Cash on delivery, or COD, is a payment method that allows customers to pay in cash when their order is delivered. While not as common today as online payments, enabling COD in Shopify gives merchants added flexibility and caters to customers who prefer paying cash. Offering a cash on delivery option can attract buyers who may not have credit cards or don't wish to make an online payment before receiving an order.
Black Friday and Cyber Monday have become two of the biggest annual shopping events, with billions in sales up for grabs. However, the massive spikes in traffic and orders during these holidays can overwhelm unprepared retailers. Thorough planning and analysis is crucial to fully capitalize on these high-volume sales days. This is an opportunity where you as an accountant can provide invaluable guidance and direction.
Understanding and tracking your e-commerce financial statements is an important aspect in managing your business finances. In this article, we'll explain what each financial statement shows, how they relate to each other, and most importantly, how analyzing them properly can positively impact your business.
Shopify Magic and Sidekick are powerful tools for e-commerce stores. For employees and businesses alike, the dawn of AI chatbots most notably, ChatGPT, is a prevalent topic of discussion for all industries at the moment. Currently businesses are asking themselves the question, how can we apply the use of AI in our business for day to day tasks?
Squarespace’s e-commerce platform offers built-in features to build and customize your own website and also possesses the ability to connect with third-party extensions. This unlocks even more opportunities to aid your business in different areas. By installing extensions, you can automate workflows, access valuable data insights, and provide a smoother experience for customers.
As an e-commerce store owner using WooCommerce, you likely want to offer customers various payment options at checkout. WooCommerce supports many popular payment methods, including credit cards, bank transfers, and digital wallets. However, with more payment options comes additional complexity in your accounting procedures.
In this article, we’ve teamed up with Method to share the how integrations are shaping the future of accounting.
As an e-commerce business owner, you're aware of the responsibility of accounting and bookkeeping. While it is important to have your own understanding of e-commerce accounting and bookkeeping, there comes a time where it’s necessary to engage with an accounting professional or firm to bear some of the load.
As a Shopify store owner, choosing the right finance and accounting apps (otherwise known as plugins or integrations) can save you a tonne of time and energy. However, with thousands of options available, it can be difficult to determine which Shopify accounting apps are most suitable for your specific store needs. It’s important to focus on plugins that will automate manual processes and provide valuable insights.
Forecasting revenue and profit for e-commerce sales is critical in managing your online business. You may have heard the words revenue and profit used when talking about an income a business makes through sales. Even though words are often used the same way, it's important to distinguish the difference between them.
When looking at your WooCommerce accounting and finances it’s important to have KPIs that act as a litmus for your business’ health. While it may seem intimidating, monitoring key performance indicators (KPIs) is an essential aspect of successfully managing a WooCommerce business. In this article, we will discuss seven important WooCommerce KPIs that have an impact on your finances and accounting:
As an e-commerce store owner, you’re aware of the impact proper e-commerce inventory management has on your finances, COGS, among other areas. Xero is an accessible accounting software that helps business owners to gain control and share insights across their business. Through using accounting software, such as Xero, e-commerce business owners can have a clear picture of inventory and accounts in real-time to guide smart decisions that drive profitability.
Tracking the cost of goods sold (COGS) is vital for your Shopify storefront because of how much it reveals about the underlying financial health and overall profitability of your business. COGS refers to what you pay for the goods you sell—the materials, labor, shipping and other direct costs involved in the production of goods.
By keeping a close eye on COGS in your Shopify store, you’re able to gain insight into your profit margins for each product and can make important decisions around how you price your store items. In this article, we’ll go through how to access the Shopify COGS report and how to maintain best practices in managing the Shopify cost of goods sold.
As an eBay seller based in Australia, reporting your income and expenses to the Australian Tax Office (ATO) is required to stay compliant with your eBay taxes. However, managing your accounting does not have to be a tedious process, especially if you utilize tools that integrate with eBay. Accounting platforms that connect directly to your eBay account can help streamline record keeping and tax reporting obligations.
If you're an e-commerce business owner, you may be familiar with clearing accounts. The clearing account reduces accounting errors and can even prevent fraud in some cases. When you separate funds into a dedicated account, you gain control over your business' transactions. This enables you to make well-informed choices concerning strategies for business growth.
Creating purchase orders in Shopify is a process that is essential in managing your storefront effectively. A purchase order (PO) is a key business document used to formally request goods or services from a supplier. As a Shopify merchant, being able to properly create, approve, and manage POs is essential to sustaining your operations.
