Every Magento merchant can record and process accounting transactions with much higher efficiency due to the Magento 2 accounting software integration. It is possible to leverage various functional modules including accounts payable, general ledger, trial balance, payroll, and others to automate multiple routine processes and push accounting workflow to an entirely new level. In the following article, we shed light on the crucial nuances of accounting systems and describe how to integrate Magento 2 with accounting software.
Let’s try to understand the purpose of accounting software in your daily routine. First of all, it is necessary to figure out the main functionalities. Since every accounting software solves multiple problems, a single accounting platform usually consists of numerous apps developed to perform various actions. Generally, they gather, record, summarize and store financial data of the whole enterprise and provides its interpretation. As a result, the amount of effort you have to exert in computing data is dramatically reduced, and financial reports are produced automatically in the shortest time. Immediate analysis of cash flows is another significant benefit, but what about the Magento 2 accounting software integration?
The answer is quite simple: you need a third-party solution to connect the two systems together. Therefore, we’d like to introduce you to the Improved Import & Export Magento 2 extension, which is designed to transfer all the necessary information between your e-commerce store and ANY chosen accounting software. We will return to the module soon. Now, let’s dive deep into accounting software exploration.
Since different accounting systems have a different feature set, it is hard to combine all accounting software nuances in one list, but some aspects are common to all tools. They include:
Automatic Data Backups to keep your data safe and always available;
Budgeting and Forecasting to provide you with the ability to make informed decisions;
Check Printing to simplify your daily routine and reduce unnecessary steps accelerating the workflow;
Comment Capabilities to let you and your employees find mutual understanding;
Cost Predictions to let you make better decisions;
Customizable Reports to transform the analyzed data following the unique requirements of your business;
Fund Accounting to control your funds and all related financial activities;
Password Protection to keep your precious data safe.
Note that each accounting system usually introduces many more features.
Accounting Software Types
Multiple types of accounting software are available nowadays. Depending on your business needs, you can find a system that perfectly suits your company. Let’s explore different classifications.
There are three types of accounting software by deployment
Software as a Service (SaaS) – your accounting system is provided online via a subscription;
On-Premise – your accounting system is bought and installed on individual computers;
Hybrid – the mix of the previous two types.
When it comes to the level of customization, we can also highlight several types of accounting software:
Commercial off-the-shelf systems can be used right after the purchase. They are hard to customize but can be configured according to your needs;
Enterprise accounting systems can be customized according to the specific needs of your business or used as they are;
Custom accounting systems can be developed from scratch for your particular enterprise.
Note that the more customizations are involved, the more expensive the system becomes.
The name of each accounting system speaks for itself, so there is no need to explain each one:
Payroll Management Accounting Systems;
Billing & Invoice Accounting System;
Enterprise Resource Planning Systems;
Time & Expense Management Systems;
Reconciliation Accounting Systems;
Tax Management Accounting Systems.
By Enterprise Size
When it comes to the classification of accounting systems by the enterprise size, specialists always highlight three categories:
Note that Small and Medium can be combined into a single category.
And, of course, accounting software can be divided into multiple groups by industry:
Banking, Financial Services, and Insurance;
Food and Beverage.
These are just a few possible groups. In substance, you can discover dozens of industry-specific accounting software types. Note that a single system usually offers multiple solutions dedicated to each particular industry.
Accounting Software Benefits
The main benefit of every accounting system is that you no longer have to spend hours over your ledger with a calculator. Past generations of entrepreneurs have to spend days before they can even start analyzing the compiled data. Now, this procedure is reduced to a few clicks. A reliable system allows automating these tasks, and the Magento 2 accounting software integration introduces extensive opportunities for e-commerce merchants. Now, you can accomplish more detailed reports at a fraction of the usual time. Let’s see what other perks accounting software offers:
Optimized Business Operations. As we’ve just mentioned, the primary purpose of every accounting system is the optimization of your business operations. By automating multiple daily duties, you can save time necessary for other elements of your workflow. Run the Magento 2 accounting software integration and no longer waste your energy on bookkeeping. Accounting programs let you work smarter, not harder. By speed up your processing time, you will always keep your books up-to-date with the minimum effort.
