The payment processing industry has changed so much and become so dynamic in recent years, it can be difficult for merchants and other small businesses to keep up with new standards and best practices.
Although it might not sound particularly exciting at first, the integration between payment transaction processing and accounting software is without doubt one of the most important of those new standards.
It does away with the need to manually enter payment transaction data and reconcile accounts, saving valuable time and reducing labor costs and eliminating the possibility of human error.
With payment processing integration, the data for each sale seamlessly posts into the accounting software, similar to how the money from a transaction is directly deposited into a business bank account.
It’s getting to the point that merchants and small businesses that don’t have the ability to integrate payments directly into accounting software are at a distinct competitive disadvantage.
The reliance on manual data entry also created greater risk for human error, which impacts financial reporting and account reconciliation.