Managing your WooCommerce accounting is crucial to maintaining best practices in running your business. If you run an online store with WooCommerce, accepting PayPal as a payment method is a great option for many because it is both a trustworthy and secure option, assisting in customer retention among other advantages.
Offering Shopify gift cards is an excellent way for e-commerce stores to boost revenue and enhance customer experience, but managing gift card sales requires careful accounting and planning. As a merchant, you need to keep track of gift card liabilities, address challenges like fraud prevention proactively, charge correct taxes, and streamline bookkeeping processes whenever possible.
DocuSign is a trusted eSignature service used by accounting professionals and businesses for various purposes. DocuSign enables you to request signatures for documents directly within accounting software such as Xero. This way you can seamlessly manage billing, receive legally-compliant tax form signatures, and more.
Squarespace is a powerful tool for e-commerce businesses with its built-in tools for both CRM and accounting to support your business’ growth. However, you may require more to handle accounting and taxes, which is why we have written this complete guide to give you everything you need to know about Squarespace accounting, giving you guidance on software, integrations, and taxes to give you both understanding and tools to set your Squarespace business up for success.
In this article we’ll take you through how to integrate Square with QuickBooks Online (QBO) accounting software to streamline your accounting process. If you’re a business owner, you’re aware of the importance of accounting for auditing, reporting, and taxation and have likely invested in an accounting software to assist in these processes.
In this article, we’ve teamed up with Syft to share the 5 most important KPIs to track as a Shopify business.
For e-commerce businesses, payment reconciliation is essential in ensuring there are no discrepancies in your accounting. Although e-commerce payment reconciliations can be both tedious and time consuming, especially for businesses with high volumes of transactions, we'll provide an overview of best practices to simplify and streamline payment reconciliation.
As an e-commerce business owner on a platform like Shopify, one of the most important considerations to make is sales tax. Knowing where to start when it comes to learning, understanding, and applying sales tax to your store item can be a tedious task. That’s why in this article, we’ll give you an overview of the different types of sales tax you’ll encounter for your business whether you’re selling in Australia, the US, Canada, the EU or all of the above. We’ll also take you through how to change your Shopify tax settings to make sure sales tax is applied correctly to your products.
We know running a WooCommerce business can get complex, especially in accounting and finance. The platform integrates with hundreds of plugins to help businesses with both their accounting and finance processes. Don’t know where to start? In this article, we’ll be taking you through 5 types of plugins, extensions and apps to help you in your WooCommerce accounting and financial practices.
Working capital and the working capital ratio are some of the lesser known metrics for e-commerce businesses. You've likely heard of e-commerce KPIs like inventory turnover and average customer order. But what is working capital? And how can you make sure you can optimize it for success?
Whether you're a newcomer or a seasoned entrepreneur, managing international sales taxes and adhering to legal requirements can be a challenge for any WooCommerce business. By gaining a comprehensive understanding of these tax obligations, you can ensure your accounting is accurate and compliant.
Autonomate is passionate about making business easier for its customers. Based in the UK, the organisation provides and manages customised Robotic Process Automation (RPA) services to make organisations more cost and time efficient.
Managing the accounting for a WooCommerce store can be a daunting task, but with the right tools and knowledge, it doesn't have to be. In this article, we’ll go through how to choose an accounting software and how to integrate it with your WooCommerce store for automated data entry. After that, we’ll go through interpreting financial statements, preparing for tax time, special considerations for dropshipping, and when and how to hire an accounting professional.
The accounting industry is facing a number of challenges, but by staying up-to-date with the latest trends and technologies, firms can position themselves for success in the future. In this article, we’ve delved into the latest research, surveys and trends, as well as spoken to leaders in the space to give you a summary of what you need to know in 2023.
Business management platform MYOB has partnered with Amaka to roll out added inventory synchronisation capabilities for their existing Shopify + MYOB Business integration.
As the end of the year rolls around, it’s time for e-commerce business owners to start planning their financial goals for 2023. Whether you’re working with an accounting professional or you’re figuring it out on your own, it’s important to create realistic goals that you can measure your performance against in the coming year.
Managing the accounting for a Shopify store isn’t the easiest task but there is a lot of software and automation that you can use to simplify things. In this article, we’ll go through everything you need to know about building an ecosystem of connected apps, tracking your finances, preparing for taxes, dropshipping and accepting payments.
