Find out how to convert Salesforce into an effective accounting system with integrations like QuickBooks for better collaboration, accuracy, and financial control!
Salesforce is one of the most widely used customer relationship management systems in the world. It is effective for tracking customer interactions, managing sales pipelines, and streamlining marketing efforts. But when it comes to accounting, Salesforce seems to be lacking!
The question then is - is it possible to turn Salesforce into a high-performing accounting system? The answer is yes - but with the help of integrations and apps.
In this blog, we will explore how Salesforce can be used for accounting purposes, the different accounting apps and integrations available. Follow along as we also look into the benefits of connecting Salesforce with QuickBooks, which happens to be one of the most popular accounting solutions.
Is it Possible to Perform Accounting Activities in Salesforce?
Salesforce is not built for traditional accounting functions! While it excels at managing customer relationships, tracking sales, and storing client data, it lacks the core features necessary for comprehensive accounting, such as managing invoices, financial reporting, and tracking debits and credits.
However, Salesforce is highly flexible and customizable, which means you can integrate it with accounting software to bridge the gap. If you add third-party tools, you can turn Salesforce into an effective source that provides a complete view of your business, both in terms of customer relationships and financial data.
For instance, integrating CRM software QuickBooks with Salesforce can enable you to sync financial data directly within the Salesforce interface. This way you can get real-time access to customer balances, transactions, invoices, and more. This smooth integration gives your sales and accounting teams a shared view of customer data, resultantly improving decision-making and overall business performance.
Salesforce Accounting Integrations and Apps
Salesforce offers a wide range of third-party accounting applications and integrations that can help you manage finances without leaving the CRM platform.
Here are some of the most popular accounting apps you can integrate with Salesforce.
1. QuickBooks Integration with Salesforce
QuickBooks is a leading accounting solution for small and medium-sized businesses. While QuickBooks CRM software is not natively built into Salesforce, it can be integrated to create a holistic view of your business. You can connect QuickBooks with Salesforce, to easily share customer data, sales orders, invoices, and expenses between your sales and accounting departments. This helps eliminate the need for double data entry, reduces the chance of errors, and streamlines your financial processes.
2. FinancialForce
FinancialForce is a native accounting solution built directly on the Salesforce platform. As an Enterprise Resource Planning system, it provides a customer-centric view of your finances. It helps you manage financial reporting, billing, and accounting directly within Salesforce. Overall FinancialForce is an ideal choice for larger businesses that require more robust accounting features integrated with Salesforce.
3. Xero
Xero is another popular accounting solution that can be integrated with Salesforce through third-party apps. Xero enables you to manage your finances and gain insights into your customer’s financial health without the need for double entry. This integration helps streamline billing, invoicing, and reporting, all while staying within the Salesforce ecosystem.
4. NetSuite
NetSuite, an Oracle-based ERP system, also integrates with Salesforce to give businesses a complete view of their finances. You can sync customer financial data with Salesforce to access real-time financial information and reduce errors caused by manual data entry. NetSuite is particularly useful for larger businesses that need more complex accounting features.
5. FreshBooks
FreshBooks is a popular accounting tool that focuses on invoicing and expense management. It can be integrated with Salesforce to help small businesses manage their finances more effectively. If you sync your FreshBooks account with Salesforce, you can send invoices, track expenses, and keep your accounting team on the same page as your sales team.
Benefits of Integrating Salesforce with QuickBooks
Integrating CRM software QuickBooks with Salesforce can provide a myriad of benefits for businesses of all sizes. Here are the major advantages of using QuickBooks CRM software in conjunction with Salesforce.
1. Improved Collaboration Between Teams
Sales and accounting teams usually work separately which can lead to miscommunication and errors. When QuickBooks is integrated with Salesforce, both departments can access the same customer data, sales orders, invoices, and financial records. This can help improve collaboration, reduces the risk of miscommunication, and ensures that all teams are on the same page.
2. Streamlined Operations
Integrating QuickBooks with Salesforce also reduces the need for manual data entry. This helps you save time and resources. When all your customer data, sales activities, and financial transactions is in one place, you can automate many accounting tasks, such as invoicing, payment tracking, and financial reporting. This may then lead to faster decision-making and increased efficiency.
3. Enhanced Data Accuracy
The integration of QuickBooks CRM software with Salesforce can help you avoid the errors that come with manual data entry. When financial data is automatically synced between the two platforms, you ensure that your accounting records are always up-to-date and accurate. This helps you make better financial decisions and reduces the risk of costly mistakes.
4. Better Financial Visibility
When Salesforce and QuickBooks work together, you gain complete visibility into your business’s financial health. Be it tracking sales orders or viewing real-time cash flow and financial reports, integrating these systems gives you a comprehensive view of your company’s performance. This improved visibility makes it easier to identify areas for improvement and growth.
5. Scalability for Growing Businesses
Both Salesforce and QuickBooks are a scalable solution, which implies they can grow with your business. Whether you are a small startup or an expanding enterprise, integrating these systems ensures that your accounting processes will remain efficient as your business evolves.
Frequently Asked Questions
1. Can Salesforce Be Used for Accounting?
Salesforce is not a dedicated accounting software, but with the right integrations, it can be used to manage financial data. CRM software QuickBooks is one of the best options for integrating accounting features into Salesforce. It enables you to manage invoicing, payments, and financial reporting directly within your CRM platform.
2. What is the Best CRM Software for QuickBooks?
There are several CRM systems that work well with QuickBooks, but Salesforce is often considered the best CRM software for QuickBooks due to its flexibility and range of integration options. With the QuickBooks CRM software integration, you can connect your financial data with your customer relationship management system. This makes it easier to manage both sales and accounting in one platform.
3. How Does QuickBooks CRM Software Integration Work?
QuickBooks CRM software integration enables you to sync customer financial data with Salesforce. This means that your sales team can access important financial information such as invoices, payments, and sales orders directly within Salesforce. This in turn helps them make informed decisions and also improves collaboration between departments.
4. What Are the Benefits of Integrating Accounting Software with Salesforce?
Integrating accounting software like QuickBooks with Salesforce improves collaboration, increases data accuracy, streamlines operations, and provides better visibility into your financial performance. It helps save time by automating tasks and reduces the risk of errors that may otherwise be caused by manual data entry.
Final Thoughts
While Salesforce is an excellent CRM tool, it is not designed to handle accounting functions on its own!
However, software like the QuickBooks Salesforce integration makes managing your finances easy, as you gain complete visibility into your business. The integration of CRM software QuickBooks with Salesforce enables you to convert your CRM into a high-performing accounting system that provides real-time financial data, facilitates collaboration, and streamlines operations.
Whether you are a small business or a growing enterprise, this integration can help you greatly improve your accounting and sales processes so you can derive business growth.