Improved Accuracy. Since most data entry processes are automated, you eliminate human factor reducing the number of errors and dramatically increasing the accuracy of your accounting workflow. Furthermore, when you enter data, transfer funds, or adjust assets, an accounting platform makes calculations automatically reducing the chances of oversights. It is also necessary to mention that you get all the tools in the same place which also positively impacts accuracy. To achieve even higher results, leverage comment capabilities making notes for future reference.
Reduced Operation Cost. Managing finances and all the related paperwork in-house means that you have to spend more time on them, have a dedicated team, and as a result, spend more money on the vital operations. But accounting software introduces the ability to reduce costs dramatically. Save on your daily tasks and get quality accounting reports created within the automated workflow. Furthermore, you can save on printing and paper costs since everything is available in a digital format. Feel anxious about our planet? You will lessen your carbon footprint keeping all docs in the cloud.
Information Security. Accounting systems are often password protected, so you don’t have to worry about your information since it is safely stored within a database. Unauthorized employees will never gain access to data you want to keep secret. At the same time, you can access any information within a few clicks. And it is safeguarded from natural disasters (if a server, where your data is stored, goes out of tune, there is always a backup file).
Files Synchronization. The bigger your company is, the more paperwork it requires. Consequently, you have to hire new employees to keep all docs up to date. With accounting software, everything is stored as files which can be synced and shared between multiple departments of your enterprise. You can access the information you need across various devices and platforms streamlining the latest achievements in the field of automatization, digitalization, and synchronization. Furthermore, the Magento 2 accounting systems integration enables the synchronization of online and offline databases. With real-time status updates, changes are displayed right after you apply them.
Tax Compliance. Tax compliance is also dramatically simplified if you use accounting software. Tax-related responsibilities may take up to over 400 hours per year. But you can substantially reduce this waste of days. Accounting systems usually offer tax planning features designed to store receipts, invoices, and income statements. You keep everything in one place streamlining the automated workflow and reducing multiple duties. Let the algorithm do everything for you!
Record-Keeping. Confusing and labor-intensive record-keeping also becomes automated with Magento 2 accounting software integration. The chosen system will compile the data you input. Furthermore, with Improved Import & Export, you can even automate the process of data input! Thus, the integrated system will analyze business practices, identify trends, calculate a bottom line, and provide you with a report on where and when you are generating more revenue, etc.
Leading Accounting Systems & Magento 2 Integration
With critical benefits in mind, you can choose an accounting system that suits your business needs. Below, we provide a list of platforms that can be integrated with Magento 2. Simplify your back-office responsibilities with the Magento 2 accounting software integration. Store, access, and process all the data you need increasing the efficiency of your company within just a few clicks. The following list will be updated with new platforms and links to the appropriate integration guides:
FreshBooks. Small businesses usually use this platform, but bigger enterprises can leverage it as well. The software is designed to streamline your online invoicing, expense tracking, and time tracking. With multiple intuitive features, it dramatically improves your daily duties: profit & loss functionality, balance sheet, sales tax and accounts aging are under your disposal. And with a project management module, you can share images and files collaborating not only within the company but also with clients and third parties. Magento 2 FreshBooks Integration.
QuickBooks. QuickBooks is another system popular among freelancers and small businesses. It is easy to understand and manage syncing data across devices into a single dashboard. Custom invoices, instant accounting reports, payment schedules, and many more tools of QuickBooks dramatically improve your workflow. And with an access privilege feature, you can assign roles to employees keeping your data safe from unauthorized views. Magento 2 QuickBooks Integration.
Xero. Xero is another simple but at the same time powerful accounting software aimed at startup companies and individuals with no accounting knowledge. The provided suite of tools offers enterprise-level capabilities including automated assistance, rich financial reporting, payroll billing, customizable invoices, bank reconciliation, etc. Multi-currency support is also provided so that international companies can leverage Xero as well. Magento 2 Xero Integration.
