In a world where work from home has become the new normal, businesses quickly need to adapt to the changing market scenario. Companies must take an initiative to leverage cloud-based technologies to help their employees get access to information from multiple devices, easily and reliably. For organizations that are already ahead of the curve and have implemented cloud computing throughout their operations, the key concern in these tough times is measuring productivity. There are a few questions that business owners today find themselves asking:
- How to securely share financial information within departments?
- What areas of business require improvement?
- How can you improve sales performance if you don’t have real-time insights into the operations?
The key challenge that hinders companies to get answers to the questions mentioned above is the disconnection between disparate systems and lack of data sharing.
With features like easy collaboration, accessibility to critical information, and improved account planning, Salesforce offers innovative ways to streamline workflows. To address this challenge, organizations can integrate Salesforce with accounting tools and gain access to the most up-to-date financial information and avoid repetitive data entry.
Essentials of Accounting and Salesforce CRM Integrations
Knowing The Purpose of Your Integration
Understanding the reason for Salesforce integration with accounting tools is important to further understand the requirements. Once you have defined the use case, you also need to understand the capabilities of different accounting tools that will adhere to your purpose. In case you are already using an accounting tool that you want to integrate with Salesforce, you need to check the compatibility. Hence, it is crucial to first understand the purpose of integration to take further steps.
Avoiding Bad Data
Sure, big data is important. However, not all the data that you collect can be useful. Make sure that you clean your data as bad data will affect the purpose of integration, resulting in unwanted output. This can be addressed by properly labeling your data according to the requirements of the accounting tools that you are going to integrate with Salesforce.
Don't forget to check out: Salesforce Tips and Tricks for Data Integration
Organizing Different Data Structure
The data structure within the accounting tool that you choose for integrations can be different than that of Salesforce. Often, Salesforce has several customers’ information under a single account, while in accounting tools, a single account might only have information on an individual customer. Therefore, it is imperative to check the data structure before integrating and syncing the data accordingly.
Decide Between Custom Objects and Static Schema
While dealing with dynamic data, you can leverage custom objects by using labels from Salesforce. On the other hand, static schema can be used for predefined objects and fields. While custom objects allow you to handle complex workflows, static schema can be a more financially fitting option.
Benefits of Salesforce and Accounting ERP Integration
- Automated workflow updates for a new customer registration
- Event-driven synchronization of customer status
- Automated updating of customer information
- Automated creation and distribution of sales invoices
- Get customer purchase history to facilitate cross-selling and up-selling opportunities
- Real-time updates on stock availability and most selling product lists
- Real-time automated sales report generation and sharing
Examples of Accounting Tools to Integrate With Salesforce
It is essential to choose the right accounting software to integrate with Salesforce to ensure you get the desired results that help you achieve your business goals. There are many accounting software tools available in the market with their unique offerings. Let’s have an overview of some of these accounting tools that can be integrated with Salesforce:
SAP is a widely used enterprise resource planning solution in the market. It allows organizations to automate several back-office functions related to accounting, customer services, and human resources. Integrating SAP with Salesforce gives you leverage to synchronize data from both the systems to get financial and sales performance management.
Microsoft Dynamics 365
Microsoft Dynamics 365, a business management solution tool, allows you to connect financial data from different sources like accounting, sales, purchases, and inventory. It also provides automated budget planning and sales forecasting.
Integrating Microsoft Dynamics 365 with Salesforce will not only help you with keeping customer data synchronized but also allow you to get the most updated financial, product, and inventory information. This will enable you to make an insights-driven decision related to budget, sales, and supply chain operations.;p
This accounting tool offers automation of several critical processes like sales and demand forecasting, sales report generation, etc. By syncing Sage Intact with Salesforce, you can get a thorough and in-depth view of your customers and their interactions with your brand. You can monitor and modify data residing in Sage Intacct using Salesforce. This helps in streamlining your workflows.
NetSuite is a cloud-based ERP software that offers accounting and financial management, business information management, and real-time analytics of financial performance.
Salesforce and NetSuite integration will provide you with insights on transactions, accounts, and financial reports. It will also offer you automated sales pipeline metrics.
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QuickBooks Online is one of the most commonly used accounting software. You can leverage it to manage bills, generate financial reports, invoices, and more. Quickbooks integration with Salesforce’s CRM capabilities enables you to make more accurate decisions about sales opportunities and revenue growth.
Integrating accounting applications with Salesforce makes critical information accessible to your organization. It allows you to minimize information bottlenecks, ensures insights-driven decision-making and efficient flow of information across business silos to achieve desired business goals.
At Softweb Solutions, our Salesforce team has extensive experience in integrating business applications. To discuss the integration process in detail, you can contact our Salesforce experts.