10 Feb QuickBooks Accounting Software: The Key to E-Commerce Success in the Philippines
No doubt, we live in the digital age. The rise of the e-commerce industry and digital marketplaces reflect the growing number of Filipinos doing their shopping and business online.
In an article featured in CNN Philippines, the government’s Trade department launched its e-commerce roadmap up to 2020. It targets to have e-commerce contribute 25% to the gross domestic product by 2020 from 10 percent in 2015.
Not only does it provide convenience to consumers, but also putting up an e-commerce business will help you compete globally. According to Paulo Campos III (co-founder and CEO of Zalora Philippines), e-commerce allows anyone to sell anything, even without risking a considerable investment.
Are you thinking of starting up an e-commerce business? To succeed, you need to have a clear vision and seamless decision making. Similarly, QuickBooks accounting software in the Philippines shares these traits that can help your e-commerce business grow.
The secret to why e-commerce is a huge success is due to its convenience. Likewise, this means that successfully growing your own e-commerce business means being convenient at your work. This way, you don’t work hard— you work smart.
For instance, e-commerce owners know that inventory is the most critical asset that can make or break your business. However, manual inventory management becomes difficult as your business grows.
That’s why it will help you to have a system for inventory management that is easy to scale and doesn’t require additional labor. Many business owners aren’t aware that they can achieve the entire fulfillment process within QuickBooks, from order placement to shipping out with a self-created shipping label.
Since QuickBooks specializes in accounting, you’ll get insights into how the costs related to your inventory affect your e-commerce business’s financial health.
QuickBooks powers more than 5.6 million businesses in the world, many of them being e-commerce based. There’s no doubt as to why online retailers everywhere throughout the world choose it for their accounting software.
Below are some of the ways on how QuickBooks accounting software can boost your e-commerce business in the Philippines:
Detailed Reports & Insights
For most online retailers, holidays are the “peak season” where the business experience an uptick in sales. QuickBooks offers vital insights that present sales trends so it can help you create data-driven decisions. These insights also allow you to anticipate profitability and inventory needs.
Effective and Efficient
Having a QuickBooks POS integration is similar to having a full team that does the most tedious work, which mainly benefits start-ups with fewer people and resources. With more time on your hands, you can engage with your customers more often to ensure customer satisfaction.
Automate Your Accounting
From time spent on manual data entry to sales tax compliance confusion, accounting automation can make it easier for you. By setting up your online store to post transactions into QuickBooks, you can harness more of the software’s capabilities rather than spending all your time entering every transaction’s data.
For those who are non-accountants, you may be thinking that QuickBooks accounting software may look complicated. When you see it, you’d be pleased with how easy it is to navigate through QuickBooks’ dashboard.
If you’re new to QuickBooks, a new user setup will provide a practical orientation practice. Besides, you can initialize the majority of the functions at a single mouse click.
The user panel gives you easy access to details about your financial status, including overdue and paid invoices, expenses, and profits and losses.
From the dashboard, it’s easy to link bank accounts and credit cards, together with your operational data such as new hires/customers and vendor details.
It Lets You Customize
Depending on your needs, QuickBooks has add-ons that let you personalize your payment transactions, manage payroll for your employees, and even keeps your check records in one place and let you choose your check’s professional look, as its size and style.
It Saves You Time
With QuickBooks, e-commerce business owners can automate tasks, which saves you time. You can automate everything using QuickBooks online like bill payments and recurring invoices, and you can even sync data across credit card and bank transactions.
QuickBooks Online also helps you categorize and reconcile your expenses automatically, saving you from the time-consuming task of doing this manually. And with its extensive range of premade charts, it saves you the effort of generating financial reports from scratch. Online entrepreneurs will love QuickBooks’ time-saving features, which enables them to pay attention to other tasks and duties.
It Is Accountant-Approved
Nowadays, every accountant or accounting firm is familiar with the QuickBooks accounting software in the Philippines. If you are on the lookout for an accountant, they won’t need to familiarize themselves with software that they already know how to use. This makes the process hassle-free and easier for e-commerce owners and everyone on the team.
Over the past years, QuickBooks has transformed from a simple accounting system into a complete global platform for businesses, both web-based and offline.
Depending on the business needs of your online store, there is an accounting software for you. The bottom line is, this accounting software provides the most comprehensive set of features for small business accounting, is easy to use, has a user-friendly navigational system, and provides a wide range of add-ons to choose from.
After all, QuickBooks is still the most reliable accounting software across the globe. In case you are looking for a company that is authorized to distribute QuickBooks accounting software in the Philippines, get in touch with Xirrus today.