Food is the most important thing for everyone. For that reason, many people want to run their restaurant for business purposes. They can’t handle daily operations and financial management. Because many transactions take place every day, including customers dining in, placing online orders, choosing the takeaway option, and providing delivery services. So, maintaining an accurate record of all these transactions and properly categorizing them within accounting is a complicated process. To solve that problem, Toast QuickBooks Integration is the best option for you. In this blog, we are learn and understanding the integration of Toast and QuickBooks in detail.
What is Toast?
Toast is a modern and advanced POS system hosted on remote servers. That is especially designed for restaurants. This system organizes every small work of the restaurant. When a customer places an order, their payment details, order customs, and tips are all automatically recorded within Toast. The system also includes kitchen displays and online ordering tools that help restaurants streamline their workflow. Toast allows a restaurant to get an instant report on sales, track top-selling items, and customer data can be used for loyalty programs.
What is QuickBooks?
QuickBooks software host from the remote servers that provides a reliable platform for all-sized businesses to systematically record and manage financial data. It manages bookkeeping, expense tracking, tax filing, and payroll management all in one platform. It also tracks the business revenue and expenses, creates an invoice, and helps you understand your business profit and loss.
When it comes to the investment platform of your business, QuickBooks automatically generates accurate and audited financial reports that you can use to make your future decisions confidently. In the case of a business like a restaurant, QuickBooks is the best option for making compliance and transparency easier.
What is Toast QuickBooks Integration?
Toast can help you get data on operations and transactions. QuickBooks generates financial reports within the accounting system. The integration means two different software work together on a single platform. If you run these systems separately, then you need to transfer every transaction manually. That process takes many time and effort, and also increases the possibility of generating errors.
When you integrate Toast and QuickBooks, you can use all these services in a single platform with its automated features. Every order, payment, refund, and tip data is synced from Toast directly into QuickBooks. Now you don’t need to update manually the records of sales and revenue, and a real-time data flow is created. That helped you to achieve accuracy and efficiency in the business.
Importance of Toast QuickBooks Integration
In the restaurant industry, there is a lot of competition, and every second is important to manage it. If staff spend their time on manual data entry, then they will not focus on customer service. For that reason, the importance of Toast POS QuickBooks Integration was increased.
- Time Saving: Automated data sync reduces staff workload.
- Error Reduction: Human entry errors are eliminated.
- Accurate Reporting: Real-time and precise financial statements are always available.
- Better Compliance: Tax and payroll reporting simplified.
- Scalability: Be it one outlet or multiple branches, everything is managed easily.
Working Mechanism of Toast QuickBooks Integration
The working mechanism of the Toast QuickBooks Integration was too simple, but it provides Powerful services. When a customer places an order, the Toast POS system records this customer’s order. Along with this, the payment details like cash, card, or digital payment are also captured.
As the transaction is completed, Toast categorizes the data and sends it to QuickBooks. QuickBooks automatically places that transaction within its accounts, just as revenue is added to the sales account, sales tax is reflected in the tax account, and tips, refunds, and discounts are also updated within the payroll account. There is no chance of any discrepancy because every transaction for a restaurant is audit-ready.
Set up of Toast QuickBooks Integration
QuickBooks is primarily used to solve accounting issues. However, there are two access paths available.
- QuickBooks Online: you can run it in a browser with AAA (Anytime, Any-device, Anywhere) access facilities through an internet connection.
- QuickBooks Desktop: You can use it on a system by installing the QuickBooks Desktop App with a proper internet connection.
Toast can integrate with both QuickBooks types. Let’s learn its detailed setup process to integrate Toast and these two QuickBooks types.
