September 5, 2024
15 min

12 Best Accounting Software for Shopify in 2024 (Compared)

Do you have a Shopify store? Do you want to know the best accounting software for your needs? If so, read on to discover the best choice for you!
12 Best Accounting Software for Shopify in 2024 (Compared)
Table of contents

Managing your accounting can be a headache as a Shopify store owner. Did you know that an estimated 50% of small businesses fail within the first five years, often due to poor financial management? This blog aims to eliminate those odds with comprehensive guidance on top-tier Shopify accounting software.

Ready to transform your business finances for good?

Key Takeaways from this Post

Xero and QuickBooks Online are top picks for Shopify sellers, offering robust features and seamless integration with Shopify.

Accounting software alone may not be enough for Shopify accounting, that’s why Link My Books is a good option for comprehensive financial management.

Link My Books will automate your sales reconciliation, tax calculations, and financial reporting, making your accounting tailored specifically for Shopify.

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Best Shopify Accounting Software

Xero with Link My Books

Xero is a cloud-based accounting software tailored for small to medium-sized businesses it’s a good option for Shopify & eCommerce accounting because it has a specific set of  tools for Shopify including invoicing and bank reconciliation. Xero is easy to use and mobile-friendly, which makes it a good choice if you need real-time updates on the go.

It has an integration with Shopify but the integration doesn’t provide the detailed sales tax information required for sales tax filing in your region. So it might not be the best way to integrate Shopify and Xero

To make sure your taxes are always in order you should consider going with the Link My Books integration instead. 

Xero Features

This is what you can expect from the Xero + Shopify integration:

  • Daily Summary:  Xero automatically pulls in a daily summary of your Shopify transactions. This includes all relevant data, ensuring that your financial records are up to date.
  • Comprehensive Invoicing: Xero captures every financial detail related to your Shopify sales. Whether it’s a sale, a discount applied during checkout, shipping costs, or even refunds, everything is clearly itemized on your invoices. 
  • Pending Sales Tracking: To keep track of pending sales that haven’t yet been deposited into your bank account, Xero uses a clearing account. This is useful for Shopify Payments and PayPal transactions that might take a few days to process. 
  • Bank Reconciliation: Once Shopify Payments or PayPal processes a sale, Xero automatically transfers the corresponding amount into your bank account within the software.
  • Import Previous Sales: You can import up to 90 days of past Shopify transactions. This feature is available with Xero’s Standard and Premium plans, allowing you to backfill your financial records.

There are a few other limitations to keep in mind when integrating Xero directly with Shopify.

  • The integration doesn’t automatically calculate or apply sales tax based on your location.
  • Xero won’t create separate invoices for each Shopify sales transaction.
  • The integration doesn’t manage your inventory or track the cost of goods sold.
  • You can’t connect multiple Shopify stores to a single Xero account.
  • The integration doesn’t support Shopify stores and Xero accounts that use different currencies.
  • Xero doesn’t offer automatic tax filing for multiple tax jurisdictions through this integration.
  • Invoices generated through this integration won’t show individual customer payment details.

Link My Books + Xero = Error-free Accounting 

To make sure all your accounting needs are met, Link My Books offers an integration with Xero and Shopify that streamlines all your processes. Here’s what to expect:

  • Automated Financial Sync: Automatically sync all Shopify sales data, including orders, fees, and refunds, directly into Xero via Link My Books, saving time and reducing manual data entry.
  • Accurate Sales Tax Calculations: Ensure that the correct VAT or sales tax is applied to every transaction, with Link My Books automatically calculating and categorizing these taxes in Xero.
  • Payout Reconciliation: Reconcile Shopify payouts in Xero with just one click, as Link My Books accurately matches each payout to the corresponding transactions, ensuring your accounts are always balanced.
  • Comprehensive Reporting: Gain detailed insights into your business’s financial performance with real-time reports generated by Link My Books, tailored specifically for Shopify sellers.
  • Multi-Currency Support: Manage transactions in multiple currencies, with Link My Books converting all Shopify sales into your base currency for accurate accounting in Xero.
  • Cost of Goods Sold (COGS) Management: Track and manage your Cost of Goods Sold within Xero, ensuring that your profit margins are accurately reflected.
  • Tax-Compliant Invoices: Automatically generate tax-compliant invoices for all Shopify sales, ensuring that your financial records meet the necessary regulatory requirements.
  • Easy Setup: Quickly integrate Shopify with Xero via Link My Books, with no technical expertise required, you can get up and running in minutes.
  • Customizable Data Import: Choose how your Shopify sales data is categorized and imported into Xero, allowing you to tailor your accounting setup to suit your business needs.