With more accounting technology that help to simplify specific processes than ever, you’ll find that your accounting/bookkeeping firm will need to shift internal processes in order to adapt. No app will be perfect for your existing processes and creating bespoke software is generally too expensive. Instead, you’ll benefit from specializing in key apps from each vertical.
There’s a growing expectation for accountants to have basic skills in data engineering and business intelligence (BI). Typically, this involves understanding how to pull multiple data points in A to B in real-time and then being able to explain this data to clients. In doing so, accountants help their clients make the most of data apps and integrations.
If you’re creating invoices, quotes and other key documents in Xero, you can automate the document execution process by using DocuSign and Amaka’s 100% free DocuSign + Xero integration. We’ve teamed up with DocuSign on a free webinar to discuss the current challenges associated with agreements and how to overcome them.
Real-time, reliable data allows you to manage your cash flow based on what’s happening in the present. Though historical data and future projections are important, current data gives you an upper hand. Accountants and bookkeepers can take advantage of accounting integrations and software that automate the process of gathering and organizing data.
Amaka continues to assist Square in strengthening their small and medium-sized business offering across new regions, with the Square + Holded integration further adding to the ecosystem of products Square launched in Spain in early 2022.
Amaka and Square have extended their partnership to launch the Square point of sale integration with Sage Accounting.
In this article, we’ve teamed up with Airwallex to break down operational efficiency for small businesses.
Amaka has extended their partnership with leading wholesale food order management platform, Foodbomb, to launch the highly-anticipated official integration with MYOB.
What’s the next big thing in accounting technology and how can we stay on top of it all? With tax law in the US being ever-changing and complex, there’s lots of room for disruption in tax prep and tax planning technology. The complexities have also led to a wave of new information and it’s important for accountants to help clients understand what’s reputable.
As an e-commerce business owner, being able to automate manual processes involved with bookkeeping and accounting by using an integration is absolutely essential. That way, you can use your time where it matters most while having the peace of mind that you can make business decisions based on up-to-date, timely financial information.
Being able to narrow down the types of clients your accounting firm services allows you to have more focus and control. It’s important to have a general understanding of the industries your team works the best with. From there, you can start drilling down on specific business sizes and business types that are most suitable for the level of service you want to provide.
Whether a client comes to you with existing solutions in place or not, it’s important as an accountant to recommend the right apps for their situation. Take the time to compare apps and trust your experience when suggesting an ideal solution. Most importantly, focus on deep integrations that can accurately automate the flow of data between apps.
Business management platform MYOB has partnered with Amaka to build integrations that enable customers to link to a wide selection of e-commerce platforms.
Amaka, the global leader in accounting integrations, is doubling down on its SMB automation offering with the acquisition of InView.
Whether you’re building a tech stack internally for your accounting firm or externally for clients, there are a few key steps to take into consideration. As part of an interview series we’re running with a range of accounting technologists listed on the Amaka Advisor Directory, we spoke to Jamie Smith, Co-Founder and Chief Experience Officer at Amplify Advisors.
When building a tech stack for your accounting firm, the first step is to start at the core with an accounting software and build out from there with add-ons. Add-ons in general are still underrated by the accounting industry. It’s useful to take a step back every quarter, see what administrative tasks are taking up time and do research to find out what apps can automate these processes.
DocuSign, the world's leading way to electronically sign and manage contracts, has announced a partnership with Amaka to build its first official accounting integration with Xero.
Building efficient processes in your accounting firm with technology can help to improve lead conversion. We go through how speaking to clients about accounting technology in their own language can build rapport and better relationships.
Building a plan to transition your accounting firm, including your clients and entire team, to technology can be difficult. It’s important to take things step-by-step and be comfortable with some trial and error. To ensure that your accountants can implement any new software well, there needs to be a variety of training material available to them.
The earlier you invest in the right technology for your accounting firm, the less costs you’ll have to pay in the long run. As part of an interview series we’re running with a range of accounting technologists listed on the Amaka Advisor Directory, we spoke to Jamie Smith, Co-Founder and Chief Experience Officer at Amplify Advisors. She had to learn this lesson the hard way.
The most underrated accounting apps available to SMBs and enterprise-level businesses include optical character recognition (OCR) and reporting tools. As part of an interview series we’re running with a range of accounting technologists listed on the Amaka Advisor Directory, we spoke to Jamie Smith, Co-Founder and Chief Experience Officer at Amplify Advisors.
