If you’re a retailer currently utilizing the Retail Management Hero system, then you’re already aware of the power of the system in the store. It tracks your inventory levels, your customers, and processes sales at a lightning pace. But when the store closes and the lights go out, does the real work begin for you?
If you’re like most independent retailers, the close of the store means hours of tedious data entry. It means exporting the sales reports from the Retail Management Hero system and re-typing the data into c. It’s a tedious process that can be avoided.
It doesn’t have to be this way.
Integrating the Retail Management Hero, Point of Sale system directly with QuickBooks is the most effective solution for automating your back-end operations. This is your guide to understanding the importance of the integration and how it can transform your retail operations.
The Problem with Manual Entry
But before we get into the solution, let’s take a quick look at the problem with the way we do it today. The problem with manual entry is that it creates a “disconnect” between your front-of-house and your back office.
Each time human fingers touch the keyboard and data is transferred from one system to the next, there is the potential for human error. A misplaced decimal point, an unrecorded invoice, and you could be spending hours trying to figure out what’s going on when it’s time to do your taxes. And it’s not just about accuracy; it’s also about speed. In retail, cash is king, and you need to know where you stand today, not last week.
The Dynamic Duo: RMH and QuickBooks
Why are these two very specific systems so perfectly suited for each other?
Retail Management Hero is designed for the complexity that is retail life. It can handle matrix inventory management, multiple store management, and complex customer pricing structures.
QuickBooks is the industry leader in financial management systems. They are great at General Ledger management, payroll, accounts payable, and producing financial statements.
When we integrate them, we are asking RMH to “talk” in a language that the accountant can understand. We are no longer talking about separate systems; we are talking about a system of systems.
Key Benefits of Automation
1. Eliminate Human Error
The “fatigue factor” is eliminated with automation. If the integration is active, sales totals, tax amounts, and payment type summaries all flow directly into QuickBooks. You can be assured that the figures in your financial reports match exactly what happened in your store.
2. Real-Time Inventory Valuation
One of the more difficult aspects of a retailer’s accounting is Cost of Goods Sold (COGS). An automated integration can keep up with all inventory changes in real-time. When you make a sale in RMH, it instantly adjusts your inventory values in QuickBooks. You can now see your true profit in real-time.
3. Streamlined Reconciliation
Bank reconciliation can be a retailer’s worst nightmare. Because we’re posting a sales summary or individual invoices directly into QuickBooks, you can now match your bank deposits in a snap. You can now see which invoices have been deposited and which ones still need payment.
4. Time Savings
How much time a week do you or your accountant spend on data entry? With automation, you can save 5-10 hours a week or more. That’s more time for analysis on buying trends.
How It Works
The integration process typically involves the use of a middleware connector or API add-on. After process configuration, it follows this basic flow:
The Sale: Your customer makes a purchase using your RMH register.
The Mapping: The integration process maps your RMH sales data to the correct accounts in QuickBooks (e.g., Sales Income, Sales Tax Payable, Cost of Goods Sold).
The Sync: The data syncs to QuickBooks in real-time or at the end of the day through batch process scheduling.
The Result: Your books are always up to date with zero keystrokes!
The Bottom Line
Integrating your RMH and QuickBooks is not just a technology upgrade; it is a business strategy. It is the clarity and accuracy you need to make informed business decisions. Stop living in a world of spreadsheets and start harnessing the true power of technology and automation. Your accountant and your sanity will thank you!
