How to Select a POS System Integrated with QuickBooks
Free POS systems quotes
Let our experts get you quotes for POS Systems that integrate with QuickBooks.
When it comes to small-business accounting software, QuickBooks is undoubtedly king. Offering intuitive support for bookkeeping, inventory management and everything in between, it’s no surprise that this powerful tool is favoured by the vast majority of small businesses.
For many QuickBooks users, other types of business software are selected based on how well they work with QuickBooks. Nowhere is this more important than with your POS system, where the right QuickBooks integration can streamline your operations and elevate your business.
With so many POS systems offering support for QuickBooks, it can be difficult to know where to start as a prospective buyer. Selecting the right QuickBooks-compatible POS system ultimately depends on the specific needs of your business—but you also need to know what’s available.
We’re here to provide you with all the information you need to find the right QuickBooks-integrated POS system and take your business to the next level!
Key statistic:
Why Connect Your POS System With QuickBooks Accounting Software?
You might think that an integration between your QuickBooks Online account and your POS software will only offer support for your bookkeeping processes. In reality, the right integration will benefit your business far beyond accounting, assisting other areas like stock and reporting.
Here’s a glance at some of the unique features offered by QuickBooks-integrated POS systems:
- Advanced financial reporting
- Inventory management tools
- Ecommerce solutions
- Bank reconciliations
- Real-time sales data
- Customer data management
- Sales tax solutions
Which of these features are most appealing to you? Thinking about the particular needs of your business is the first step to finding a POS system that fits like a glove.
Most companies invest in QuickBooks-integrated POS systems to save time through automation. That’s a good enough reason to upgrade your POS software—but you should also consider the additional features offered by different POS systems that go beyond accounting.
With that in mind, let’s dive deeper into some of the most powerful features offered by POS systems that integrate with QuickBooks Online and QuickBooks Desktop.
4 Key Features of POS Systems That Integrate With QuickBooks
You know a POS-QuickBooks integration will automate the flow of sales data to your financial accounts, but how else can it improve your business? Below, we explore four key retail areas supported by QuickBooks-compatible POS systems.
1. Reporting
Much of today’s modern POS software is equipped with sophisticated analytics features that supply invaluable data about profitability to your business. The right QuickBooks integration will extend these functionalities to your accounting software, offering key insights into your finances.
Most QuickBooks integrations will automatically generate daily, weekly and monthly reports, providing a rough overview of your sales data. More advanced tools will allow you to view the performance of specific products and promotions as well as the activity of particular customers.
2. Inventory Management
With inventory syncing enabled, your POS software will automatically send product details and movements to your QuickBooks account, including purchase orders and stock adjustments. Just like that, sales, accounting and inventory will all tick along together with no user input required.
Real-time inventory tracking means you’ll also know when to reorder items that are running low. These insights are crucial to smart cash flow management, helping you strike a balance between having products available and not having too much money tied up in your inventory.
3. Bank Reconciliation
A good QuickBooks-compatible POS system will ensure your books match your business bank account—even when there are transactions that haven’t been processed yet, such as purchase orders, outstanding invoices and sales tax deductions.
All income and expenses related to your business will automatically reflect in QuickBooks, so you can rest assured knowing your reconciliations are in order. With the inclusion of pending transactions, you’ll also be able to get the most accurate and up-to-date view of your finances.
4. Payment Processing
The best QuickBooks integrations come with advanced payment processing capabilities that simplify the transfer of sales data to your financial accounts. Whether an item is returned, refunded or a customer pays with a gift card, all types of transactions are logged.
Most POS systems that integrate with QuickBooks also run on the cloud, meaning sales data is sent to QuickBooks’ accounting software as soon the transaction has been processed. Any connected device can be used for payment processing, adding extra flexibility to your business.
Productivity Tip
Which QuickBooks Integration is Best for Your Business?
While all QuickBooks-POS integrations perform the basic functionality of transferring sales information to your financial accounts, additional features can vary.
The answer to which integration is best for your business depends on four key factors:
- Your budget: Financial constraints will obviously dictate what POS software you can purchase.
- Your industry: Some POS providers specialise in hospitality, including restaurants and cafes, while others only manufacture retail POS systems.
- Your growth plans: It’s important to select a POS system that you can grow with over time.
- Your need for non-accounting related features: Which of the four key features outlined above are most important to you? Some QuickBooks-compatible POS systems will provide great reporting features but only limited inventory controls, for example.
Think carefully about your business needs before beginning your POS search. To make the most informed decision on your POS purchase, speak to a specialist in the field who can match you with a QuickBooks-integrated POS system that meets your criteria.
If you’d like to take the next step in upgrading your POS software, we’re here to help. Simply answer a few short questions about your business here, and our consultants will get back to you with a range of personalised quotes for QuickBooks-integrated POS systems, free of charge.
Is QuickBooks Compatible With My POS System?
Given that QuickBooks is the market leader in small-business accounting software, most modern POS systems offer integrations with the software. If you’re unsure whether your POS system is compatible with QuickBooks’ accounting software, contact your POS provider and ask or search for the integration online.
How Do I Integrate My QuickBooks Account With My POS System??
Integrating your compatible POS system with your QuickBooks Online accounting software is easy. Go to the QuickBooks App Centre and download the integration for your chosen POS software. Then, sign in with your POS details to synchronise the two accounts.
What Are the Benefits of a QuickBooks Integration For My POS System?
A QuickBooks-POS integration will automate the flow of sales data to your financial accounts, saving time and reducing human error during bookkeeping. Advanced QuickBooks-integrated POS systems can also support inventory management, reporting, bank reconciliation, payment processing, sales tax returns and customer management.
Which QuickBooks-Integrated POS System is Best for my Business?
Factors to consider when selecting a QuickBooks-integrated POS system include budget, business model, scalability and what you need from a POS besides accounting features. The right QuickBooks-POS integration will meet your current needs and provide a platform for future business growth.