It's becoming more and more clear that technology underpins the majority of accounting firms who've experienced massive growth in recent years. We've dubbed the term Accounting Technologist to describe the people who are driving this change through their understanding of tech stacks, integrations, automation and other accounting technology.
Bookkeeping and accounting is an inevitable part of running an e-commerce business but when should you start to find professional help? The right accounting professional can significantly improve your profitability and longevity. However, you have to weigh up time and money, as well as when external expertise will become most valuable to you.
Product catalog management is at the core of multiple parts of your e-commerce business. Not only will it help to streamline user experience on your site, it will also make your operations and finances run smoother. The earlier you start focusing on your product catalog management, the easier it will be to scale your store and the better your business insights will be.
Amaka recently teamed up with Practice Ignition, Karbon and POP Business to host a webinar on how to unlock better margins and work-life balance with accounting technology. In this article, we break down the key points shared by our incredible panelists, Rebecca Mihalic, Omer Khan and Sidney Cachuela, on how accountants can leverage technology to increase margins.
It's pretty much expected that Shopify stores offer multiple payment methods (otherwise known as payment processors or payment gateways), everything from Shopify Payments, AfterPay, PayPal and more. With a bit of groundwork, you can automate the majority of your Shopify accounting and bookkeeping, even with multiple payment methods.
E-commerce businesses will typically see the cost of goods sold or COGS in their income statement, but what exactly is it? For product-based businesses, it's essential to understand, track and manage your COGS. As your catalogue grows and becomes more complex, so does staying on top of COGS.
One of the key reasons why e-commerce businesses fail to grow is the lack of understanding surrounding break-even points and break-even analyses. Doing a break-even analysis is a key part of your accounting and finances. Once you know your break-even point, you can better map out the strategies that can help you surpass it and make a profit.
Fintech giants Square and Xero have expanded their global partnership, with Square choosing Amaka to deliver their official accounting integration in all relevant global markets, including the US, Canada and Ireland.
Multichannel has been a buzzword in the retail space for the past few years but taking this approach has unique implications for your accounting processes. At a high level, multichannel stores are those that use multiple channels to sell the same or similar products. Omnichannel stores do the same, however, put unified communication at the forefront of their strategy.
E-commerce automation is the key to making your business work for you rather than the other way around. With competition only getting larger by the day, finding ways to stay ahead is a necessity. Automation involves using software that does manual tasks for you in the background. It allows you to save time and spend it on what actually matters.
A major part of making sure your financial statements come back positive after the quarter ends is making sure your pricing strategy is right for your e-commerce business. Of course, there's no one size fits all for every product or store. Hence, it's important that you take the time to understand your unique business.
One part of accounting that e-commerce business owners tend to leave behind is expense tracking and management. Staying on top of your expenses is integral to your profitability, cash flow management and more. Being consistent with this part of your bookkeeping will help save a bunch of time when tax season comes or when you need to analyse financial data.
The income statement, also known as the profit and loss statement or P&L statement, is a key financial statement for e-commerce businesses, and really all business owners in general. In this article, we'll go through what's on the income statement as well as what numbers are specifically relevant to e-commerce.
Amaka has partnered with leading wholesale order management platform for food service venues, Foodbomb, to launch their official integration to Xero.
The cash flow statement is often seen as the less straightforward financial statement for e-commerce businesses, especially when compared to the balance sheet and the income statement. However, just like its counterparts, understanding the cash flow statement is absolutely essential to keeping your business afloat.
The balance sheet is one of the many financial statements that is useful for e-commerce business owners to understand. In this article, we'll go through what's on the balance sheet, how to analyse it and the ratios you'll want to track. Please not, this isn't intended to be financial advice. We recommend reaching out to an accounting professional for further guidance.
If you're using Shopify Payments as your main payment gateway and you're looking to understand how to manage your accounting and bookkeeping, this article is for you. We'll go through what Shopify Payments is, how to make sure you've set it up correctly, the fees involved and how to properly manage your books when using it.
Though gift cards, otherwise known as gift vouchers or gift certificates, are a key cash generator for many e-commerce businesses, not everyone is doing the bookkeeping for gift cards correctly. To ensure you're making the most of the benefits, you'll want to be aware of how to properly account for them.