How Does it Work?

  1. Start by linking your Shopify account and Xero to Link My Books. This integration ensures that your sales data flows seamlessly between the platforms, making your accounting process more efficient.
  1. Each time you receive a payout from Shopify, Link My Books automatically validates every transaction within that payout. It checks the details of each sale, refund, and fee to ensure the correct tax treatment is applied, saving you time and reducing errors.
  1. Link My Books then creates a clear, organized summary in Xero, breaking down the payout into sales, refunds, and fees, and allocating them to the correct accounts. It also applies the correct tax rates to each transaction, ensuring your financial records are accurate.
  1. The entry in Xero is designed to match the Shopify payout deposit exactly, allowing you to reconcile the transactions with your bank account in just one click.

Xero Pricing

For UK Customers

While Xero’s Ignite plan is budget-friendly, it does come with some limitations, like only allowing 20 invoices and 10 bills per month. If your business is growing, you might want to upgrade to Grow, which offers more flexibility. And if you deal with multiple currencies, the Comprehensive plan has you covered.

| Pricing Plan | **Ignite** | **Grow** | **Comprehensive** | **Ultimate** | |---|---|---|---|---| | **Monthly Cost** | £16/month | £33/month | £47/month | £59/month | | **Invoicing & Quotes** | 20/month | Unlimited | Unlimited | Unlimited | | **Bills** | 10 bills/month | Unlimited | Unlimited | Unlimited | | **Multi-Currency** | Not included | Not included | Included | Included | | **Expense Claims** | Optional Add-on | Optional Add-on | Optional Add-on | Included | | **Payroll** | Not included | 1 person | Up to 5 people | Up to 10 people free/200 max for £1/mnth per person |

For US Customers

| **Plan** | **Early** | **Growing** | **Established** | |---|---|---|---| | **Cost (USD)** | $15/month | $42/month | $78/month | | **Invoices & Quotes** | 20/ month | Unlimited | Unlimited | | **Bills** | Up to 5 per month | Unlimited | Unlimited | | **Multi-Currency Support** | Not included | Not included | Included | | **Expense Claims** | Not included | Not included | Included |

For AU Customers 

| Pricing Plan | **Ignite (Starter)** | **Grow (Standard)** | **Comprehensive** | **Ultimate 10** | |---|---|---|---|---| | **Cost (AUD)** | $35/month | $70/month | $90/month | $115/month | | **Invoicing & Quotes** | 20/month | Unlimited | Unlimited | Unlimited | | **Bills** | 5 bills/month | Unlimited | Unlimited | Unlimited | | **Multi-Currency** | Not included | Not included | Included | Included | | **Expense Claims** | Not included | For 1 user | For 5 users | For 10 users | | **Payroll** | Not included | For 1 person | For 5 people | For 10 people |

Try Link My Books for free for 14 days, it’s free. You don’t need a credit card and it takes 15 min to set up. 

QuickBooks Online with Link My Books

QuickBooks Online, developed by Intuit, is an accounting platform that caters to small business owners. It provides a clean, intuitive interface and a wide range of accounting tools, making it easy for newcomers to manage their finances.

While it does integrate directly with Shopify, this integration is often faulty and can lose data when transferring. It also doesn't map to the products and inventory in Quickbooks, and the reviews are quite underwhelming, so Link My Books is still a better option. 

QuickBooks Features

QuickBooks for Shopify makes it easy to export your Shopify sales data directly to QuickBooks. You can export your order details, including line items and taxes. Here’s what you can expect from this integration:

  • Seamless Order Export: Import all your Shopify orders and refunds into QuickBooks as Sales Receipts, along with customer and product details. You can even export historical data from Shopify to QuickBooks.
  • Automatic Fees and Payouts Export: Automatically export Shopify payment fees and payouts to QuickBooks once the app is set up.
  • Comprehensive Summary and Balances: After exporting, get a full summary of all Shopify orders, including product breakdowns and total sales.
  • Automatic Line Item and Tax Export: Each order exported from Shopify to QuickBooks includes all line items and taxes, so there’s no need for manual entry.
  • Tax Rate Import: Automatically import and set up tax rates for various tax agencies, with the ability to assign a primary tax agency and easily run tax reports.
  • Customizable Account Selection: Choose or create accounts in QuickBooks for your Shopify sales income and gift card liabilities, allowing for flexible financial management.

