PayPal is a popular payment transfer platform that facilitates the process of sending, receiving, and processing funds online. Without the hassle of paperwork, businesses can smoothly perform their transactions through the online payment system.
Earlier, companies had to rely on scattered apps to coordinate their PayPal processes with their management software. However, Intuit, the company behind QuickBooks, recently made a breakthrough when it announced its ”Connect to PayPal” integration service. This exceptional service was introduced with the vision to add value to the modernized software and its processes. While the widely used Sync to PayPal app didn’t provide fully visible transactions, the new update shows all details in QuickBooks’ banking section, making the software more accessible.
Here’s how this QuickBooks and PayPal integration can affect small and medium business enterprises:
Cashflow Boost
One of the signs that your business is growing is the increasing influx of cash flow. Manual record-keeping and payment collection can become extremely time-consuming and require more resources. Conversely, PayPal integration on your QuickBooks allows your customers to pay online, reducing the time invested in an invoice to pay.
Additionally, during these uncertain times of the COVID-19 outbreak, customers are more likely to buy from businesses with an online payment option. When websites have a “pay now” button, it makes it easier for them to make payments, increasing your cash inflow. Hence, updating to PayPal and QuickBooks integration can help you increase productivity and boost revenue.
Added Security
The new PayPal integration allows you to monitor transactions, reducing the risk of fraud associated with manual payments. With the help of the detailed, reliable, and consistent process performed by the new feature, you can get more information on the transaction type and line item level detail.
Connecting to PayPal also allows you to view PayPal fees, discounts, and shipping charges. Your expanding business can sway away from hidden costs and monthly fees charged by third-party applications with the help of QuickBooks’ details.
Reduction in Accounting Time
If you previously spent precious time manually updating your accounting books, PayPal integration can save you from the ordeal. All payments and transactions made through PayPal are automatically updated in QuickBooks, allowing greater transparency and no paperwork. If your staff previously wasted a lot of time manually inputting all transaction data in the logbook, adopting this integration can help them utilize that time for other crucial functions.
QuickBooks improves team collaboration and internal communication, allowing all your employees to view transactions. With the latest PayPal integration update, you also get the ability to edit, review, and even undo transactions from your accounting books.
Efficient Categorization
QuickBooks and PayPal integration uses an API (application programming interface) that is quick, consistent, and precise in performing accounting operations. With the help of machine learning, your management software can categorize transactions based on pending invoices and other features.
It can also detect duplicate transactions and highlight them for you to review and edit. Since Connect to PayPal isn’t tricky to use, your team won’t have to spend time and money on additional training and workshops. This will also add to your company’s overall efficiency, leading to better management.
No Hidden Fees
The latest QuickBooks and PayPal integration doesn’t have any hidden fees. You’ll only be required to pay the PayPal transaction fee and be all set to start receiving online payments. If you have a QuickBooks account but don’t have a PayPal business account, it’s recommended that you make one here. Connect to PayPal currently only receives payments made through VISA and Mastercard. However, your customers can also use an AMEX card that’s linked to their PayPal account.
All it takes is a few minutes and a trusted QuickBooks hosting provider’s help to set up your software.
If you haven’t already implemented QuickBooks to boost your business’s profitability, it’s high time you do so! The best-in-class functionality and features of the top management software can add value to your services. Work with the best QuickBooks hosting providers at gotomyerp to ensure a smooth transformation.
We’re a leading commercial hosting provider and offer a modernized system at unmatched rates. For more information and assistance, reach out to us at 877-888-5525 today!