Inventory management for e-commerce businesses can be hard enough on its own and trying to figure out how to make sure numbers are correct in your accounting system can be even harder. In this article, we've teamed up with Unleashed Software, an inventory management software, to break these processes down and make them easier to manage.
This article is brought to you by Brixx, a standalone and add-on cash flow forecasting tool.
Key performance indicators or KPIs are the data points that you want to regularly track and use to measure success in your e-commerce business. When you look up important KPIs to measure, you'll find lists of 30+ or even 60+ to consider. However, for most e-commerce businesses, especially in earlier stages, you only need to track a few for success.
The rise of the Accounting Technologist role, someone at the intersection of both accounting and technologist, is being observed across all kinds of people in the accounting industry. After interviewing accounting firms, we've started interviewing accounting apps to get a deep insight into what's going on behind the scenes in the accounting technology space.
Digital transformation in the accounting industry is happening all across the globe. We're seeing a rise in a role we've called the Accounting Technologist, someone at the intersection of accounting and technology. These people can both do your books and advise you on how you should build your digital ecosystem.
Cash flow forecasting helps you look into and prepare the future of your e-commerce business. However, the complexities that come with managing cash flow has led many business owners to ignore it. If you want to stay on top of making a profit and building a growth-focused brand, understanding cash flow is absolutely essential. We'll go through the basics in this article.
In the past few months, we've interviewed a range of accounting firms (RSM, Illumin8, POP Business and Ecommerce Accountants) and even a coach for accounting firm owners (Future Firm), asking about the rise of the Accounting Technologist. The role defines a new wave of accountants that have a strong understanding of how accounting and technology intersect.
There's no doubt that all industries have been evolving in response to technology and accounting isn't an exception. In this article, we interview Sidney Cachuela, COO and co-founder of POP Business. The accounting firm has won the Accountants Daily "30 Under 30" Award and has gone from 100 to 800 clients in the past year.
One of the accounting hurdles that e-commerce businesses face is international sales taxes. Fortunately, if you're using an e-commerce platform like Shopify, the right amount of sales tax is usually already collected for you. However, it's still useful to understand how rules and exemptions apply to you. Otherwise, you could end up upsetting customers or overpaying taxes.
Finding an accountant who actually understands the ins and outs of the e-commerce industry can be difficult. How can you figure out who to trust? What knowledge should they have? We completely understand the struggles which is why we've put together this article to help you. Let's go through how to do your due diligence when hiring an accountant.
Most Shopify owners won't be an accounting whizz at the start, making it hard to understand how to reconcile payments. Fortunately, we'll take you through how to make it as quick and easy as possible. Today, we're using Shopify and Xero to demonstrate the process. However, the main principles are applicable for most businesses and cloud accounting solutions.
Recently, we've interviewed a range of firms including RSM, Illumin8 and Ecommerce Accountants, asking them about the rise of the Accounting Technologist role. The role encompasses those at the intersection of accounting and technology, driving innovation in the accounting industry.
There are now a range of apps you can use to automate your dropshipping business, including the accounting side of things. If you're doing the accounting for a dropshipping business, you can automate the majority of your data entry and bank reconciliation through software, meaning managing your books becomes much easier.
One of the biggest feats a multinational company can overcome is staying on top of industry change. RSM is the world's sixth largest professional services network, with over 30 offices, just in Australia. Despite their size, they've been able to keep up with the latest innovations in accounting technology and digital ecosystems.
Order and pay systems saw huge growth during the pandemic in a wide variety of venues across the globe. For example, the mandatory table ordering rules in 2020 meant that the UK saw a surge in the number of pubs adopting order and pay systems. Other venues adopting order and pay systems include restaurants, cafes, hotels, and even theatres and cruise ships.
Whether you're managing the books for your own e-commerce business or an e-commerce client, there are a few accounting mistakes you should try to avoid. Especially with the e-commerce industry booming, it's easy to get caught up in a million and one different tasks, ultimately forgetting about keeping your books updated.
One of the many things you'll need to set up when starting your e-commerce business is a chart of accounts. Doing it right from the beginning is essential to making sure your accounting processes run smoothly and your books are organised. You'll be able to get a better understanding of your financial position and make scaling your business easier.
Whether you're a junior accounting looking to land one of your first roles or an experienced accountant looking to get ahead in your career, staying on top of high-demand accounting skills will make you significantly more competitive. Today, the modern accountant is expected to to demonstrate a wide variety of skills beyond that of a traditional accountant.
