Business accounting is at the heart of good business operations. Without good and accurate accounting you run the risk of running into losses and that too without even knowing. For this reason, understanding your accounts is one of the most crucial aspects of your business that every business must realize. But as the businesses expand, complexity increases, and new challenges arise that must be tackled efficiently to progress. From an accountant's point of view more business accounts to track and maintain and their consolidation from different touch points as the business expands its horizons.
This increasingly complex structure of business, thus, demands a careful analysis of its ever-changing requirements and then employing suitable resources to handle them. Managing different aspects of business is carefully handled using various different business solutions each developed for a specific purpose. For example, in a retail environment where you must be using a retail management solution to manage your sales and inventory, you need an accounting solution to manage your account as well. In such business dynamics where various disparate solutions are involved, the need for accurate synchronization between them is required to enable the management to realize a unified business management.
This article will discuss the accounting requirement of your retail operation in light of the need to represent the retail and sales transaction data in different business accounts and how an integration solution by the x2xeCommerce called The x2xEcommerce RMH-QuickBooks integration solution enables this.
What is the x2x RMH-QuickBooks Integration solution?
The x2xeCommerce RMH-QuickBooks is one of the integration solutions offered by x2xEcommerce, a company with expertise in providing integration solutions in the domains of ERPs, POS, and eCommerce platforms. The solution allows the retail businesses utilizing RMH to align their financing operations in QuickBooks with their RMH transaction to help them take a step towards establishing an autonomous and unified business management system by integrating the two solutions. The x2x presents this solution as a comprehensive and customizable solution understanding the diverse spectrum of business needs: the solution offers different modules and features that the customer can select as per their requirements. Some prominent features that specify the comprehensive nature of this solution are discussed further below in this article.
Account mapping with the x2x RMH-QuickBooks Integration
The foundation of an integration solution lies in how it syncs the two databases which is defined using the data mapping. The x2x RMH-QuickBooks solutions offer extensive mapping facilities to user to allow for greater flexibility in mapping accounts as per their needs. The users can map accounts from the following segment.
Sales
Inventory
Purchase
Rounding
Furthermore each of these accounts section lists sub-parts and their accounts for account mapping to the lower hierarchy in the chart of accounts. This way the user can ensure a comprehensive mapping of their accounts.
Opening dates
If you’re using the RMH for quite a while then you must have a lot of transactional data and most likely you won’t want to bring all the data to QuickBooks. First, most of the older data is no longer required and secondly, if you bring all the data then it’ll unnecessarily slow down the system. The x2xeCommerce RMH-QuickBooks integration Solution allows the user to select the opening dates which then bring the transactional data only after those selected dates. The user can select the opening dates for the following
Sales
Purchase order
Inventory transfer in
Inventory transfer out
Inventory adjustment date
General ledger preview
Valuing accountability and transparency the solution provides an overview of the general ledger for closed batches in RMH enabling the user to check how their accounts are being hit with the given RMH transaction in the general ledger. Furthermore, this view of the general ledger is actively aligned with the enabled modules in the preference settings. This feature, therefore, allows the user to check for any accuracy and make relevant changes before the transactions are sent to QuickBooks.
Email notifications
When it comes to accounting ensuring that your system is working fine and accurately is necessary and any error must be corrected immediately. The solution has an in-built functionality to notify the user by email and keep them updated wherever they are. This is particularly useful to bring attention to any errors so that they can be corrected on an immediate basis. Your trust in the system implemented to manage your business operations is crucial to providing peace of mind and when you’re sure that none of the errors will go unnoticed with email notifications you can attain it. This feature allows the user to:
Select the modules they want to have activated for email notifications
Select whether they want to receive all notifications or only when any error occurs.
Conclusion
Business accounting is a demanding process that requires great attention to minute details. If your accounts are not properly maintained then you can be misled to make wrong decisions. Furthermore, having an account maintained properly is required for proper tax compliance. The requirement for such integrity of data is further enhanced when the need to maintain such transactional data across multiple solutions arises. The x2x RMH-QuickBooks is a great solution to meet such demands allowing your accounts consistent across disparate solutions and achieve a unified management system.
If you’re looking for other solutions then the x2xeCommerce also offers other integration solutions as well. An example of another solution by the x2xeCommerce includes The x2xeCommerce RMH-Shopify Integration Solution. If you’ve any queries or want a free demo feel free to reach out to the x2xeCommerce team.