Better Manage Your Money and Increase Your Margins: Barn2Door + QuickBooks Online
This Spring we were delighted to announce a direct integration with Barn2Door and QuickBooks Online (QBO). We’ve found that Farmers who use Barn2Door to grow their operations and QuickBooks Online to manage their expenses enjoy higher margins and more resilient businesses.
Previously, we published a detailed overview of how the integration works. To learn more, check out the blog: How it Works: QuickBooks Online + Barn2Door
We want to highlight a few Best Practices to help your Farm get the most out of your Barn2Door + QBO integration to better manage your Farm’s finances:
Get signed up with QuickBooks Online. If you don't have an existing QBO account, then you're not in a position to manage all your incoming Barn2Door revenue and the ongoing operational expenses of managing your Farm. Contact your Barn2Door Account Manager to access a special promotion - 30% off your first 12 months with QBO.
Connect your Barn2Door Account to your existing QuickBooks Online Account. Automatically and securely transfer your information between Barn2Door and QuickBooks, where data will be posted to a set of Clearing Accounts. Set the automatic sync to post to your clearing accounts monthly (default), which is the business standard for closing your books. This will also be the method your Accountant or Bookkeeper will use to help you manage and reconcile your accounts each month.
Set up your Bank Feeds to post to your Clearing Account. This is important for reconciliation each month. Note that your Bank Feeds will not match your Barn2Door revenues exactly. There will always be a time lag as credit cards, debit cards, and ACH payments can take 1-5 days to post depending on the bank. As such, your Barn2Door sales on the last few days of the month may not deposit to your Bank Account until after month-end (hence the discrepancy). This carryover is common; a variance of 3-5% is normal.
Consider working with a certified QuickBooks Pro Advisor. These experts can help you manage your Farms books and address any questions about reconciliations. Farms that work with a QuickBooks Pro Advisor enjoy higher margins, due to the accountability and business advice that comes from an outside financial expert (pun intended). Search for a QuickBooks Pro Advisor.
Look for more resources about the Barn2Door + QuickBooks Online integration here: Barn2Door + QuickBooks Online