Link My Books + QuickBooks = Better Shopify Accounting 

By integrating QuickBooks Online with Link My Books, you can take your accounting to the next level. This powerful combo automates your import of Shopify sales data directly into QuickBooks and keeps your financial records accurate.

  • Automatic Order Sync: Sync all Shopify orders, including line items, taxes, and fees, directly into QuickBooks Online.
  • Accurate Sales Tax Calculations: Automatically apply the correct sales tax rates to your Shopify transactions in QuickBooks, ensuring compliance.
  • One-Click Payout Reconciliation: Quickly reconcile Shopify payouts in QuickBooks with a single click, matching each payout to the correct transactions.
  • Clear Financial Summaries: Receive detailed summaries of your Shopify sales, refunds, and fees in QuickBooks, giving you a clear financial overview.
  • Multi-Currency Support: Handle international sales effortlessly, with automatic currency conversions for accurate financial reporting.
  • Customizable Import Settings: Choose how your Shopify sales data is categorized in QuickBooks, tailoring the integration to your specific business needs.
  • Historical Data Import: Import up to 90 days of previous Shopify sales transactions into QuickBooks for comprehensive financial tracking.
  • Efficient COGS Management: Track and manage your Cost of Goods Sold directly within QuickBooks, providing accurate profit margins.

QuickBooks Pricing

For UK Customers

*The image reflects a current offer 

Simple Start is best for freelancers and very small businesses with minimal accounting needs. Essentials suits small businesses that require basic features plus bill management and time tracking. Plus is ideal for businesses that need to manage inventory and track project profitability.

Advanced is designed for larger businesses that need advanced reporting, more users, and premium support.

| **QuickBooks Pricing Plan** | **Simple Start** | **Essentials** | **Plus** | **Advanced** | |---|---|---|---|---| | **Cost (GBP)** | £14/month | £28/month | £38/month | £90/month | | **Invoicing & Quotes** | Included | Included | Included | Included | | **Bills** | Not included | Included | Included | Included | | **Multi-Currency** | Not included | Included | Included | Included | | **Expense Claims** | Included | Included | Included | Included | | **Payroll** | Optional Add-on | Optional Add-on | Optional Add-on | Optional Add-on |

For US Customers

*The image is reflecting a current discount

| **QuickBooks Pricing Plan** | **Simple Start** | **Essentials** | **Plus | **Advanced** | |---|---|---|---|---| | **Cost (USD)** | $35/month | $65/month | $99/month | $235/month | | **Invoicing & Quotes** | Included | Included | Included | Included | | **Bills** | Included | Included | Included | Included | | **Multi-Currency** | Not included | Included | Included | Included | | **Expense Claims** | Included | Included | Included | Included |

For AU Customers 

**QuickBooks Pricing Plan** | **Simple Start** | **Essentials** | **Plus** | **Advanced** | |---|---|---|---|---| | **Cost (AUD)** | $29/month | $45/month | $60/month | $110/month | | **Invoicing & Quotes** | Included | Included | Included | Included | | **Bills** | Not included | Included | Included | Included | | **Multi-Currency** | Not included | Included | Included | Included | | **Expense Claims** | Included | Included | Included | Included | | **Payroll** | Optional Add-on | Optional Add-on | Optional Add-on | Optional Add-on |

If you subscribe now you can get live expert assistance free for 30 days*

You can try QuickBooks Shopify Integration for 14 days free of charge. 

  • No credit card is required
  • Easy 15-minute setup

FreshBooks

FreshBooks is known for its user-friendly interface and comprehensive suite of features designed to make accounting tasks simpler and more efficient for small business owners and freelancers. It emphasizes automation in invoicing, expense tracking, and time management.

One major drawback is that it doesn’t integrate with Link My Books so you would have to download your data from Shopify, separate revenue by country and tax rate, and expenses by tax rate then manually account for those figures in FreshBooks. 

FreshBooks Features

User-Friendly Interface: FreshBooks is known for its intuitive design, making it easy for anyone to get started, even if you have no prior accounting experience. The dashboard is clean and simple, giving you a quick overview of your financial health.

