll and tax filing, and much more. In fact, it’s the most popular small business accounting software on the market right now. You might need an accountant to help set things up and review your tax returns, but many small business owners find they can save time and money using this software. 

How to integrate accounting software with WooCommerce

So if you own a WordPress store and run WooCommerce, what’s the best way to integrate with QuickBooks accounting software? 

If you use a point of sale in your retail store like Oliver POS, which syncs directly with your WooCommerce store and allows you to manage inventory and export custom reports, you can directly export custom reports and sales data from our management hub to send to your accounting. 

While many POS systems allow you to export custom reports and sales data, as a store owner, you might prefer to automate your accounting and bookkeeping to keep things simpler. Similarly, if you’re a WordPress developer who helps set up eCommerce shops for clients, it might be helpful to have a tech stack on hand that can help your clients manage their business more efficiently.       

Accounting doesn’t have to be a struggle for online store owners. So how do you take advantage of the extensive features in an accounting platform like QuickBooks, and create an automated accounting workflow that syncs directly with your WooCommerce store? Enter MyWorks’ QuickBooks sync for WooCommerce — a powerful tool that allows you to sync WooCommerce sales directly with QuickBooks. 

Designed for beginners and advanced users alike, this tool allows store owners to manage their accounting directly inside WooCommerce. MyWorks’ Quickbooks sync supports all QuickBooks versions — including online and desktop — and what’s more, it integrates seamlessly with Oliver POS, providing an exhaustive management solution for your eCommerce retail business. 

Entrepreneurs wear many hats, and if handling accounting or setting up QuickBooks isn’t your strong suit, or you’re too busy, WooCommerce Accountants like Seller Accountant can take care of the accounting work for you. This allows business owners to concentrate on what you do best, knowing your finances are in expert hands.

https://www.selleraccountant.com/ecommerce-accounting-services/woocommerce-accounting-services/

– Tyler Jefcoat (Seller Accountant, CEO)

Syncing Quickbooks with Oliver POS and WooCommerce: A quick guide to setting up

Wondering how to get set up with MyWorks, so that you can sync your WooCommerce, POS, and accounting software? 

It’s easy! Just follow the steps below to get started.

1. Head to the back end of your WordPress site, and head to “Plugins>Add New”. From here you can search for both Oliver POS, and “MyWorks QuickBooks”, then install and activate each plugin. 
2. Once you’ve activated Oliver POS, you’ll be guided in syncing your WooCommerce products. 
3. Once you’ve activated MyWorks Sync, you can visit your MyWorks account and connect to QuickBooks.  
4. In your account, click the Connect button to connect to QuickBooks.
5. Log in to your Quickbooks account and click Authorize to finish connecting your site. 
6. You’re all set! Now every purchase you ring through in Oliver POS will sync directly to QuickBooks using MyWorks Sync. 

What makes MyWorks QuickBooks Sync for WooCommerce different?

Custom mapping

Map custom fields with ease with MyWorks’ advanced custom field mapping support. Includes tracking numbers, delivery dates, PO Numbers, and more. 

Flexible order sync options

You can sync orders to QuickBooks as a sales receipt, invoice, estimate, or create advanced rules based on your customer’s and payment gateway needs. 

Global tax and currency support

MyWorks’ sync software supports global tax rates. 

Two-way sync

Sync product data both ways – update inventory or pricing in QuickBooks and it will automatically sync to WooCommerce and Oliver POS. These softwares allow you to manage your products and inventory levels in real-time. 

Supports all QuickBooks versions

MyWorks supports QuickBooks Online, Desktop and POS, giving you full control to customize how your data syncs. 

Conclusion

As a small business owner, structuring things right from the start can save you time and money. Thankfully, fully integrated tools like Oliver POS, QuickBooks and MyWorks can make managing inventory, sales, and accounting in your WooCommerce store easier.