The first step in starting up an ecommerce business is building your online store. Now you’re ready to start taking orders, processing payments and shipping out your products.
The second step is equally important: choosing software that will keep your books up to date. You’ll need records of invoices you sent and received, capital and overhead expenditures, wages paid to employees, tax returns and more.
The right software will make it easy for you to track profit margins, cash flow and other vital metrics that can make the difference between business success and failure.
We’ve listed here some popular choices for you to consider.
Probably the most well-known software for small businesses, QuickBooks offers you a choice of accounting in the cloud or your internal network. It integrates with most of the top ecommerce platforms, such as Amazon, eBay, Shopify and Etsy. You pay a monthly subscription fee (after the free trial month), which varies according to the package of capabilities you choose for your business.
A great option for new businesses on a tight budget, Wave offers free basic services such as accounting and invoicing. Additional capabilities such as payments and payroll are available for modest fees. Data from PayPal, Excel and many other sources can be automatically imported into the Wave books.
Exceptionally user-friendly for the non-accountant, Kashoo takes just one day to set up and learn. In addition to basic bookkeeping tasks and bank syncing, it provides one-click financial reports, so you can make smart business decisions and breeze through tax time. If you do have any questions, there’s free unlimited support plus a video tutorial library.
An international leader in cloud accounting, Xero gives business owners unprecedented access, speed and reliability. Its superior functionality and security have made it popular with accounting and bookkeeping firms — including us here at Xendoo. Solutions include invoicing, payments, payroll, tax coding and bank reconciliations. Best of all, you can get a real time view of your cash flow from any mobile device or desktop computer at any time.
Bring in the Pros
Programs like these make it as easy as possible for financial rookies to keep their business on track. But if you still don’t feel comfortable or don’t have the time to do the bookkeeping yourself, consider hiring a professional accounting firm. If possible, choose one that specializes in ecommerce — like Xendoo.
From bookkeeping to income and sales tax filings to financial reports, we take accounting hassles off your shoulders, leaving you with the time and peace of mind to grow your business. And because we know you’re on a budget, our flat monthly fee is less than half what you’d pay a bookkeeper who charges by the hour. Please give us a call if you’d like to know more.