  • Automated Invoicing: FreshBooks allows you to automate your invoicing process completely. You can set up recurring invoices for repeat customers, automate payment reminders, and even apply late fees automatically, ensuring you get paid on time.
  • Expense Tracking: FreshBooks offers a robust expense tracking feature where you can snap photos of receipts and categorize expenses instantly. This feature helps you stay organized and ensures you capture every deductible expense.
  • Financial Reporting: FreshBooks provides detailed financial reports that give you insights into your business’s profitability, helping you make informed decisions about your operations.

FreshBooks Pricing

For UK Customers

FreshBooks offers four plans. Lite for freelancers with up to 5 clients, Plus for growing businesses with up to 50 clients, Premium for unlimited clients, and Select, a custom-priced option with advanced features and a dedicated account manager. Each plan includes essential tools like invoicing, expense tracking, and accounting.

| **Plan** | **Lite** | **Plus** | **Premium** | |---|---|---|---| | **Cost (GBP)** | £15/month | £25/month | £35/month | | **Invoicing & Quotes** | 5 clients/Unlimited | 50 clients/ Unlimited | Unlimited clients and Invoices | | **Bills** | Not Included | Not Included | Included | | **Expense Claims** | Unlimited | Unlimited | Unlimited | | **Multi-Currency** | Not included | Included | Included | | **Payroll** | Add-on available | Add-on available | Add-on available |

For US Customers

| **Plan** | **Lite** | **Plus** | **Premium** | |---|---|---|---| | **Cost (USD)** | $19/month | $33/month | $60/month | | **Invoicing & Quotes** | 5 clients/Unlimited | 50 clients/ Unlimited | Unlimited clients and Invoices | | **Bills** | Not Included | Not Included | Included | | **Expense Claims** | Unlimited | Unlimited | Unlimited | | **Multi-Currency** | Not included | Included | Included | | **Payroll** | Add-on available | Add-on available | Add-on available |

For AU Customers

| **Plan** | **Lite** | **Plus** | **Premium** | |---|---|---|---| | **Cost (AUD)** | $24/month | $36/month | $50/month | | **Invoicing & Quotes** | 5 clients/Unlimited | 50 clients/ Unlimited | Unlimited clients and Invoices | | **Bills** | Not Included | Not Included | Included | | **Expense Claims** | Unlimited | Unlimited | Unlimited | | **Multi-Currency** | Not included | Included | Included | | **Payroll** | Add-on available | Add-on available | Add-on available |

Wave

Wave provides a comprehensive, free accounting solution designed specifically for small businesses, freelancers, and consultants. It offers features like invoicing, accounting, and receipt scanning without any subscription fees.

Same as Freshbooks Wave doesn’t integrate with Link My Books so you would have to download all your data from Shopify and then manually input it. 

Wave Features

  • Free Accounting and Invoicing: Wave stands out as a completely free accounting software option that doesn’t compromise on essential features. It includes invoicing, receipt scanning, and expense tracking, making it ideal for small businesses on a budget.
  • Expense Tracking: Wave allows you to link your bank accounts and credit cards, automatically categorizing your transactions and helping you track expenses in real-time. This feature is particularly useful for keeping your finances organized without manual entry.
  • Multi-Currency Support: For Shopify sellers with an international customer base, Wave’s multi-currency support ensures that you can manage transactions in different currencies seamlessly. The software automatically converts foreign transactions to your base currency using up-to-date exchange rates.

Wave Pricing

New Wave account sign-ups are limited to US and Canadian business owners only. Wawe doesn’t provide support for this product outside of this region.

  • Free Plan: Wave offers free accounting services, including invoicing, billing, and expense tracking. Payroll is not included in the free plan.
  • Payroll Add-On: Available as a paid service, where the pricing varies depending on the state. In tax-service states, Wave handles payroll taxes on your behalf, whereas in self-service states, you manage payroll taxes manually.

For US Customers

*The pricing on the image is for the US market.

Wave’s basic accounting and invoicing tools are free, making it a good choice if you’re a budget-conscious seller. If you need more advanced features, you can upgrade to a monthly plan for $16/month, which is around £12/month.

| **Pricing** | **Starter Plan** | **Pro Plan** | |---|---|---| | **Cost (USD)** | $0/month | $16/month | | **Invoicing & Quotes** | Included | N/A | | **Bills** | Included | N/A | | **Expense Claims** | Included | N/A | | **Multi-Currency** | Not included | N/A | | **Payroll** | Optional add-on | Optional add-on |

Zoho Books

Zoho Books is a comprehensive online accounting software designed for small to medium-sized businesses, offering a wide range of functionalities including invoicing, expenses, and inventory management.

