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Read More >>Are you one of the 29 million small businesses in the U.S. using QuickBooks? If so, you need a POS system that integrates with QuickBooks.
What is QuickBooks POS integration? This type of integration automatically syncs POS data with your accounting software. By linking your POS and accounting software, you’ll save time and improve accounting accuracy.
The good news is that most modern POS systems integrate with QuickBooks. For example, FTx POS includes two QuickBooks integration options:
- A direct integration (automatic syncing)
- A manual integration (offline, manual upload)
Ultimately, agile businesses need a POS system that is compatible with QuickBooks. QuickBooks integration eliminates the need for manual data transfer. And it can save you countless hours in reporting and accounting.
Understanding QuickBooks-POS Integration Options
A QuickBooks-POS integration instantly improves your efficiency. In fact, one study found syncing your POS and accounting software saves the average small business 300 hours per year!
That equates to about $15,000 in savings.
Therefore, the best type of QuickBooks integration is direct, automated integration. Here’s a look at the two most common ways to integrate QuickBooks with a POS system:
Direct Integration (Best Option)
With this option, you create a secure link between your POS platform and QuickBooks. This connection automates data syncing between these two platforms. For example, a direct connection would send this data from your POS to your accounting software:
- Every recorded sale
- Item details
- Quantities sold
- Prices
You can also sync customer data and inventory data. But a good POS system will include tools like a POS CRM database and POS inventory software. So, therefore, you don’t need a third-party integration.
Ultimately, direct integration improves data accuracy (e.g., no manual entry errors). It also gives you faster insights and can improve your POS reporting.
Manual Integration (Secondary Option)
In a manual integration, you would download sales data in a CSV file. This file would contain data like date, item, quantity and price. Then, once you’ve downloaded and formatted the data, you can import it into QuickBooks.
The big disadvantage to a manual connection is time. This type of integration requires daily, weekly or monthly syncing.
Plus, for accurate records, you may have to customize the formatting of the data. For example, you might have to rearrange columns or format dates or monetary values correctly. Therefore, it’s time-consuming and prone to errors.
Direct vs. Manual Integrations?
Generally, we recommend direct integration for businesses. The reason is simplicity and improved accuracy. Once you establish and test the connection, you’ve successfully automated accounting.
Is manual integration useful?
For a business with low sales volume, manual integration might work. And if your POS system doesn’t integrate with QuickBooks, manual syncing is your only option. We only recommend this set-up as a temporary solution for businesses with a low sales volume.
How to Integrate Your POS and QuickBooks
Setting up a direct connection with QuickBooks is straightforward. If you’re using FTx POS, follow our step-by-step instructions for integrating with QuickBooks Online. Generally, for all POS systems, the process is similar.
If your POS is compatible with QuickBooks, you can:
- Locate the Integration Feature: Find the settings or integrations menu within your POS system. In FTx POS, that’s in our backoffice management dashboard Control Center.
- Connect to QuickBooks: Provide your QuickBooks login credentials to establish the connection. You may also have to add your QuickBooks API key.
- Map Accounts (Optional): For some integrations, you may need to define how data is categorized in QuickBooks. For example, sales mapped to the income account.
- Initiate Sync: Start the data flow between the two systems (can be real-time or scheduled).
After you’ve set up the connection, be sure to test the connection. Make sure that data is synced correctly and that financial records are accurate. You should also plan to train your staff and monitor the integration for accuracy.
Best POS Systems that Integrate with QuickBooks
In the past, QuickBooks had its own POS system. However, QuickBooks POS was discontinued. Therefore, every business that uses QuickBooks needs to integrate the software with their POS. Some of the best QuickBooks-compatible POS options include:
1) FTx POS
FTx POS offers two options to sync. A direct integration with QuickBooks Online and a manual data syncing option. Our Pro and Enterprise plans include this accounting integration. And we offer easy instructions and on-demand support to guide you through setup.
FTx POS is an all-in-one solution. You can manage your entire business through our POS suite. In addition to QuickBooks, we offer third-party integrations for payroll and Microsoft Dynamics. Plus, we offer first-party integrations for:
- Loyalty
- Customer records
- Inventory management
- Digital signage
- Ecommerce
- Integrated card processing
- Scan data reporting
2) Square POS
Square offers a user-friendly integration process for both its free and paid plans. You’ll find documentation online to guide you through the setup. Or you can attempt to get their support team on the phone.
3) Shopify POS
Shopify shines for businesses that already have a Shopify online store. The integration allows you to manage your in-person and online sales within a single platform, automatically syncing data with QuickBooks. This makes it ideal for businesses with an omnichannel sales strategy.
4) Lightspeed
Lightspeed offers separate POS systems for retail and restaurant businesses, ensuring industry-specific features and functionalities. Both versions integrate with QuickBooks.
5) Toast POS
Toast is a popular choice for restaurants. Their integration with QuickBooks is designed specifically for the restaurant industry, ensuring accurate data transfer for sales, labor costs, and food costs.
In short, don’t consider POS software without a direct integration option with QuickBooks. This will save you countless hours and improve your accuracy in financial reporting and accounting.
Wrapping Up
The advantages of a POS system that integrates with QuickBooks are clear. Huge time- and cost-savings, improved data accuracy, and better reporting. However, if a direct connection isn’t possible, at the very least, you should consider manual syncing your data.
Ultimately, no matter the type of integration you choose, it can impact your bottom line. All of the time you used to spend on manual accounting tasks can be freed up to focus on strategies to increase sales.
Have questions about FTx POS and QuickBooks integration? Contact our sales team today to learn more.
FAQs
There generally aren't direct fees associated with the basic integration itself. However, some POS systems might have monthly fees or transaction fees that could be impacted by using the integration. FTx POS offers free QuickBooks integration in our Pro and Enterprise plans.
A well-developed integration shouldn't significantly slow down your checkout process. However, internet connection speed can play a role. If your internet is slow, there might be a slight delay during data transfer.
The data transferred typically includes sales transactions, customer information, and inventory updates. Some integrations might offer customization options regarding specific data points you want to sync. Consult your POS provider's documentation for details on their integration and data transfer options.
During an internet outage, data won't be transferred in real-time. Most integrations will queue for the data locally on your POS system and automatically sync it with QuickBooks once the internet connection is restored. For extended outages, you might use manual sync.
Generally, you shouldn't need major changes to your existing chart of accounts in QuickBooks before integrating. The integration should map the data from your POS to corresponding accounts in your chart of accounts. However, it's always good practice to review your chart of accounts and ensure it accurately reflects your business needs.