4 Reasons Accounting for Square Is So Complicated

Accountants often find Square to be a headache, finding issues with:

1. Time-consuming work running reports to capture the entire range of daily activity for both sales and payouts
2. Complexity around Square’s treatment of Square invoices, which recognizes sales only when the full balance is paid off and with proper tracking of partial payments
3. Sales payouts spanning multiple deposits, and Square deposits including multiple sales days, making it hard to track what’s still expected from Square
4. Orders coming from sources beyond Square, such as delivery providers (e.g., UberEats, Doordash, etc.)

Fortunately, Bookkeep solves these issues by automatically connecting Square to QuickBooks Online, Xero, and Zoho Books. With Bookkeep, you can direct your sales summaries, payout transactions, and more right into your preferred accounting platform. What’s more, you can reconcile your deposits automatically. Automatic mapping and reconciliation means no tedious manual work or elusive human errors. Bookkeep even combines your transactions into beautiful, real-time accounting summaries. You can expect robust, transparent data for enlightening insights and informed decision-making. Further, our industry-best, U.S.-based customer care team is responsive, knowledgeable, and helpful. They’re available for chat support, video sessions, and training during business hours. Here’s what you can expect when streamlining your Square accounting processes with Bookkeep:

1. Breakdown of Square payouts by sales day to make tracking easier and more transparent
2. Breakdown sales/discounts/refunds by product category/type for more granular tracking and reporting
3. Breakdown of the different tender types (Square Payments, cash, etc.) for easier tracking of expected funds from various sources
4. Breakdown of sales tax for proper mapping to your COA
5. CAD Sales Tax breakdown and posting to the correct tax rates in QBO for proper tax filing
6. Payout capture with the correct withholdings/adjustments, which can represent fees, loan payments, disputes, Square savings transfers, and more

Try our Square demo today and see for yourself why hundreds of ecommerce brands, restaurants, retail stores, and more use Bookkeep to automate their accounting practices.