Using Zoho Books means you'll need to manually download data from Shopify, separate revenue by country and tax rate, and categorize expenses by tax rate. Manually handling these tasks is complex and prone to errors, which could ultimately cost you more than investing in a solution like Xero and Link My Books.

Zoho Books Features

  • Mobile App: Zoho Books’ mobile app is fully featured, allowing you to manage your finances on the go. This is particularly beneficial for Shopify sellers who need to monitor their business while travelling or away from the office.
  • Multi-Currency Support: Zoho Books supports transactions in multiple currencies, with automatic exchange rate updates. This feature is essential for Shopify sellers with a global customer base, ensuring accurate financial reporting.
  • Automated Workflows: Zoho Books allows you to set up automated workflows for routine tasks like sending invoices, following up on overdue payments, and updating inventory levels. This automation saves time and reduces the risk of human error.

Zoho Pricing

For UK Customers

The Free Plan is for businesses with minimal accounting needs. Paid plans start at £12/month, offering additional features and higher limits.

| **Pricing Plan** | **Free** | **Standard** | **Professional** | **Premium** | |---|---|---|---|---| | **Cost (GBP)** | £0/month | £12/month | £24/month | £30/month | | **Invoicing & Quotes** | Up to 1,000 invoices/year | Up to 5,000 invoices/year | Up to 10,000 invoices/year | Up to 25,000 invoices/year | | **Bills** | Up to 1,000 bills/year | Up to 5,000 bills/year | Up to 10,000 bills/year | Up to 25,000 bills/year | | **Expense Claims** | Not included | Not included | Included | Included | | **Multi-Currency** | Not included | Included | Included | Included | | **Payroll** | Not included | Not included | Not included | Not included |

For US Customers

| **Pricing Plan** | **Free** | **Standard** | **Professional** | **Premium** | |---|---|---|---|---| | **Cost (GBP)** | $0/month | $20/month | $50/month | $70/month | | **Invoicing & Quotes** | Up to 1,000 invoices/year | Up to 5,000 invoices/year | Up to 10,000 invoices/year | Up to 25,000 invoices/year | | **Bills** | Up to 1,000 bills/year | Up to 5,000 bills/year | Up to 10,000 bills/year | Up to 25,000 bills/year | | **Expense Claims** | Not included | Not included | Included | Included | | **Multi-Currency** | Not included | Not included | Included | Included | | **Payroll** | Not included | Not included | Not included | Not included |

For AU Customers 

| **Pricing Plan** | **Free** | **Standard** | **Professional** | **Premium** | Elite | Ultimate | |---|---|---|---|---|:---:|:---:| | **Cost (AUD)** | $0/month | $19.80/month | $39.60/month | $59.40/month | $220/month | $385/month | | **Invoicing & Quotes** | Up to 1,000 invoices/year | Up to 5,000 invoices/year | Up to 10,000 invoices/year | Up to 25,000 invoices/year | Up to 100,000 invoices/year | Up to 100,000 invoices/year | | **Bills** | Up to 1,000 bills/year | Up to 5,000 bills/year | Up to 10,000 bills/year | Up to 25,000 bills/year | Up to 100,000 bills/year | Up to 100,000 bills/year | | **Expense Claims** | Not included | Not included | Included | Included | Included | Included | | **Multi-Currency** | Not included | Not included | Included | Included | Included | Included | | **Payroll** | Not included | Not included | Not included | Not included | Not included | Not included |

Sage 50Cloud

Sage 50Cloud combines the robust accounting features of traditional Sage software with cloud mobility, offering advanced accounting capabilities, inventory management, and Microsoft 365 integration for small to medium-sized businesses.

Sage 50Cloud Features

  • Advanced Inventory Management: Sage 50Cloud offers comprehensive inventory management tools, including the ability to track inventory across multiple locations, set reorder levels, and manage stock in real-time. This is crucial for Shopify sellers with large or complex inventories.
  • Multi-User Access: Sage 50Cloud is designed for collaboration, allowing multiple users to access and manage the financial data simultaneously. This feature is ideal for businesses with teams handling different aspects of accounting.
  • Microsoft 365 Integration: Sage 50Cloud integrates seamlessly with Microsoft 365, allowing you to manage your emails, files, and calendars alongside your accounting tasks. This integration enhances productivity by bringing all your business tools into one place.