In the past decade, the accounting profession has undergone a major transformation. Accountants have always been the backbone of businesses, however, the way they're fulfilling that role has changed. From stacks of papers to spreadsheets, and now, cloud-based accounting, technology has become a must in the industry
As technology grows and develops, there are more and more small business accounting trends to keep up with. As an accountant, it's important to understand how to take advantage of these changes so that you can provide the best services to clients. For small business owners, you'll want to look for a trusted accounting professional that can make the most of these innovations.
When I started running my own small businesses almost six years ago, I wanted to learn as much as I could from industry experts and those around me. Don't get me wrong, I've definitely learned plenty from all the people that have helped me along the way, something for which I'll be eternally grateful.
Earlier this month, Facebook started rolling out a new design for Facebook Pages, set to reach all Pages in the coming months. For small businesses, this means new ways to build your brand. The focus is now on building a community. Most noticeably, Facebook has said goodbye to the Like button, favouring followers as a better representation of a Page's reach.
Many aspects of successful selling on Shopify are closely linked to sales psychology and technology. There are a myriad of different principles and models from psychology that break down the factors that influence purchase decisions. By understanding what motivates people to buy, you can better adjust your strategy for acquiring and retaining customers.
Doing bookkeeping and accounting for Shopify can sound daunting or tedious. Fortunately, there are a range of easy steps you can implement now that will save you hundreds of hours and dozens of headaches in the long run. These methods are used by the top Shopify businesses to speed up their processes.
Amaka announces a new global partnership with Loyverse and delivers its crucial integration with Xero. Amaka was chosen by Loyverse to develop their integration with XERO, due to the extensive experience it has, rolling out integrations globally, for the likes of Vend, Square and Revel Systems (amongst others).
Amaka announces the new integration with Loyverse POS to QuickBooks Online accounting software. Off the back of the successful Loyverse + Xero integration, Amaka’s global partnership with Loyverse has continued to grow.
Amaka has announced the release of its much-anticipated business tracker - FitBiz. “FitBiz’ is basically a fit bit for your business. Simply integrate your POS or eCommerce with FitBiz and receive AI-driven performance reporting directly to your inbox. It is so simple. No hardware, no need to customise, no need to be technical, it is perfect for business owners with little or no time to spare.” said Pedram Afshar, CEO, and Co-Founder of Amaka.
Amaka expands its reporting suite of products, broadening its business automation tools for SMEs.
In today’s fast-developing automation environment, every profession is changing - including accounting and bookkeeping. In fact, the finance industry has always been one of the most dynamic.
It’s no secret that operational efficiency and customer satisfaction are top priorities for any retail or hospitality business. In order to achieve them, business owners have to put in a lot of effort for things to run smoothly, especially when it comes to sales and accounting functions.
For decades, bookkeepers were basically data entry clerks - their work consisted mostly of inputting data from one system into another. Now, however, with the increased availability and popularity of system integrations, many bookkeepers can offer high quality services that branch outside just copying numbers.
Australian-based company completes integration between restaurant reservation platform and point of sale (POS) system
DENVER (April 15, 2020) — Amaka, a professional automated data entry software for accountants and business owners, today announced an exclusive partnership with New York-based SevenRooms, a data-driven hospitality platform that combines operations, marketing and guest engagement tools. This partnership enables SevenRooms to integrate directly with Revel Systems, a leading cloud-based POS system used by hospitality operators globally.
Amaka continues to lead the way in accounting integrations after being chosen by Vend to provide its official integration with MYOB AccountRight. Amaka delivers best-in-class accounting automation tools for hospitality and retail SMBs, saving them time and money. Choosing Amaka is a “no brainer” for partners, said Pedram Afshar CEO. “We build, maintain and provide accounting support to the end merchants, leaving our partners to focus on what they do best!”.
Accounting integrations are slowly but surely finding their way into all sorts of industries. The retail and hospitality industry is recognising more and more the importance of keeping accounting efforts in the one place. As hospitality goes through a huge shift, accounting integrations are being utilized to sync data for sales, payroll, inventory and more.
There’s no doubt that technology has been shaping a lot of industries nowadays - and accounting is no different. In fact, due to its complex and ever-changing nature, accountants and bookkeepers have to learn and adapt constantly. We’re fully aware of that, which is why we created our own hub for all accounting and bookkeeping specialists to make keeping up with the industry much easier for everyone involved.
