Digital banking and cloud accounting software: How they work together

February 23, 2022

Running a business has a lot of steps, and they don’t end with taking customer payments.

 

Even after handing a customer their receipt, companies still have to process and catalog said payments before they can use them to invest again. Transferring payment information used to be done manually; the process was time-consuming, expensive and lacked security protocols to keep processed information safe.

That process, however, has since been modernized. Point of sale (POS) solutions offer a few options to bring cloud accounting and digital banking together. When done correctly, this integration provides:

  • Increased accessibility 
  • Tightened security 
  • Automated updates 
  • Options for integration
     

Accounting data used to be relegated to the desktop, existing only as an application on that computer. This meant that the data could only be accessed from that device and location. This model prevented the easy transfer and logging of data from one location to another, slowing down the payment process.

Top-of-the-line POS accounting software brings digital banking data to the cloud. Online models simplify the payment process, providing companies with:

  • Universal access to their information from any device with internet access at any time 
  • Additional features such as live bank feeds and up-to-the-minute reporting. 
     

This keeps your accounting information fresh and gives you a realistic view of the health of your business.

 

Tighter security protects you and your customers

Legacy accounting software offered few, if any, security options. The most that can be said for them was that their lack of accessibility protected them from cloud-based attacks. When using the actual device or desktop that the accounting information was stored on, however, this quickly became a different story.

Modern POS solutions bring data online, which provides:

  • Higher levels of security on existing data within the POS accounting software 
  • Secure transfer of accounting data
     

Data transfer, in particular, used to be remarkably difficult, being done manually via USB or email. Heightened security makes it easier to collaborate with accountants, banks or other personnel. This way, your POS accounting software brings you closer to your business partners. 

 

Automated updates save time and headaches

Because traditional accounting methods were confined to a single desktop, updates had to be done manually. This type of updating takes a great deal of time; the entire duration of which the device itself cannot be used. Updating also takes up the IT representative’s time, which could have been used for more specialized work.

Bringing your accounting information to the cloud ensures that updates are applied automatically when they become available. This carries major advantages over the traditional model:

  • Your software is always up to date 
  • Your data is always available 
  • Your IT representative is free to handle other work
     

Because updates are applied specifically by the software provider, the impetus is no longer on your company to handle them. Similarly, it ensures that your biggest concern with updates is about working with them, not waiting on them.

 

Integration means agility

The biggest lesson learned looking back on legacy devices is that they have to be adaptable. Technology moves fast, and providers need to make sure their POS accounting software can integrate properly. Otherwise, their stored data has to be transferred manually. This takes up a great deal of time and poses several serious security risks.

Cloud-based systems perform this legwork for the company, automatically syncing POS sales information to third-party accounting softwares. This can be set to occur automatically at the end of the day, reducing human error inherent in the process. Connecting your two assets together via the cloud streamlines your daily operations and gives you less to worry about.

 

POS accounting software blends your biggest assets

Bringing your POS and accounting software together reduces the number of steps in processing payments quickly. The best part about the whole process is that it really only consists of a single key step: Bring your POS accounting software online.

By bringing your POS accounting software online, you can use it to secure payment information while integrating the rest of your software. Doing so also ensures that the insights gained from it are available on any device at any time. Talech’s integration options with POS accounting software simplify the process of running your business. We’ve worked for decades to help businesses merge their POS and digital banking to create technology solutions for your needs.


Continue reading to learn more about how you can stay organized when taking payments for your business.

Learn about U.S. Bank

Related content

Payment industry trends shaping that are the future of POS

In a digital world, Liberty Puzzles embraces true connection

Digital banking and cloud accounting software: How they work together

How running a business that aligns with core values is paying off

Meet the Milwaukee businessman behind Funky Fresh Spring Rolls

4 restaurant models that aren’t dine-in

How to identify what technology is needed for your small business

What is needed to apply for an SBA loan

Key considerations for online ordering systems

Planning for restaurant startup costs and when to expect them

Staying organized when taking payments

How does an electronic point of sale help your business keep track of every dime?

How iPads can help increase efficiency in your salon

Tools that can streamline staffing and employee management

Opening a business on a budget during COVID-19

How small businesses are growing sales with online ordering

Gift cards can extend ROI into 2022

Using merchant technology manage limited staffing

Business credit card 101

Do I need a credit card for my small business?

How to apply for a business credit card

Prioritizing payroll during the COVID-19 pandemic

5 questions business owners need to consider before taking out a loan

How to establish your business credit score

8 Ways for small business owners to manage their cash flow

How Lip Esteem is empowering women

When small business and community work together

Community behind Elsa’s House of Sleep

Improve online presence your business

How a family-owned newspaper is serving its community

Honey Luxury Beauté: growing a side project into an eye-catching beauty business

How Gentlemen Cuts helps its community shine

How tenacity brought Taste of Rondo to life

How a travel clothing retailer is staying true to its brand values

How community gave life to lifestyle boutique Les Sol

How Shampoo’ed is transforming hair and inspiring entrepreneurs

The San Francisco bridal shop that’s been making memories for 30 years

How Al’s Breakfast is bringing people together

Celebrity Cake Studio’s two decades of growth and success

How a group fitness studio made the most of online workouts

How Wenonah Canoe is making a boom in business last

How a bar trivia company went digital during COVID-19

3 ways to gain loyalty with your customers

Strengthen your brand with modern POS technology

ePOS cash register training tips and tricks

Cashless business pros and cons: Should you make the switch?

How this photography business persevered through tough times

Community and Coffee: How one small business owner is breaking down barriers

Why retail merchandise returns will be a differentiator in 2022

Technology strategies to complement your business plan

Omnichannel retail: 4 best practices for navigating the new normal

Is your restaurant Google-friendly?

Business risk management for owners of small companies

For small business growth, consider the international market

Tech tools to keep your restaurant operations running smoothly

A simple guide to set up your online ordering restaurant

Save time with mobile apps for business finances

Start of disclosure content
XX-011 Equal Housing Lender
XX-014 Loan programs: credit + home
WI-031 Bank + USBI disclaimer