Sage Pricing

For UK Customers 

The Basic Package starts at £15/month, with additional features available on higher-tier plans.

| **Sage Accounting Pricing Plan** | **Start** | **Standard** | **Plus** | |---|---|---|---| | **Cost (GBP)** | £15/month | £30/month | £39/month | | **Invoicing & Quotes** | Included | Included | Included | | **Bills** | Included | Included | Included | | **Expense Claims** | Not included | Included | Included | | **Multi-Currency** | Not included | Not included | Included | | **Payroll** | Not included | Not included | Not included |

For US Customers 

| **Sage Accounting Pricing Plan** | **Pro Accounting** | **Premium Accounting** | **Quantum Accounting** | |---|---|---|---| | **Cost (USD)** | $60.8/month | $103.92/month | $177.17/month | | **Invoicing & Quotes** | Included | Included | Included | | **Bills** | Included | Included | Included | | **Expense Claims** | Not included | Not included | Not included | | **Multi-Currency** | Not included | Included | Included | | **Payroll** | Add-on available | Add-on available | Add-on available |

Kashoo

Kashoo is an online accounting software designed for simplicity, targeting small business owners who need straightforward bookkeeping solutions. It emphasizes easy invoicing, expense tracking, and financial reporting with an intuitive interface.

Kashoo Features

  • Machine Learning Technology: Kashoo uses AI to automatically categorize expenses and transactions, learning from your actions to improve accuracy over time. This reduces manual data entry and helps keep your books organized.
  • Unlimited Users: Kashoo allows unlimited users at no extra cost, making it scalable for growing businesses. This feature is particularly useful for Shopify sellers who need to collaborate with team members or accountants.
  • Multi-Currency Support: Kashoo’s multi-currency feature ensures that you can manage international transactions smoothly, with automatic conversion rates that keep your financial records accurate.

Kashoo Pricing 

Kashoo offers pricing plans only in USD.

The Kashoo plan offers features like invoicing, bill tracking, and multi-currency support, making it ideal for small businesses. However, it doesn’t include payroll services.

Tiny Small Business Accounting is a budget-friendly option with basic features like invoicing and bill tracking, but it lacks multi-currency support and payroll services, making it best for very small businesses.

| **Pricing Plan** | **Tiny Small Business Accounting** | **Kashoo** | |---|:---:|:---:| | **Cost (USD)** | $18/month | $27/month | | **Invoicing & Quotes** | Included | Included | | **Bills** | Included | Included | | **Multi-Currency** | Not included | Included | | **Expense Claims** | Not included | Included | | **Payroll** | Not included | Not included |

Profiteer

Profiteer is a specialized Shopify app designed to help eCommerce businesses track and maximize their profits. It provides detailed insights into revenue, cost of goods, and profitability margins with features that support real-time financial tracking and decision-making.

Profiteer Features

  • Profit Tracking: Profiteer is designed specifically for e-commerce businesses, providing real-time insights into your profitability. The software tracks every sale, cost, and expense, allowing you to see exactly where your profits are coming from.
  • Customizable Reports: Profiteer allows you to generate detailed financial reports that are tailored to your business needs. Whether you need to analyze profit margins, track expenses, or forecast future revenue, Profiteer’s reports provide the data you need.
  • Automated Expense Tracking: Profiteer reduces the manual effort involved in tracking expenses by automatically categorizing and recording costs as they occur. This feature ensures that you have a clear view of your financial situation at all times.

Profiteer Pricing

Profiteer focuses specifically on tracking the cost of goods sold (COGS) for Shopify stores, without including additional accounting features like invoicing or payroll.

The $30/month plan adds multi-currency support, making it suitable for Shopify stores that sell internationally, while the core focus remains on tracking the cost of goods sold (COGS).

| **Pricing Plan** | **Profiteer $15/month** | **Profiteer $30/month** | |---|:---:|:---:| | **Cost (USD)** | $15/month | $30/month | | **Invoicing & Quotes** | Not included | Not included | | **Bills** | Not included | Not included | | **Multi-Currency** | Not included | Included | | **Expense Claims** | Not included | Not included | | **Payroll** | Not included | Not included |

Zarmoney

Zarmoney offers a comprehensive cloud-based accounting solution that caters to businesses of all sizes, providing flexibility and scalability with a wide range of accounting and financial management tools.

