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Integrating accounting software and CRM (customer relationship management software) allows businesses to streamline their workflows and operations by combining financial data with customer data. This can help in business management and better understand their customers' financial activity to make more informed decisions. Additionally, it can help to automate certain tasks, such as invoicing and bill payment, which can save time and reduce the potential for errors. Some popular accounting software that can be integrated with CRM software include e-conomic, Fortnox, Microsoft Business Central, QuickBooks, Xero, and Sage.
When businesses grow, accounting is something that needs strict monitoring and control. At times, you can see an exponential growth, which can lead to errors in data down leading the issue to further down the line. For this, we are going to walk through the benefits of integrating your CRM software with the accounting software. Let's take a look at automation!
What can a CRM – accounting integration do for an accountant?
CRM offers a centralised platform where you can store all your customer data and share them parallelly within and outside your department. If you belong to the accounts team, here are the possible benefits you can get:
- When the customer details are created in the CRM system like HubSpot or Pipedrive, it automatically gets synced into your accounting app along with updation of the history of the transaction. Because we need to understand that it is crucial to sync contacts between the two systems so that there is no double entry or errors.
- CRM integration with accounting software can let you develop active leads through customer interaction.
- Most of the time, the details linked to the pricing details and agreed rates are stored in the accounting app. By integrating your CRM system with accounting will let the other departments, such as the sales department, know about the agreed rates. They can also get information on the transaction history and design their own pricing model and improve prospect response time.
- Another benefit can be the sharing of financial information between both systems. Through this, all the departments stay updated on the past financial history of the customers, discussed pricing, credit limits, payment dues, etc.
- The integration between the two systems can let you increase your lead generation. It is always easier for you to get back to your old customers who have already purchased your products or used your services. So, this system integration lets you create effective and targeted marketing campaigns based on the purchase history of the customers, such as up-sell or cross-sell campaigns.
- Integrating the software will reduce the need to share data between systems, which can help to keep sensitive information more secure.
Benefits do not end here, and there is more to it. So, summarising what has been jotted down above.
Error free and bi-directional data sync by integrating accounting and CRM software
Integrating accounting and CRM software can help to ensure error-free and bi-directional data sync by providing a seamless flow of information between the two systems. This can help to eliminate the need for manual data entry and reduce the potential for errors.
Bi-directional data sync allows data to be updated in both systems in real-time so that the information in both systems is always accurate and up-to-date. This can help to improve data accuracy and ensure that all stakeholders have access to the most recent information.
For example, when a new customer is added to the CRM system, the information is automatically synced to the accounting system, creating a new customer profile and ensuring that all financial transactions are linked to the correct customer. Similarly, when an invoice is generated in the accounting system, the information is automatically updated in the CRM system so that the customer's account reflects the most recent transaction.
In summary, integrating finance and CRM software can help to improve data accuracy, reduce the potential for errors, and streamline business processes by providing a seamless flow of information between the two systems.
- No more duplication of data or errors in customer information
- Speed up quote creation and sending it to potential or repeat customers
- Centralised information store
- Reduced invoice disputes
Increased visibility of financial position of the customers
Integrating CRM and accounting software can provide increased visibility of the financial position of customers by combining financial data with customer data in one system. This can help accountants and other stakeholders to better understand the financial activity of customers, including things like credit risk, sales potential, and payment history.
For example, by integrating the software, accountants can see a customer's account balance and payment history directly within the CRM system, which can help them to quickly identify any potential issues or opportunities. Additionally, by having a more detailed view of a customer's history, accountants can provide more personalized service, such as offering credit terms or providing payment reminders.
Furthermore, sales team can track the customer's financial information from the CRM system, which can help them to identify potential sales opportunities and make more informed decisions about things like credit risk or sales potential.
In summary, integrating CRM and accounting software can provide increased visibility of the financial position of customers, which can help businesses to make more informed decisions, provide better customer service, and identify potential sales opportunities.
- Sales team will be able to credit chase customers
- Ensure that customers should stay within the credit limits
- Gives you access to historical information of the customers
Better market targeting
Integrating CRM and accounting software can help businesses to develop better marketing strategies by providing a more complete view of customers' financial activity. This can help businesses to better understand their customers' needs and preferences and develop more targeted marketing campaigns.
For example, by integrating the software, businesses can access customer purchase history and account balance directly within the CRM system. This can help them to identify patterns in customer behaviour and develop more targeted marketing campaigns based on these patterns.
Additionally, businesses can track the effectiveness of their marketing campaigns by comparing the financial data from the accounting system with the customer data in the CRM system. This can help them to identify which campaigns are generating the most revenue and which ones are not performing well, allowing them to make data-driven decisions about their marketing strategy.
Furthermore, by combining customer data and financial data, businesses can segment their customer base and offer different marketing strategies to different groups of customers, allowing them to personalize their marketing efforts and increase their effectiveness.
In summary, integrating CRM and accounting software can help businesses to develop better marketing strategies by providing a complete view of customers' financial activity and tracking the effectiveness of their marketing campaigns, which can lead to more targeted and personalized marketing efforts.
- Target marketing based on purchase history
- Up-sell and cross-sell opportunities
- Repeat customer targeting to maximising revenues
How an Integrated Accounting and CRM System Streamlines Your Business
When you run a small business, every minute counts. You can't afford to waste time on administrative tasks that can easily be automated. That's where an integrated accounting and CRM system comes in.
An integrated system streamlines your business by automating the flow of data between your accounting software and CRM. This means that you can spend less time on data entry and more time building relationships with your customers and growing your business.
Know more from our client's use cases: Arne Aksel | Amalie | Gemini | Vendemus
An integrated system also gives you a single view of your customer data. This means that you can see all the interactions you've had with a customer, from the initial contact through to purchase and post-sales support. This gives you a better understanding of your customers and allows you to provide them with the best possible service.