Everything You Need To Know About Shopify Integration With QuickBooks

Establishing your E-commerce entity on Shopify is like paving your business to a plethora of possibilities. Business owners on Shopify in Dubai specifically, are always looking forward to broadening and making their store more efficient through such possibilities, i.e integrations. There is one for each role of the business, sales, marketing, administration, and more. In this blog, we will delve into one such integration which is instrumental for the accounting of the business, Shopify-QuickBooks integration.

Let us first take a quick recap of both the entities individually and then how the integration helps.

An overview of Shopify and QuickBooks:-

Shopify 

Shopify is the No.1 E-commerce hosting software in the market in the status quo. On Shopify, one can operate easily and do everything from, promotion of the online store, to selling and shipping the goods to customers. The cloud-based software harvests all of this on a monthly subscription model under a stable pricing plan. An admin panel is provided to the business owner where they can feed data, add products and process orders. Shopify has many dynamic features and yet has an easy learning curve so that a store is up, assembled and running quickly.

Shopify can be molded easily as per the business of the user, be it fashion and apparel brand, musical instruments, gadget and technology, food and dietary supplements, household appliances, regular accessories and more. Shopify has helped merchants from over 175 countries to realize their dream of an E-commerce brand.

QuickBooks  

QuickBooks is a monetary administration platform that possesses a monopoly on the accounting programs deployed for E-commerce platforms. It is a full-featured financial management suite for businesses. It is inclusive of tools for accounting like inventory, payroll, filing tax, invoicing, tracking bank account, reconciliation, managing expense, budgeting, processing payment, account receivables, and account payable management.

Since it is built to serve businesses of all kinds, for a small or medium-sized business, the tools can often be overwhelming and therefore it has apparently an exhaustive learning curve. However, you must know that not all tools are applicable for E-commerce business, and one can delve only into what is applicable and required in their business.

How does integrating Shopify with QuickBooks help business owners?

Integrating Shopify with QuickBooks offers business owners the following benefits:

(1) Synchronising the information

Physical or manual accounting of your internet-based business is bound to take a lot of time, crumble your finances and be prone to manual errors. Therefore, to negate that, integrating your Shopify store with QuickBooks is your best bet. It will replace manual efforts with mechanization and automation, i.e your receipts, like your payments, keep up with your orders and the inventory management gets updated as per the client’s order.

(2) Accuracy of accounting  

A great business must always stick to the right numbers. You may not know it but excellent accountancy keeps the store user-friendly.  Because only when you are well aware of the performance and revenue of your business, only then you can take constructive actions for the future. It lessens your burden with respect to time and work. It gives you an accurate picture of your business.

Is Shopify Compatible with QuickBooks?

Yes, Shopify is compatible with QuickBooks. With a single snap, you can transfer your Shopify sales to QuickBooks without any hassle.

How to sync a Shopify account with QuickBooks Commerce?

One can sync their Shopify account with QuickBooks Commerce and manage their Shopify products, stock levels and sales orders through QuickBooks Commerce.

Before you get started, ensure that each of your products and variants has a unique SKU, since QuickBooks will use those SKUs to identify and link inventory between Shopify and QuickBooks Commerce.

Also, ensure that you are not currently using any other application or integration that updates your inventory levels. If you do, kindly uninstall them.

• To start, on your QuickBooks account, go to the ‘Browse Apps’ section and search for Shopify.
• Press on ‘Install App’
• Select the number of stores you have from the dropdown menu and enter your store’s address.
• Select ‘Connect Shopify’ and your Shopify account’s admin page will open on a new tab.
• Grant QuickBooks Commerce access to your Shopify account so that it can manage your inventory.
• Note: QuickBooks Commerce will not import any orders created pre-installation.
• You are now all set to sync your products.
• From the installation wizard, choose how you would like your product information to sync between QuickBooks Commerce and Shopify.
• If you select ‘sync all product information, QuickBooks Commerce will control inventory and product details for your business, which means that any future updates that you want to make to your Shopify products, must be done from QuickBooks Commerce.
• If you select ‘Sync product prices and stock levels only’, QuickBooks Commerce will only control your product prices and stock levels. This is the most common option.
• If you select ‘don’t sync any product information then QuickBooks Commerce will not change, update or publish any of your products to Shopify. It will only import and manage orders from Shopify. This means you will have to manage all product information on Shopify only.
• Review your integration settings cautiously.
• If everything looks good, select ‘Confirm’ and QuickBooks Commerce will start importing information.
• You will be able to see the status of your orders as they are imported.
• Usually, it takes only 10 to 20 mins. To complete the import but if you have a large number of products, it can take up to a few hours.
• Do not change settings while you wait.
• If you want to see the status of your integration and sync, go to ‘My Apps’ and select your Shopify store.

There you go!

Your Shopify-QuickBooks integration is complete and now you can manage and account your Shopify store with QuickBooks Commerce.

What does Shopify-QuickBooks Integration offer?

(i) Exporting your Shopify orders into QuickBooks Online as a Sales receipt 

You can rapidly import each of your orders and discounts from Shopify into QuickBooks and by doing that it incorporates clients and products related to the request. Furthermore, you can send out information chronologically from as far as you can imagine from Shopify into QuickBooks. Thus, with a single click, you empower requests to be constantly sent out.

(ii) Automatically send out your charges and payouts for QuickBooks Payment Shopify  

After downloading the application, you can enable this setting so that your Shopify Payments expenses and payments get entirely and consequently traded to QuickBooks Online.

(iii) View export rundown and record adjusts

Once you trade your Shopify orders into QuickBooks Online, you will be given a full summary of all the Shopify orders and their cumulative worth. You can also see a breakdown of your products and the revenue you have generated from them.

(iv) Line products and taxes get automatically traded

Each request one trades from Shopify into QuickBooks automatically incorporates all details and charges (inclusive of delivery) so that one does not have to worry about adding them in.

The integration also allows you to pick a current record or make another one to bring your request information into, which incorporates having the option to order your gifts voucher sales in a responsibility account.

The Shopify-QuickBooks integration offers the fundamental benefits of mechanization, that is precision and effectiveness, giving you an opportunity to channel your energy on your E-commerce business.