Zarmoney Features

  • Flexible and Scalable: Zarmoney is built to grow with your business, offering a range of accounting and financial management tools that can be customized to your specific needs. Whether you’re just starting out or managing a large operation, Zarmoney adapts to your requirements.
  • Comprehensive Inventory Management: Zarmoney’s inventory management tools allow you to track stock levels, manage multiple warehouses, and set automatic reorder points. This ensures that you never run out of stock and can meet customer demand without delay.
  • Customizable Invoices: Zarmoney offers a wide range of invoice templates that can be customized to match your brand. You can also automate the invoicing process, reducing the time spent on manual billing.

Zarmoney Pricing

The Enterprise plan adds multi-currency support, while both plans include key features like invoicing, bill management, and expense claims.

| **Pricing Plan** | **Small Business ** | **Enterprise ** | |---|---|---| | **Cost (USD)** | $20/month | $350/month | | **Invoicing & Quotes** | Included | Included | | **Bills** | Included | Included | | **Multi-Currency** | Not included | Included | | **Expense Claims** | Included | Included | | **Payroll** | Not included | Not included |

Holded

Holded is an all-in-one business management and accounting platform that simplifies operations, offering tools for invoicing, inventory, project management, and customer relationship management (CRM), designed for ease of use.

Holded Features

  • All-in-One Business Management: Holded combines accounting, invoicing, inventory management, and CRM into a single platform. This all-in-one approach allows you to manage every aspect of your business from one dashboard, improving efficiency and reducing the need for multiple tools.
  • Customizable Dashboards: Holded’s dashboards are fully customizable, allowing you to create a personalized view of your business’s key metrics. This feature helps you keep track of what’s most important to you, whether it’s sales, expenses, or customer data.
  • Automated Invoicing: Holded’s automated invoicing feature allows you to set up recurring invoices, send payment reminders, and track payments with ease. This ensures that you get paid on time and can focus on growing your business.

Holded Pricing

Pricing plans are only available in EUR. 

Holded’s Basic, Standard, and Advanced plans are best suited for small business up to 10 employees. The premium plan is for 10+ employees. Multi-currency support is available starting with the Standard plan, while all plans include essential features like invoicing, bill management, and expense claims.

| **Pricing Plan** | **Basic ** | **Standard** | **Advanced ** | **Premium ** | |---|---|---|---|---| | **Cost (EUR)** | €14.50/month | €29.50/month | €49.50/month | €99.50/month | | **Invoicing & Quotes** | Included | Included | Included | Included | | **Bills** | Included | Included | Included | Included | | **Multi-Currency** | Not Included | Included | Included | Included | | **Expense Claims** | Included | Included | Included | Included | | **Payroll** | Not Included | Not Included | Not Included | Not Included |

ProfitBooks

ProfitBooks is a simple-to-use free accounting software. It lets you create invoices, track expenses and manage taxes without any accounting knowledge.

It’s an alternative to complex accounting software such as Quickbooks, Xero or Sage, but it doesn’t integrate with Shopify or Link My Books so it’s not the best option for e-commerce. 

ProfitBooks Features

  • Simple Accounting: ProfitBooks offers a straightforward approach to accounting, with tools designed to make bookkeeping easy for small businesses. The software’s simple interface allows you to manage your finances without needing advanced accounting knowledge.
  • Inventory Management: ProfitBooks includes basic inventory management features, allowing you to track stock levels, manage purchase orders, and monitor inventory across multiple locations. This is particularly useful for Shopify sellers with physical products.
  • Multi-Currency Support: ProfitBooks supports multiple currencies, making it easy to manage international transactions. The software automatically converts foreign transactions to your base currency, ensuring accurate financial reporting.

ProfitBooks Pricing

Pricing is available only in USD.

The SMB plan adds multi-currency and payroll support, while both plans include essential features like invoicing, bill management, and expense claims.

| **Pricing Plan** | **Startup** | **SMB** | |---|---|---| | **Cost** | Free forever | $20/month | | **Invoicing & Quotes** | Included | Included | | **Bills** | Included | Included | | **Multi-Currency** | Not Included | Included | | **Expense Claims** | Included | Included | | **Payroll** | Not Included | Included |

OneUp

OneUp is an all-in-one accounting software designed for small businesses. It offers features like invoicing, inventory management, and CRM, allowing you to manage your finances and customer relationships from one platform. 

