Reconciliation – A word that typically produces anxiety and heartburn in your average business owner. Not very many people look forward to sitting down with a stack of payment transaction reports to manually enter data in to an accounting system, spending hours matching and batching, only to find out at the end of the day – their numbers don’t match up.
Good news folks, there’s a solution – Integrate your payments system with accounting technology. It sounds high tech but it’s actually pretty simple (depending on your systems). Integrating a payment platform like talech with an accounting system or a payment gateway with a POS System can be life changing if all you’ve ever known is manual reconciliation. Here’s why:
Saves Time and Labor Costs
If you have been manually reconciling reports, you already know that it can take several hours a week (hundreds of hours a year) to keep the books up to date. Imagine if, instead, you could devote this time to developing new marketing strategies or cultivating new business relationships? And, if you are paying an employee or accountant to manage this task, well then, the payoff to integrating systems should be very obvious. Your hard earned money could easily be spent elsewhere, or reinvested to help grow your business.
Better Understand Cash Flow
With an integrated system, accounting software is updated immediately to accurately reflect debits and credits. This immediate access to accurate data eliminates any guessing or assuming when it comes to cash flow questions. This prevents overspending, keeps inventory under control and allows business owners to better understand what they are working with. Really, it reduces a lot of risk for business owners operating a business tight on cash flow.
Eliminate Human Error
Understandably, we all strive for perfection – but even the world’s greatest mathematician makes mistakes. Recognizing that technology can sometimes make us want to rip our hair out, fortunately, it also has the ability to virtually eliminate accounting mistakes caused by human error. There is NO REASON your business should be losing money because of miscalculations as a result of manual, outdated accounting processes. Let technology help you.
Resistance to change is typically the most common objection to changing a system that isn’t working anymore. We all get comfortable in an existing routine, but how much is it costing you to resist change? it just doesn’t make sense to cut in to your profit margins so significantly just because you are avoiding the shift. Changing systems and integrating technology can take a little bit of work up front, but the payoff as a result of reduced labor costs, saved time, less accounting errors and better cash flow is a no brainer.
For more information on integrating talech with an accounting system contact us at NTC Texas today!
About the Author – Rachida Arteaga, Director of Marketing at NTC Texas is a successful five year marketing veteran, running events and campaigns for large to small enterprises and non-profits. She specializes in blogging, social media, branding/ identity and search engine optimization, striving to provide NTC Texas customers and fans with entertaining and valuable educational resources to find success in all areas of their businesses.
Top Photo Courtesy of Pixabay