Ten Ways Accounting is Easier with Square & QuickBooks Online

by Gary Layng

4 min read

As a busy entrepreneur running an accounting business, I understand how every precious work hour counts. I also know how important it is to have up to the minute financial reports. The Square mobile payment device can enable you to accept credit card payments anywhere with an internet connection. And what’s more, there’s an app called Sync with Square that connects your QuickBooks Online software with your Square data, so the two programs can exchange data. This integration saves me four hours a month. Sync with Square is so useful that I’ve starting recommending it to my clients.

Here are the top ten ways that connects QuickBooks Online with Sync with Square can help make your accounting tasks easier.

Automated data entry with every transaction

Once you swipe a credit card with the Square device, all the data is transferred automatically into your QuickBooks Online software, accurately, on a daily basis You don’t even have to touch a keyboard. Depending on how many sales transactions you have per month, Sync with Square can save hours of data entry time.

Instant Harmonized Sales Tax calculations

Because the Sync with Square app automatically generates sales tax, you don’t have to spend time learning the tax rate difference between Alberta and the Yukon. Sync with Square then connects to QuickBooks Online, calculates the tax and feeds the information directly into your accounting books. Because it’s automatic, there’s no chance you’ll make a mistake.

Payments are completely mobile

Not only can you take your Square device everywhere you go, with the QuickBooks Online and Sync with Square your financial information follows you anywhere you bring your smart device. Now you can check your financials while you’re watching your son play hockey or waiting in line for a coffee at Tim Horton’s.

Accepting credit cards is simple

Since Square is so easy to use, from doctor’s offices to artists, more and more small businesses can take credit card payments than ever before.  My client, Michael Willems of MVW Photo, uses Square to accept credit cards at the educational seminars he gives. when he’s doing poster exhibitions, and when he’s taking deposits toward shooting sessions. Your customers will like the convenience and enjoy getting the points for using their rewards credit cards.

You get paid faster

Because you can travel with your Square device, you can process credit cards on the spot and the money goes directly into your account. You won’t have to mail out invoices at the end of every month. It also saves your customers time because they don’t have to remember to write a check, which also means you’ll never have to hear the words, “The check is in the mail,” again.

You don’t have to send out end of month invoices

Because payments are taken at the time of the sale or the service, no invoices have to be sent at the end of the month. This is a huge time savings.

There’s no need to spend time on bad debt collection

Because my clients collect the credit card payment when they see them, they no longer have customers who forget to pay. That also means that no one spends time on the unpleasant task of chasing them down and awkwardly reminding them that they forgot to pay.

Tax time is a breeze because your accounting is always up to date

With fresh annual, quarterly and monthly reporting, you can save days of frantic year-end paperwork to get ready for taxes. Sync with Square’s data automation lifts a huge burden for those who put off accounting tasks.

The transactions are paperless

Say goodbye to file folders full of little pieces of paper cluttering up your office. With Sync with Square transactions are recorded electronically, so you don’t have to keep a paper trail.

You’ll have peace of mind

Because my clients always know exactly where they stand financially, they sleep better at night. The up to the minute reports in QuickBooks Online enable my clients to make better-informed business decisions based on real data. By removing the guesswork, small business owners can focus on their customers and grow their business.

As you can see, there are so many ways that Sync with Square connected to QuickBooks Online can make your accounting tasks easier. Both the Square device and the Sync with Square app are easy to set up and use, and the app works with both Android and iPhones. It’s such a time saver. There’s no reason not to try it. You can find the Sync with Square app, and many other useful apps that work with QuickBooks Online in the Intuit QuickBooks Apps Store.

 

Intuit QuickBooks Pro Advisor, Gary Layng, is the owner at Layng and Layng Small Business Services in Toronto, Canada.

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