If you are an e-commerce owner, you know how important it is to have everything in place – and of course that means your accounting as well.
Thankfully today’s accounting solutions offer an API, meaning you can integrate virtually hundreds if not thousands of third-party solutions into your existing software, including e-commerce platforms like eBay or the subject of our article, Shopify.
Thanks to seamless integration between Shopify and your chosen cloud accounting solution, at the end of each day all orders made by your customers automatically appear as invoices in your accounting software, of which you can even get email notifications. When a customer makes a payment, you can check the arrival of the billed amount right away in your accounting solution thanks to the automatic, visually displayed bank feed. Speaking of payments and customers, the accounting system can record payouts and fees as separate expenses, while customer information can also be transferred to the software’s contact list.
In fact, you can have a secondary inventory too, where it is possible to keep track of your items in real-time and discover which items are “bestsellers”. To make things even easier, Shopify can help you set up the appropriate tax agencies and their associated tax rates based on your imported orders.
Thanks to the full API support virtually any accounting software can integrate with Shopify, including the best trio on the market: Xero, FreshBooks and QuickBooks Online.
There is a very good reason why over a million SMBs, sole proprietors and enterprises choose Xero. Aside from completely automated bank reconciliations, Xero also sports an inventory, a contact list to keep track of your customers, auto-created reports, and the option of fast invoice payment. Although this proves that Xero is capable of handling purchase orders on its own, you can integrate your Shopify account as well to record your orders as invoices, collect the necessary financial reports without hassle, and even receive support for taxing purposes from both companies.
Although the Shopify integration is only available via OneSaas, doing so will ensure that whenever a product is created in your account or an order is placed in your shop, they will be recorded in FreshBooks as well. With FreshBooks you can replace the default invoices created by Shopify with fully customized ones, which can even handle late fees, multiple currencies, deposits and the fast payment option. There are even extras such as detailed, auto-created business reports, full mobile support and various additional add-ons.
This old champion of online accounting makes sure that all orders and refund data are imported from your Shopify account, even without manual intervention. Shopify fees and payouts are automatically recorded as expenses, while orders are accompanied by the matching sales tax data to help you see the amounts paid and owed. QuickBooks also displays a full summary of your Shopify orders, their total value and even the margin of the products you are selling.
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