Zoho Books. Zoho Books is aimed at growing businesses. It organizes all accounting-related duties within a single dashboard and offers a comprehensive set of features to help you stay on top of all your financial responsibilities. Also, note that Zoho offers strong CRM capabilities simultaneously covering marketing and accounting need of your enterprise. Magento 2 Zoho Books Integration.
Sage Intacct. Sage Intacct suits businesses that require more powerful functionality than QuickBooks offers. The system adds multiple additional features including inventory management, fixed assets for tracking depreciation, multiple sales tax, etc. You can also leverage bank reconciliation, automated journal entries, and a few more advanced options. Magento 2 Sage Intaсct Integration.
Crunched. Crunched represents cloud-based accounting software. It is aimed at small businesses and freelancers. The system provides the ability to manage bookkeeping, accounting, payments, invoices, etc. Magento 2 Crunched Integration.
Kashoo. If you are looking for a robust but inexpensive accounting platform for small businesses, check Kashoo. The system has some limitations but at the same time introduces all the necessary features. Magento 2 Kashoo Integration.
Avalara. Although itis not an accounting solution in its traditional sense, we’d like to add the platform to this list since it is an automated tax compliance solution which dramatically simplifies your daily duties related to tax management. If you want to keep up with rapidly changing laws, rates, and rules follow this link: Magento 2 Avalara Integration.
KashFlow. If you are looking for accounting software for UK merchants, try KashFlow. It is UK-based, easy-to-use, fully-featured, and quite powerful, especially with add-ons. For further information, follow this link: Magento 2 KashFlow Integration.
MYOB is one of the most popular accounting software for Australia and New Zealand. The platform offers lots of additional tools including ERP, POS, inventory monitoring, payrolls, etc. Magento 2 MYOB Integration.
Saasuis another accounting software produced in Australia. This time, the platform is suitable for companies from other regions. Like other similar tools, Saasu lets you automate accounting and business management duties. Magento 2 Saasu Integration.
Improved Import & Export Magento 2 Extension Features
Now, when you are familiar with the essential characteristics of accounting software, we’d like to draw your attention to the Magento 2 accounting software integration and the features of Improved Import & Export that simplify the data synchronization between your e-commerce website and external systems. Since the module completely revamps the default import and export functionality of the Magento platform, you will avoid many issues related to the built-in tools. The most important aspect of the integration is that you can automate all data transfers, which is impossible with the default Magento 2 import/export instruments. They not only lack automation but don’t support all entities and force you to match attributes in an editor. Therefore, it is necessary to repeat numerous processes every time an update is provided or required.
Luckily, such a waste of time can be eliminated. With the Improved Import & Export module, you can transfer all information from Magento 2 to accounting software and back automatically: different external attributes and their values can be matched to ones used internally, multiple API connections – leveraged in the integration, and all entities – imported/exported! As a result, you effortlessly synchronize accounting software with Magento 2.
Automated Import & Export
The accounting software Magento 2 integration is a continuous process that requires advanced automation. And the Improved Import & Export provides the ability to avoid daily duties related to data transfers by allowing you to automate data transfers in two different ways: via schedules and event-based triggers.
Schedules are the most popular way of automation in different data transfers including the Magento 2 accounting software integration. The flow of information between the two systems can be created and maintained in the background via cron. Specify a time interval and the system will import/exports the selected entity according to it. With Improved Import & Export, you can create:
customizable predefined update schemes,
profiles with no schedules (which are suitable for maintaining such tasks as migration to Magento 2),
and asynchronous data transfers (launch every scheduled profile manually whenever you want).
The following gif shows how to configure a schedule:
Event-based triggers are the second huge improvement provided by the Improved Import & Export extension which can be leveraged in the Magento 2 accounting software integration. Use the following algorithm to automate data transfers between the two systems:
Create a trigger;
Connect it to an event;
Link an action to a trigger to launch it automatically.
