Product Mapping: Simplifying the Accounting Routine with the Product Mapping Feature

Product Mapping: Simplifying the Accounting Routine with the Product Mapping Feature

In the fast-paced world of accounting, efficiency and automation are paramount. Accountants often face the challenge of reconciling multiple sales channels while maintaining a concise and accurate financial record. However, thanks to Synder’s innovative Product Mapping feature, accountants can simplify their processes, automate reconciliation, and effortlessly track income by product groups in their clients’ books. 

Join us as we follow the case of James Masarsky, an accountant who onboarded a client with a wide array of products, and find out how Synder Product Mapping feature has transformed his financial reporting experience.

Onboarding a client with many products

With this new client in sight, James realized he was in need of streamlining the process of financial reporting. The client boasted a vast catalog of products, requiring automated reconciliation for their Shopify and Amazon sales in QuickBooks. However, with thousands of sales per month, the accountant sought to strike a balance by avoiding excessive detail in their books. 

To make things even more complex, the client, a home furniture and decorations seller, required accurate tracking of their sales by specific product groups. These categories included kitchen, bathroom, living room, bedroom, and various other furniture segments. The accountant understood the importance of categorizing sales by product groups to foster accurate reconciliation. 

Synder Product Mapping feature

With the client’s requirements in mind, James turned to Synder and discovered that this software does have the functionality to solve the required tasks and can be the single source of truth for tracking and reconciling such complex transactional data. There are several features Synder stands out for.

First, Synder automates the process of syncing most detailed data from multiple sales and payment channels with your accounting software as it allows integration with popular marketplaces, payment processors, POS systems and accounting software.  What’s more, you can choose the level of transactional data details you want to get: Synder can synchronize exhaustive data and record every transaction in detail, or you could opt for the Daily Summary sync mode, which will result in one summarized journal entry with all your transactions for the day.  And the best part of the experience is that you can fine tune the entries. 

The problem here is that different platforms might have different names for the same products. Luckily, Synder has a solution for this: it gives you a chance to unify these names by mapping the products.   

This is exactly what James was looking for:

Synder’s Product Mapping feature is a game-changer! It allows me to automate the synchronization of daily summaries from Shopify and Amazon and categorize all products.

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Efficient categorization and reconciliation

With Synder’s user-friendly interface at his fingertips, James managed to gain access to a comprehensive, combined list of items from both sales channels of his client.

Synder presents a common list of all items from Shopify and Amazon, enabling us to bulk map these products to the income accounts needed. Having this feature, I’m sure that all products are ideally categorized during the synchronization process, eliminating the need for tedious manual adjustments.

The Product Mapping feature in Synder let James align the names of his client’s products across Amazon and Shopify with those set up in Quickbooks. This ensured accurate categorization of product details and prevented duplicate products from appearing in the books, which could have significantly impeded financial reporting. Enabling Product Mapping, James managed to specify which product names in his client’s sales channels corresponded to which products in QuickBooks. This way, Synder can now automatically recognize and correctly apply his client’s products to the transactions.

James was also pleasantly surprised by the efficiency of Synder’s product mapping feature in streamlining reconciliation:

Synder simplifies reconciliation by creating a clearing account for each sales channel. With all the payouts pre-matched in the bank feeds of my client’s checking account, confirming the matches becomes so easy. It’s a seamless process that saves me valuable time and effort.

Now,  P&L statements of James’ client showcase income by product groups, while Synder Product Mapping feature empowers the accountant to offer detailed insights into his client’s business performance, which, in turn, allows for making informed decisions.

James reflects on the impact of Synder Product Mapping feature on his day-to-day operations:

Reconciling sales and fees from Shopify and Amazon in QuickBooks has never been easier for me. Now I know I can provide high-quality service and deliver best results to my clients.

Final thoughts

Synder Product Mapping feature has proven to be a game-changer for accountants seeking to streamline their financial processes. The ability to automate reconciliation, track income by product groups, and simplify the categorization of products provides accountants with the tools they need to deliver accurate financial reporting.

In our accountant’s example, we witnessed how Product Mapping effortlessly tackled the complexities of onboarding a client with many products. By providing a unified list of items and enabling bulk mapping, Synder ensures a seamless synchronization process, resulting in precise categorization and simplified reconciliation.

As accountants embrace Synder Product Mapping feature, they can navigate the challenges of multiple sales channels with ease,  empower their clients with valuable insights into income by product groups, enabling them to make informed business decisions and drive growth. 

And if you want to experience this as well, sign up for Synder’s 15-day free trial or book office hours with our team who’d be happy to give you a guided tour and make your journey with Synder easy and enjoyable. 

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