Set up of Toast Integration with QuickBooks Online
| Steps | Processes |
| Prerequisites | 1. You must have a Toast POS account. 2. Requires an active QuickBooks Online subscription. 3. You must have admin-level access. |
| Access integration sections in Toast | Log in to your Toast account and open the “Integrations” or “App Marketplace” section. From there, select the QuickBooks Online option. |
| Authorization Process | You will be moved to the QuickBooks Online login page by clicking the “Connect” button. Then, give Toast permissions by entering QuickBooks login details. |
| Account Mapping | Now you have to decide in which accounts of QuickBooks the Toast data should be saved. |
| Payment and Tax Mapping | All payment options, like Cash, Credit Cards, Gift Cards, and Online Payments, need to be mapped to different ledgers in QuickBooks. Also, it’s important to properly align tax rates |
| Test Transaction | Enter a sample sale in Toast to verify that it syncs correctly to QuickBooks Online. |
| Enable Auto-Sync Option | Enable the auto-sync option after completing all activities. With this, daily transactions will be automatically updated in QuickBooks, and you will not have to worry about manual entries. |
Set up of Toast Integration with QuickBooks Desktop
QuickBooks Desktop is an accounting software, needs to be installed on a system that provides advanced features to manage accounting. In the case of the setup of Toast Integration with QuickBooks Desktop, all processes are the same as the setup of Toast Integration with QuickBooks Online, but some major things are different. Integrating with Toast requires a connector tool to connect with QuickBooks Desktop.
| Steps | Processes |
| System Requirements | 1. You must have a Toast POS account. 2. A licensed version of QuickBooks Desktop must be installed. 3. Ensure that your System is updated. |
| Install Connector Software | Download and install Toast’s certified connector. This Toast connector tool builds a connection that helps to transfer data between Toast and QuickBooks Desktop. |
| Open the Company File in QuickBooks Desktop | Open QB Desktop in Admin mode and load the company file. |
| Authorization Process | Authorize both systems by entering Toast and QuickBooks credentials into the connector. After this step, both will be able to access each other’s data. |
| Accounts and Payments Mapping | Just like in the online version, here too you will need to map sales, refunds, discounts, and taxes to the relevant accounts in QuickBooks. |
| Batch Sync Option | QuickBooks Desktop mostly supports batch syncing. Meaning you can set schedules for daily, weekly, or custom timings. In this way, the data gets synced in bulk simultaneously. |
| Run Test Data | Run a demo transaction to verify that the Sales Toast is reflecting accurately in QuickBooks Desktop. |
Features of Toast QuickBooks Integration
Toast QuickBooks Integration features make it a powerful tool.
- Real-time Sync: Every order is instantly updated in QuickBooks.
- Automated Reporting: Financial and sales reports are generated automatically
- Expense and Payroll Tracking: Vendor payments and staff salaries are tracked.
- Tax Compliance: There is automated tax calculation and reporting.
- Customizable Mapping: Businesses can do data mapping as per their requirements.
- Multi-location Support: If there are multiple outlets, their data is also managed centrally.
Benefits of Toast QuickBooks Integration
Toast QuickBooks Integration provides many benefits that every restaurant owner can use to manage their restaurant and their accounting.
- Operational Efficiency: The burden of manual accounting is reduced
- Data Accuracy: Automated sync prevents errors.
- Time and Cost Saving: The work of accounting staff becomes simplified.
- Better Insights: Owners get real-time financial visibility.
- Scalability: As the business grows, integration takes care of itself.
- Customer Experience: The staff focuses more on customer service and data entry work.
Security and Data Accuracy of Toast QuickBooks Integration
Security is the biggest priority of financial data. Both Toast and QuickBooks platforms support encrypted connections to keep sensitive data secure. When Toast QuickBooks Integration occurs, every transaction is verified and audit-ready. Data accuracy is also a highlight, with automated entries ensuring there is zero chance of discrepancies. A restaurant can confidently maintain its financial records and submit its reports at the time of compliance without any tension.
Common mistakes to avoid in Toast QuickBooks Integration
When a restaurant implements a Toast QuickBooks integration, there are a few mistakes to avoid.
- Wrong Data Mapping: If accounts are mapped incorrectly, financial reports become inconsistent.
- Skip testing: Integrating direct live data may introduce discrepancies.
- Ignore Staff Training: If the employees do not use the system properly, then the full benefit of integration will not be available.
- Not doing the sync monitoring: Due to a lack of regular monitoring, some transactions may be missed.
Conclusion
Toast QuickBooks Integration is an indispensable tool for the modern restaurant. This is a solution for accounting that accelerates business growth and profitability. It arranged all the features of accounting in one place to create an automated and simple environment. It can save a lot of time and effort for a business owner, also reducing errors and making their operation simpler. If you are running a restaurant or hospitality business, then this integration is the best option for you. After learning this blog, if you have any problem, then contact the QuickBooks Expert for an Instant solution.