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

8 ways for small business owners to manage their cash flow

For small business growth, consider the international market

Business risk management for owners of small companies

How real-time inventory visibility can boost retail margins

Payment industry trends that are the future of POS

Tech tools to keep your restaurant operations running smoothly

A simple guide to set up your online ordering restaurant

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

ePOS cash register training tips and tricks

Digital banking and cloud accounting software: How they work together

Why retail merchandise returns will be a differentiator in 2022

Save time with mobile apps for business finances

How I did it: Grew my business by branching out

The moment I knew I’d made it: The Cheesecakery

Making a ‘workout’ work out as a business

How a bright idea became a successful business (in Charlotte, North Carolina)

Making the leap from employee to owner

Mapping out success for a small-business owner

Checklist: What you’ll need for your first retail pop-up shop

How mobile point of sale (mPOS) can benefit your side gig

Staying organized when taking payments

Key considerations for online ordering systems

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

Tools that can streamline staffing and employee management

How to identify what technology is needed for your small business

Planning for restaurant startup costs and when to expect them

What is needed to apply for an SBA loan

Why ecommerce for small business strategy is integral

4 restaurant models that aren’t dine-in

Omnichannel retail: 4 best practices for navigating the new normal

Is your restaurant Google-friendly?

How small businesses are growing sales with online ordering

How small business owners can budget for the holiday season

Why credit cards should be the first choice for business payments

7 uncommon recruiting strategies that you may not have tried yet

How increased supply chain visibility can combat disruptors

6 common financial mistakes made by dentists (and how to avoid them)

Strengthen your brand with modern POS technology

Technology strategies to complement your business plan

Business credit card 101

How to apply for a business credit card

What kind of credit card does my small business need?

Do I need a credit card for my small business?

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

How to establish your business credit score

5 ways a business credit card program can grow your business

Building a business with a great product and a greater purpose

3 ways POS data analysis can help define your brand

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

Meet the Milwaukee businessman behind Funky Fresh Spring Rolls

Improve online presence your business

When small business and community work together

How a family-owned newspaper is serving its community

How tenacity brought Taste of Rondo to life

How Gentlemen Cuts helps its community shine

How Lip Esteem is empowering women

Community behind Elsa’s House of Sleep

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

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

In a digital world, Liberty Puzzles embraces true connection

Celebrity Cake Studio’s two decades of growth and success

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

3 ways to gain loyalty with your customers

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.