As a business owner, it’s important to take advantage of every tax deduction available to you. One deduction that is often overlooked is credit card processing fees. Each time you process a credit card, your merchant provider charges you a processing fee. Your business can deduct the full cost of these fees, but they can be tricky to keep track of. That’s why, finding the proper accounting software to help track business expenses can save you a tremendous amount of money.
Accurate record keeping is important
If you want to claim merchant fees as a deduction, you are responsible for keeping accurate records. Deducting these fees from gross earnings allows you to pay taxes on less of your business’s income, which means you pay less in taxes. Therefore, having an automation tool in place to consistently track business expenses makes sense. Not only will it save you hours of time, it will also help reduce your tax burden.
Connex for QuickBooks is a complete solution for eCommerce businesses looking to keep detailed and accurate records in QuickBooks. Our software will automatically import sales data from your website to QuickBooks, so your books are always up-to-date. As a result, you’ll sell smarter and grow faster by reducing errors and inefficiencies. In addition to recording merchant fees, Connex can:
- Match deposits from your sales
- Automatically sync orders into QuickBooks Desktop or Online editions
- Update inventory levels from QuickBooks to your selling channels
- Sync Summary Sales and the Amazon settlement report to QuickBooks
- Integrate ShipStation and other shipping platforms with QuickBooks Desktop or Online
- Lower your tax burden by maintaining detailed records!
How to record merchant fees so you don’t pay additional money in taxes?
As you can see, setting up Connex to record merchant fees is pretty simple. Your business should make it a top priority to maintain detailed records so you can refer to them later. Then, come tax time, you will be able to deduct the maximum amount and pay less in taxes. Accepting credit cards as payment is key for business growth, so learning how to deal with fees is a must. Credit card processing fees can add up, and it’s important to your bottom-line to make sure you account for these expenses.
Is Connex the Right Tool To Sync Your eCommerce store with QuickBooks?
Most of our customers sell on multiple eCommerce channels, such as WooCommerce, Shopify, Magento, and ShipStation, just to name a few.
They want to grow their business, and value up-to-date accurate accounting so they can better serve their customers. Above all, they know a key component to growth is to track business expenses for better forecasting. With automated sales syncing to QuickBooks, they can feel confident they have the information they need to make important business decisions.
Why Our Customers Choose Sync with Connex
- Developed specifically eCommerce business owners
- You can scale your business by automatically syncing sales & inventory from multiple eCommerce platforms to QuickBooks Desktop or Online.
- You don’t have to spend your resources manually entering sales, inventory, and customers into your website and QuickBooks accounts.
Recommended by Intuit itself, Connex for QuickBooks will give you peace of mind that your inventory will be updated. You will be free of the frustration of oversells and missed items.
- When your inventory is up-to-date, you can achieve higher customer satisfaction, leading to more positive reviews, and increased sales.
- For phone orders, we can sync sales from QuickBooks to your shipping solution.
- If you sell on multiple channels, you can simplify by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms, such as Woocommerce, Shopify, Magento, Amazon, and e-commerce shipping solutions such as Shipworks, Ordoro, and Shipping Easy.
How can you decide whether Connex is right for your business?
During this introductory call, you will discover how Connex can help you to:
- Eliminate manual data entry into QuickBooks Online or QuickBooks Desktop
- Automatically update your inventory and prevent oversells and refunds
- Manage sales from multiple channels in one app
- Connect your shipping solutions to QuickBooks
- Have accurate financial information in your QuickBooks every day
Are you unsure whether Connex is right for your business?