American Hospital Supply
The healthcare industry has been growing rapidly, and the demand for medical supplies has been increasing continuously. The rise of e-commerce has made it easier for healthcare providers and professionals to access medical supplies through various online channels, as well as emphasizes the importance of efficient revenue cycle management. One company that has been making the most of this trend is American Hospital Supply.
American Hospital Supply is a full-service e-commerce provider of medical supplies whose mission is to add convenience to the top of the priority list. They partner with leading manufacturers of healthcare products to make and deliver the best medical supplies to their customers throughout the continuum of care. Their customers can expect affordable prices, fast shipping, and exceptional customer service.
However, as they started selling on multiple platforms, American Hospital Supply faced the challenge of accurately categorizing transactions and managing expenses in their accounting, in particular, entering their sales to their books with accurate inventory, SKUs, and tracking fees. This highlights the complexities of medical practice accounting, crucial for maintaining accurate financial records in the healthcare supply industry.
The challenge to categorize transactions: categorization for small businesses selling on multiple platforms
Selling medical supplies on multiple platforms like Shopify, Amazon, and eBay as well as accepting PayPal can increase the number of sales and market reach. But at the same time, when it comes to back-office processes, the challenges only add up. With hundreds of transactions happening each month, entering all the pieces of the transaction to QuickBooks Online became quite problematic for American Hospital Supply.
They needed each SKU in each sale to come into QuickBooks for detailed categorization of their income and accurate profit and loss (P&L). Ideally, refunds would go in as a separate category in the P&L, as opposed to just reducing sales by refunded amounts. To have their reports fully match their expectations, they also needed to categorize their Amazon fees, as Amazon has various kinds of fees, making it necessary to differentiate between Amazon advertising and marketing fees and Amazon shipping or Amazon Pay processing fees. The need for automated bookkeeping became apparent, and finding a software solution that can handle all of these became a priority for American Hospital Supply.
Smart Rules: the role of Synder Sync in automating e-commerce accounting processes and streamlining transaction categorization
American Hospital Supply had an interesting task ahead of them. Because of all the platforms they were using, it became nearly impossible to manually enter data for each one of their business transactions to their books. This is where Synder Sync and Smart Rules came in to help them track and sync all transactions and SKUs, plus categorize refunds and Amazon fees smoothly. This process is an excellent example of the accounting equation in action, balancing assets, liabilities, and owners’ equity through modern e-commerce solutions. Synder’s success specialists took on the task of organizing American Hospital Supply’s data synchronization to streamline and automate data synchronization to QuickBooks Online.
The first challenge was to make sure SKUs were the same both in QuickBooks Online and in all of their e-commerce platforms. This way, Synder could easily recognize which SKU comes in and reduce inventory in QuickBooks. This included Amazon, Shopify, and eBay. Once this was done, all the income Synder imports to QuickBooks gets categorized properly.
By using the Smart Rules feature, American Hospital Supply was also able to categorize Amazon fees, which is typically a huge headache for e-commerce stores, but is extremely important to track properly. They were able to set up Synder to track refunds on a separate account in QuickBooks Online, also through the help of the Smart Rules feature.
American Hospital Supply got peace of mind, and organized books thanks to Synder: no more need to manually categorize each transaction
Now, whenever a transaction occurs, Synder will properly sync all necessary information (transaction amount, taxes, and platform fees) right to American Hospital Supply’s books. They never have to worry about manual data entry or categorization. Thanks to Synder’s success specialists, they were able to take what seemed to be a very complicated problem and find an automated solution that works like clockwork, syncing and categorizing a huge amount of transactions each and every month.
Using Synder Sync has given American Hospital Supply peace of mind and organized books. They now have the ability to focus on providing the best medical supplies to their customers, while Synder takes care of the complicated data entry and categorization. Plus, if they have any questions along the way, they know they can reach out to Synder’s support any time and get the help they need.
The benefits of using Synder Sync for small business e-commerce accounting needs: categorizing transactions automatically
The rise of e-commerce has brought new opportunities for businesses, but it has also presented new challenges. Managing accounting and bookkeeping is one of the most significant problems for businesses selling on multiple platforms. Fortunately, Synder Sync can help businesses streamline their e-commerce accounting processes by tracking and categorizing SKUs, fees, and refunds, and integrating seamlessly with QuickBooks Online, and help them forget about the need to manually categorize. This saves time and money, provides peace of mind, and enables businesses to make informed decisions based on real-time data.
Synder Sync’s customizable features allow businesses to tailor their accounting processes to their specific needs. With Smart Rules, businesses can set up rules to categorize transactions, saving time and reducing errors. Plus, Synder Sync’s success specialists provide businesses with the support they need to quickly resolve any issues they may encounter.
By simplifying and streamlining accounting and bookkeeping processes, Synder Sync enabled American Hospital Supply to focus on delivering the best products and services to their customers while ensuring that their financial records are accurate and up to date.
Ready to categorize SKUs with ease and get peace of mind about your accounting, just like American Hospital Supply? Test all the features yourself.
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