Your business can likely benefit from integrated accounting software that merges accounting-related functions across your organization. This blog post outlines the features of integrated accounting software along with integrated accounting system advantages. You'll also learn the benefits of integrating Routable — the easiest way to send high-volume B2B payments— with some of the most popular accounting integration platforms available.
What is integrated accounting software?
Integrated accounting software (or an integrated accounting system) is a type of software that combines all accounting-related functions in your organization into a single application. Rather than staying separate, your purchasing, customer management, account analysis, and accounts payable and receivable applications are all integrated together. As a result, day-to-day accounting practices are streamlined, allowing teams to manage functions in a centralized system instead of using different tools that might not communicate with one another.
Accounting integration programs are self-balancing, meaning teams don't need to rekey data from an existing software tool to a new integrated accounting system. This saves time and resources and optimizes data management.
An integrated accounting system updates data from other programs used for accounting in real time. Your teams won't need to reconcile ledgers or manually move data to an accounting integration program. Users can manage accounting processes — and the data that facilitate these processes — in one place, simplifying internal workflows and improving decision-making. Accounting software integration programs serve as a single source of truth for all the accounting data across your business.
Take, for instance, if your organization currently has:
- A customer relationship management (CRM) system like Salesforce
- An order management system like Brightpearl or Adobe Commerce
- An inventory management system like Cin7 Orderhive or Lightspeed Retail
- A legacy accounting system that collects and stores income and expenses data and other financials
Team members might need to access all these systems when carrying out accounting-related processes and switch between different programs and screens. Combining this software into an accounting software integration program provides teams with a 360-degree overview of all the accounting data that flows in and out of your organization.
Why use accounting software integrations?
It may be to your advantage to use integrated software for accounting if you experience the following:
- Your software lacks critical features. Your existing accounting software tools don't provide team members with all the features needed to expedite accounting-related tasks. For example, your CRM system helps teams access contact information for invoicing but doesn't execute ledger or fund analysis. Or your existing accounting system doesn't provide a real-time overview of accounting workflows because it's old or open-source and lacks modern capabilities. Integrating your CRM or accounting system with integrated accounting software lets teams carry out accounting tasks in one simplified system.
- You don't have the right fintech stack. Accounting software integrations let you build the right fintech stack that not only improves your team's workflows but also helps them reach your business goals. You can integrate digital tools that provide team members with the most value and create a customized accounting system that benefits your organization.
- Your team can't use complex systems. Team members might be unable to use digital tools like a complex order management system because of a lack of training resources. An accounting integration platform requires a smaller learning curve because teams only need to use one system for accounting tasks rather than several programs.
You also might need integrated accounting programs depending on the industry you work in. A few examples of industries that could benefit include:
Features of an integrated accounting system
Most integrated accounting software tools have core and non-core modules. These work seamlessly together no matter which ones are used.
Core modules. Core modules are those that come already built into the system. These include billing, bookkeeping, inventory and general ledger.
Non-core modules. Non-core modules are those that you can add to an integrated accounting software program based on your business requirements. These modules include payroll, mass payouts, payment processing, tax management and invoice management.
Integrated accounting system advantages
Some of the benefits of an accounting software integration program for your teams include:
- Unified view of accounting systems. One of the many advantages of an integrated system is the ability to keep track of existing systems. Many of those used for accounting processes in your organization waste time and frustrate team members. An accounting software integration program provides a unified view of your company's accounting systems and maintains all accounting data in one place, making reconciliation easy. You can remove data silos and make it easier for teams to access the information they need for their jobs.
- Less manual data entry. Manually entering data from one system to another can waste time and increase human error. An accounting software integration tool reduces the need for manual data entry by automatically moving data from accounting systems. This approaches results in fewer errors and frees up time for more strategic tasks in your business.
- Real-time data. Accounting software integrations provide a real-time two-way sync of all the accounting data that flows in and out of your organization. Any changes to an existing accounting system will show up in your new accounting platform and vice-versa. This two-way data flow gives team members the insights necessary to make more-informed strategic decisions.
- Various accounting ecosystem build options. Another integrated accounting system advantage is that it enables you to build an accounting platform based on your specific business needs. Integrated accounting software offers a lot of customization with many different accounting software integrations available.
Integrated accounting system examples
Some of the most popular integrated accounting software tools include:
Millions of small and medium businesses use this accounting software package to streamline financial management. The software offers tools for payroll, invoicing, tax filing, expense management and bank account tracking. Quickbooks integrates with more than 650 business apps, including PayPal, Shopify and Square.
NetSuite is a cloud business management solution used by businesses of all sizes. It has applications for financial management, as well as CRM and enterprise resource planning (ERP). Netsuite integrates with eBay, Amazon, WooCommerce and other business tools.
Xero is online accounting software for small business owners. Users can manage their finances from anywhere and integrate the software with over 1,000 apps, including Stripe, Square and GoCardless.
Adding Routable to your integrated accounting software
Routable is the easiest way to send B2B payments with your integrated accounting software, especially if you send mass payouts. Our platform syncs with the most popular integrated accounting software tools on the market—Xero, Quickbooks, Netsuite and Sage Intacct — to make the payouts process seamless for your teams.
Adding Routable to an integrated accounting system offers multiple benefits:
- A better payables experience for your teams when sending mass payouts. Existing processes available in accounting software like Quickbooks and Netsuite don’t let your business scale seamlessly. If you're sending hundreds or thousands of payouts monthly through these platforms, your teams may struggle.
- Get a true real-time, two-way sync. Routable talks to your accounting software in real time: When you make any change or add information to one program, the other program is instantly updated as you’re typing. This two-way synchronization even supports advanced and custom fields from Quickbooks, NetSuite and Xero.
- Send cross-border payments effortlessly with Netsuite. Send secure payments to vendors in over 220 countries and territories in local currencies with transparency into exchange rates and fees. Integrations with more accounting software options are coming soon.
Your payees will also enjoy faster payment options, including Same Day and Next Day ACH and Real-Time Payments. And if your payees prefer checks, we'll print them out and ship them for you to save your team hours of work.
The final word on integrated accounting software
Accounting integration software makes life easier for teams. These programs integrate accounting-related functions into a single application, reducing the need for team members to use several digital tools. Integrated accounting system advantages include streamlined manual data entry, lower human error and a single source of truth for accounting data in your organization. Managing accounting functions in one application solves many issues disparate accounting tools create.
Interested in adding Routable to your accounting system? See our pricing plans for scaling your payouts.