Map attributes used in your accounting software to ones utilized in Magento 2 to enable automated data transfers between the two systems. The Improved Import & Export Magento 2 extension radically simplifies the accounting software Magento 2 integration in terms of attributes and their values due to the following features:
Use our module to solve the problem of different attribute standards without headaches and enable the Magento 2 accounting software integration in the most intuitive way with mapping presets – predefined mapping schemes that eliminate manual attributes matching.
With our extension, you can automate all stages of matching. The module analyzes the input data from the accounting software, finds third-party attributes, and matches them to ones used in Magento. Export processes pass through a similar procedure. You only need to select a matching scheme developed for your accounting platform:
Another way of matching attributes when you transfer data between accounting software and Magento 2 is based on manual mapping right in the Magento admin! With the Improved Import & Export module, you get a unique matching interface which offers full control over the procedure. Specify external (internal) attributes and link them to the corresponding internal (external) ones in a special grid. Here is how everything works:
Attribute Values Mapping
The Improved Import & Export Magento 2 extension offers a separate interface for attribute values mapping as well. As a result, the Magento 2 accounting software synchronization can be automated entirely because external designations will no longer interrupt transfers. Choose an external attribute value provided by accounting software and specify the internal one as a replacement. Repeat the procedure until all third-party designations are mapped to ones utilized in Magento 2. For details, read this article: Attribute Values Mapping.
Attribute Values Editing
If attribute values mapping is not enough, Improved Import & Export offers attribute values editing. You can freely leverage this feature while transferring data from accounting software or other systems to Magento 2. To modify attribute values in bulk, use the following rules:
With category mapping, you can simplify product transfers dramatically. The feature lets you match external categories to ones used internally reducing the number of difficulties that usually occur when products are transferred from other platforms to Magento 2. The Improved Import & Export module allows mapping external product categories to ones used in your catalog as follows:
To create new categories right in the import job, choose a parent category and specify a new one that will be generated automatically. Our extension will link products to it during the import process. You can find more information about this feature here: Category Mapping.
Attributes On The Fly
And if a data file provided from an external system lacks attributes, the Improved Import & Export Magento 2 extension lets you create them on the fly via the following general form:
As for the extended connectivity options, they are designed to improve all data transfers as well as make the Magento 2 accounting software integration possible. With Improved Import & Export, you can use multiple file formats and two alternative ways of transferring data between your e-commerce store and external systems. As for accounting software, API integration is utilized. Our module is able to move all Magento 2 entities, while the default tools support only a few of them.
Multiple File Standards
The Magento 2 accounting software integration can be established on the basis of data files, but it is not the most efficient approach. However, the Improved Import & Export extension supports CSV, XML, JSON, ODS, and Excel. You can use these standards for other integrations.
Another feature that radically simplifies data transfers between Magento 2 and other platforms is support for compressed data. Our module can unpack file archives automatically while the default tools work with uncompressed CSV files only!
Multiple File Sources
Also, note that the following file sources can be leveraged to import and export data files between Magento 2 and external systems:
FTP/SFTP. Transfer data files using a local or remote server.
URL. A direct URL can be used to import a data file as well.
Alternative Ways of Import & Export
The following alternative ways of import and export are not represented in Magento 2 by default. But without direct API connections, you won’t enable the automated Magento 2 accounting software integration. Luckily, the Improved Import & Export extension provides the ability to leverage REST, SOAP, andGraphQL APIs to connect the two systems.
Note that all API connections are fully compatible with the extension’s features. As a result, you can leverage mapping, schedules, and attributes on the fly while transferring data via API between Magento 2 and any accounting systems in the most intuitive manner!
As for the intermediary services, the extension allows using Google Sheets, Office 365 Excel, and Zoho Sheet. Although they cannot be utilized in the accounting software Magento 2 integration, you can streamline them to connect to other systems. The following image shows how to use Google Sheets to move data to Magento 2:
The video below displays our extension in action:
Connecting Magento 2 to an accounting system is not a problem. You can quickly achieve this goal with the Improved Import & Export extension. While third-party software simplifies your accounting workflow, our module automates all data transfers between the two systems. As a result, you can save lots of time and spend it on more vital tasks. For further information regarding the Magento 2 accounting software integration, follow the link below: