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Operating an e-commerce business is a complex procedure that doesn't involve only basic online store management. With such a large quantity of orders per week/month, many Dropshipping and E-commerce business owners are having headaches in finding the most optimal accounting–financial management solution, which must also be automatic to minimize human labor and reduce cost and time for the businesses as much as possible.
Therefore, e-commerce-integrated QuickBooks Online accounting software is an indispensable solution for online businesses. To assist you in making the most out of this accounting software, Global Link Asia Consulting will gladly introduce you to e-commerce integrated solutions that are compatible with QuickBooks Online.
1. Automatically import sales and revenues using the Connect to PayPal app
PayPal is a worldwide popular payment gateway used by millions of people every day. This is the best way to transfer money in your country and around the world among customers, merchants, and goods suppliers. Thus, PayPal is of high importance to online merchants and foreign businesses.
1.1. Benefits of integrating your PayPal account into QuickBooks Online
Via Connect to PayPal app, all sales data is automatically imported to QuickBooks Online's system. Business owners or merchants will be able to track sales progress and revenue on one data-centric platform - QuickBooks Online. At the same time, this integrated app also offers business owners the following benefits:
- Instant payments: Invoices created and sent from QuickBooks Online will have a "Pay Now" option. This option will direct the customers to PayPal's online payment interface. Customers can choose to make payment by card or with their PayPal Personal accounts here. The payment will then be sent to the business owner's PayPal Business account.
- Manual operation minimization: Upon successful integration, business owners only need to install the apps once, QuickBooks Online and PayPal will automatically allocate and process transactions from customers and suppliers.
- Efficiency: Once integrated, all PayPal payments are automatically updated into QuickBooks Online. Therefore, transactions will be duly recorded. Instead of having to input data in Excel accounting books for every PayPal payment, business owners will have automatic data input.
1.2. FAQ: integrating your PayPal account into QuickBooks Online
| Question | Answer |
| Is this app a substitute for syncing your PayPal account to QuickBooks Online? | Not only replacing but Connect to PayPal can also integrate various new features to bring out experience optimization for the users. In case your PayPal account has been synced to QuickBooks Online before, business owners can use the features of Connect to PayPal upon updating your current syncing program. |
| Can this application import previous transaction data? | All data from previous transactions will also be imported into QuickBooks Online. Once the app is installed, business owners will have the choice to import data of transactions in the last 18 months. Upon agreement, these past transactions will be imported into your QuickBooks Online account. |
| Can this app update PayPal transactions automatically into QuickBooks? | Yes, it can. If you turn on the Auto-Add feature to allow the app to input data of sales transactions via PayPal with no need for consideration. |
| How can you know if a PayPal transaction has been updated into QuickBooks Online? | You can track the update progress via the Banking or Transactions menu. PayPal transactions will be in the In Review tab within 2 hours. The app will update automatically after 15-30 minutes. |
| How many PayPal accounts can be linked to QuickBooks Online? | Connect to PayPal app supports linking to multiple PayPal accounts via QuickBooks Online. |
2. Automatic data input from online stores to QuickBooks Online
E-commerce platforms such as Shopify, WooCommerce, Magento, BigCommerce, etc. are the platforms focusing on online business activities of businesses. When integrating QuickBooks Online into these online stores, all transactions, orders, shipping processes, etc. will be updated automatically and on time. Hence, it would help business owners save quite a lot of time when they don’t have to regularly check order status and payment transactions on multiple different platforms.
2.1. Benefits of integrating QuickBooks Online into an e-commerce store
With the one-time installation of QuickBooks Online to integrate into your e-commerce store, your business can get these amazing benefits:
- Error minimization: Manual data entry may unintentionally create a lot of data errors that not everyone can recognize duly. Compared with traditional accounting processes, in which financial data must be entered manually and archived on many different Excel files, QuickBooks Online's integration solution will minimize unwanted human errors.
- Improved work efficiency: QuickBooks Online integration into online stores will allow business owners to automatically send and transfer data to a single-centric data server. This is of great importance in fully understanding the overall vision of a business's financial situation, for example, costs and profits.
When an online buyer contacts your Dropshipping store to require assistance in issuing purchase invoices for an order made 2 months ago, QuickBooks Online will help this Dropshipping business in:
Finding and extracting invoices relied on basic information (customer's name, purchased item, payment date, amount of payment, etc.) in just 5 seconds using Search Tips.
Promptly respond to the customer with a purchase invoice in perfect form and with full content.
→ Instead of processing complicated papers or files, or spending a lot of time searching for the documents, businesses can speed up the work process when extracting data on QuickBooks Online. This will also help to improve your customer’s experience.
When one party with PayPal online payment requests the business to extract working invoices with suppliers or prepare financial statements to lift the account limit, QuickBooks Online will assist you in:
Quickly extracting history of working invoices with customers or suppliers in full information sources (invoice date, goods payment date, etc.)
Easily comparing transaction history via PayPal account on the QuickBooks Online platform
Quickly and conveniently output financial statements to match the extracted invoices
→ This will help businesses save a large sum of time and costs in granting inspection requests from international financial institutions in general and PayPal in particular.
2.2. FAQs: integrating QuickBooks Online software into an online store
| Question | Answer |
| How are orders from the online stores imported into QuickBooks Online? | All orders and refunds from the stores will be displayed as sales receipts in QuickBooks. Each order from the online store imported into QuickBooks will automatically include all items and taxes (including the shipping fee). |
| Can QuickBooks Online check the list of goods on sale on the e-commerce platform? | Yes, QuickBooks Online can do that. Transactions from the online stores will be updated in QuickBooks Online with the details of each transaction, including the quantity of each item sold. QuickBooks Online will then automatically deduct the sold items from the existing stocks so the listing is always up-to-date. |
| How to integrate QuickBooks Online into your online store? | QuickBooks offers a variety of built-in applications for each e-commerce platform where a business opens an online store. You can refer to the applications on the QuickBooks app store to choose the right integrated solution for your store. |
| Are these integrating apps paid? | The QuickBooks app store offers a wide range of app selections for business, including paid and free. The majority of apps integrated with store and payment gateway are free. However, to install these integrating apps, you must install QuickBooks Online first. |
2.3. Process optimization for customer management process when integrating QuickBooks Online with CRM
CRM - Customer Relationship Management is a method assisting businesses in approaching and communicating with customers systematically and effectively, and managing customer information such as account information, demands, contact information, and other information to serve the customers better.
2.4. Benefits of QuickBooks Online and CRM combination
The integration of two technological solutions, CRM and QuickBooks Online, allows businesses:
To manage all business relationships and interactions with current and potential customers
To streamline the sales process and customize invoices, quotes and orders.
Moreover, business transaction history and customer contact history are all archived on one platform, assisting in enhancing the quality of customer support.
When using the normal accounting method to issue invoices, it will cost a lot of time for businesses to edit, update documents and forward them to the customers whenever there is any change or update in information.
However, with just one integration of CRM and QuickBooks Online, any accounting changes/updates can be carried out directly on QuickBooks Online and the CRM system will assist in sending them straight to the customers without any further manual steps. At that point, thanks to the integration solution of QuickBooks Online and CRM, businesses can accelerate internal data processing and provide customers with the update as soon as possible.
→ This makes a great contribution in increasing the quality of customer experience; as well as improving work efficiency within the business.
2.5. FAQs: integrating QuickBooks Online software into your CRM model\
| Question | Answer |
| What options do Dropshippers/E-commerce business owners have when integrating QuickBooks and CRM? |
There are various methods to integrate two technology platforms, including:
|
2.6. So what types of e-commerce businesses should use QuickBooks Online?
After long years of consulting and supporting Vietnamese businesses with their market expansion journey, Global Link Asia Consulting realizes that international dropshipping businesses will be the best beneficiaries of this solution.
To be more specific:
International dropshipping businesses often conduct their business all around the world with a huge number of transactions. These dropshipping businesses usually forgo financial statements, thus they lack transparency of financial situation, so their accounts are often frozen or limited by payment gateways such as Stripe or PayPal. In case they do prepare financial statements, these are often very sketchy due to the lack of specialized human resources to handle such large volumes of transactions or the lack of effective – user-friendly accounting software that can support integration with these payment gateways.
Therefore, if you are:
Working in an E-commerce business or international dropshipping business
Setting up a company in Singapore or HongKong to gain the benefits of PayPal Business and PayPal Pro payment gateways in Singapore or Hong Kong
→ Contact us at Global Link Asia Consulting right away to learn more about how to implement - and apply QuickBooks Online - an effective financial - accounting solution for SMEs in international business. Or in case you wish to devote 100% to your business, Global Link Asia Consulting's full package of financial statement services for Dropshipping businesses will be the most optimal option.
→ E-commerce stores play a central role in online retail business activities, so every business must have a system of features to support its effective operation in all fields (Marketing, Accounting, Customer Service, etc.). Therefore, resorting to an e-commerce integration solution of QuickBooks Online accounting software is of absolute necessity.
3. How can we help you manage your dropshipping/e-commerce business?
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can assit you in
- Tax Planning and Advice including corporate and personal income tax, GST tax, contractor tax, and more;
- Monthly/Annual Tax Accounting services for your companies;
- QuickBooks Consulting and Licensing;
- Mandatory tax filings;
- One-stop tax accounting services with your PayPal accounts.
4. FAQs about outsourced accounting & bookkeeping services for Dropshipping/E-commerce business
We offer services based on your company’s country of incorporation or the workload you need to handle. Contact us today and we can help you choose the best options that suits all your needs with no hidden fee at all.
Yes, we adhere to strict data security protocols. Ensure the service provider follows industry standards, uses secure software, and implements data encryption measures.
Effective communication is typically facilitated through emails, phone calls, video conferencing, and dedicated communication tools. Regular updates, scheduled meetings, and transparent reporting are common practices.
You should pay attention to the business culture of your outsourced accounting team. They can have wholly different ways of communication than your company’s work culture. For example, if you work with a Canadian accounting team, they usually work through emails rather than communication channels such as Telegram, WhatsApp, and Skype.
Yes, we offer tailored solutions. You can discuss your unique requirements, reporting preferences, and industry-specific needs to customize the services accordingly. We only charge what we do and we do not charge hidden fees for excessive and unnecessary tasks.
With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries
Our areas of expertise include:
- Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
- Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
- Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
- Opreation support:
- Registered adress;
- Foreign consular legalization;
- Trademark and patent protection registration in Singapore and the US;
- Employment Pass application in Singapore and Hong Kong;
- Website design, international SIM number provision;
- DUNS registration.
With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.
Global Link Asia Consulting Pte. Ltd. is pleased to announce the publication of the above insightful and informative article on our official website, Global Link Asia Consulting on 06th July 2021. The copyright for this article is exclusively held by Global Link Asia Consulting Pte. Ltd. Any unauthorized reproduction or distribution of this content without our express written permission is strictly prohibited. We value the protection of our intellectual property and appreciate your cooperation in adhering to these guidelines. Thank you for your continued support of Global Link Asia Consulting Pte. Ltd.
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