No matter how productive your team is, every accounting firm can only have a certain number of customers. It takes a lot of time and effort to service clients properly, and there are only 24 hours in a day. Additionally, it is often the case that a large portion of work is time-critical due to tax authority deadlines. Sure, you could hire more staff, but wouldn’t it be better to increase productivity and profitability in your accounting firm with the team and resources you already have in place? Here’s how you can achieve that with a few productivity tips.
It’s common to think that accountants only manage the books and ensure the accuracy of financial records. In reality, however, accountancy revolves around a wide variety of tasks and responsibilities, and is constantly evolving as technology is starting to play a bigger role in their day-to-day activities.
It might not seem like it at first, but there are some big differences between accounting and finance roles. Accounting and financial advisory are broad business functions that revolve around multiple job opportunities and roles within organisations. What’s more, accounting related roles are continuously evolving with the adoption of cloud accounting and business automation platforms - technology is rapidly transforming accounting and financial advisory, resulting in the creation of new roles in modern companies e.g. accounting technologists.
Square and Xero have released their official accounting integration and have chosen Amaka to oversee delivery of this key piece of infrastructure.
As we have entered the digital transformation era, new technologies are bound to improve business processes and boost productivity within organisations. The hospitality and retail industries are no different. In fact, keeping up with the latest tech trends and automating certain processes is essential, as these industries are extremely competitive. As a result, those who stop adapting can be quickly left behind.
Black Friday used to be associated with traffic accidents and violence initiated by the large volume of shoppers. Nowadays, though, it rather means a “profitable Friday” to all retailers out there. With this introduction of Cyber Monday, e-commerce stores now have a valuable opportunity of a day solely dedicated to consumers prioritizing online purchases over store purchases.
Cobb & Co. is a New Zealand's original family restaurant. 10 years ago, the brand's look-and-feel was modernised and the operational systems were overhauled to become world-class and set people up for a career in hospitality. The digital transformation didn’t end there, though. Amaka helped to introduce custom POS reports.
At Amaka, we make running any business in the hospitality and retail industry easier by offering powerful accounting integrations. We’re fully aware that there’s a variety of POS systems and accounting tools out there, which is why we constantly expand our portfolio and add new integrations. That’s precisely why we’re bringing to you new official Dash POS + Xero integration.
Guess what, Halloween is coming! There’s a lot of things to be scared of - fortunately, accounting integrations are not one of them.
Due to many misconceptions, it might seem otherwise at first. But, even though software integrations might seem confusing, they don’t have to be terrifying. Especially if you trust experienced professionals to help you set up those integrations or even do it entirely for you.
Running a successful business isn't easy. It involves a lot of hard work, planning, strategic decision-making and more importantly, data analysis. Successful business owners know how crucial it is to find the right balance between focusing on day to day operations to collecting data and undertaking analysis. Your point-of-sale system is far more than just a glorified cash register and it should be looked at as a treasure chest that holds many secrets to achieving rapid business growth with POS reports.
Although various factors are changing the finance industry, the future of accountants and bookkeeppers is very bright. While some may think otherwise, technology is only improving work practices, making accountants and bookkeepers more efficient than ever. Through the adoption of technology, it doesn’t mean they are less important or less relevant; however, it does mean that they must adapt to the changing landscape and acquire new skills.
Did you know that around 80% of new businesses fail within the first 18 months? Poor financial management is one of the main problems for these businesses. Why? The answer might be surprising - 53% of small business owners don't have an accounting professional, and they attempt to manage their money themselves. Accountants can add value to your business in a variety of ways.
Amaka partners with Square to deliver the official integration with MYOB that will help customers to aggregate sales data from every corner of their business.
Here's how the Revel + Xero accounting integration by Amaka can benefit your business. POS systems are vital in the hospitality industry. Keeping track of sales is essential for maintaining a successful business. It’s a good idea to have all of this information and data in one place - it’s an even better idea to integrate your POS system with an accounting system. This keeps everything automated, quick, and easy to access.
Adaptation is the key to success in the hospitality industry!
Point of sale (POS) systems drastically change the way businesses around the world operate. Hospitality businesses are no longer using traditional methods to track their daily revenue, and are instead turning to POS options to access data around payments, labor, and product performance. With POS come spectacular integrations to make your life even easier. Integrations give users the ability to combine external software services with their own POS software, saving businesses and employees both time and money.