QuickBooks Online, Shopify and the Evolving Payments Landscape

by Tracy Lampron

2 min read

 

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Being an entrepreneur is not always easy, believe me. As a bookkeeper, my job is to help entrepreneurs manage and grow their business – all while being an entrepreneur myself, managing and growing my own business! Every day presents a new set of challenges. I have been in the accounting industry for over 20 years and have started my own practice almost nine years ago, and have seen firsthand how technology has impacted the way we (entrepreneurs) operate and empowered us to grow.

Shopify, the Canadian startup that provides businesses with the tools to easily set up an online store and sell products, almost immediately. It allows owners to accept orders in seconds, generate insights and reports about their business, seamlessly add e-commerce to existing websites, and even manage all aspects of business through a smartphone.

In our ever-connected world, it is crucial that every small business have an online presence. Without it, businesses can lose out on immeasurable opportunities for new customers and sales.

Undoubtedly, the number-one stressor for entrepreneurs today is cash flow. Having a quick and easy way to manage funds moving in and out is crucial to any business. As a bookkeeper and advisor to my clients, it is important for me to leverage the technology that is available to help me and my clients make the best business decisions.

In the early stages of my business, my working relationship with my clients was much different from what it is today. My role was to enter information and provide financial reports on what happened in the past. This did not help my clients with the decisions they needed to make on a day-to day basis. My clients wanted to reduce their outstanding receivables and create better relationships with their customers and suppliers, and I wanted to do so much more to help them.

Shopify’s recent integration to QuickBooks Online, will continue to help business owners overcome the challenges they face daily. By automatically exporting orders from Shopify into QuickBooks and seamlessly tracking/reporting transactions from the point-of-sale through to filing taxes will help alleviate the financial pressures of small business ownership. The change in the payment landscape is an opportunity for greater success in a businesses’ survival. I encourage all entrepreneurs to leverage the tools available to them.

Bottom line, when I started using QuickBooks Online and leveraging the app ecosystem, it changed how I operated my business and the businesses of my clients. Today, I am a trusted advisor. Using real-time financial information, I am able to have an in-depth conversation about what the future holds and can help make actionable plans.

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