The software also includes automated bank reconciliation and real-time reporting, helping you stay on top of your financial health. Additionally, OneUp is mobile-friendly, enabling you to manage your business on the go.

However, it does not integrate with Shopify or Link My Books.

OneUp Features

  • Integrated CRM: OneUp goes beyond accounting by integrating CRM features, allowing you to manage customer relationships and finances in one place. This integration helps you track customer interactions, manage leads, and monitor sales performance alongside your financial data.
  • Automated Inventory Management: OneUp’s inventory management tools provide real-time updates on stock levels, helping you avoid stockouts and manage your supply chain effectively. The software also supports multi-location inventory tracking, making it ideal for businesses with multiple warehouses.
  • Sales Tax Automation: OneUp automatically calculates sales tax based on the latest rates, ensuring compliance with local tax regulations. This feature is particularly useful for Shopify sellers who operate in multiple regions with different tax laws.

OneUp Pricing

The pricing is available only in USD. 

Multi-currency support and expense claims start with the Plus plan, while all plans include essential features like invoicing and quotes.

| **Pricing Plan** | **Self ** | **Pro** | **Plus** | **Team** | **Unlimited** | |---|:---:|:---:|:---:|:---:|:---:| | **Cost (USD)** | $9/month | $19/month | $29/month | $69/month | $169/month | | **Invoicing & Quotes** | Included | Included | Included | Included | Included | | **Bills** | Not Included | Included | Included | Included | Included | | **Multi-Currency** | Not Included | Not Included | Included | Included | Included | | **Expense Claims** | Not Included | Included | Included | Included | Included | | **Payroll** | Not Included | Not Included | Not Included | Not Included | Not Included |

How to Choose the Best Shopify Accounting Software

To choose the best Shopify accounting software, consider factors such as pricing, features, customer support and accuracy.

When choosing the best accounting software for your Shopify store, consider these key factors:

Accuracy

You need software that can accurately track every transaction, sale, and expense. Automation is key here, as it reduces the risk of human error and ensures that your books are always accurate.

Time-Saving

Time is money, and the right software should save you both. Look for features like automated invoicing, real-time data syncing, and one-click reconciliation that take tedious tasks off your plate.

E-commerce-Specific Features

Shopify sellers have unique needs, so it’s crucial to choose software with e-commerce-specific features like inventory management, sales tax automation, and multi-currency support.

Customer Support

When issues arise, responsive customer support can be a lifesaver. Choose software that offers 24/7 support, live chat, or a comprehensive help centre.

Value for Money

While it’s important to stick to your budget, remember that cheaper isn’t always better. Consider the value of the features you’re getting and how they’ll benefit your business in the long run.

How do They Compare?

Can’t decide? Here’s a quick and easy comparison table to help you make that final decision!

| **Software/Feature** | **Accuracy** | **Time-Saving** | **Ease of Use** | **Customer Support** | **Value for Money** | **E-com Specific ** | **Final Score** | |---|---|---|---|---|---|---|---| | **Xero + Link My Books** | 5 | 4.8 | 4.7 | 5 | 4.8 | 4.5 | 4.8 | | **QuickBooks + Link My Books** | 4.9 | 4.5 | 4.7 | 4.9 | 4.5 | 4.3 | 4.6 | | **FreshBooks** | 3.6 | 3.2 | 3.4 | 3.3 | 3.1 | 3.2 | 3.3 | | **Wave** | 3.2 | 3.3 | 3.3 | 3.1 | 3.6 | 3.4 | 3.3 | | **Zoho Books** | 3.5 | 3.4 | 3.3 | 3.2 | 3.6 | 3.5 | 3.4 | | **Sage 50Cloud** | 3.4 | 3.5 | 3.3 | 3.2 | 2.1 | 3.4 | 3.2 | | **Kashoo** | 2.1 | 3.5 | 3.2 | 2.2 | 4.2 | 3.5 | 3.1 | | **Profiteer** | 4 | 2.5 | 3.5 | 3.8 | 4 | 2.1 | 3.3 | | **ZarMoney** | 3.2 | 3.5 | 3.3 | 3.2 | 4 | 3.2 | 3.4 | | **Holded** | 3.1 | 3.5 | 3.2 | 2.1 | 4 | 3 | 3.2 | | **ProfitBooks** | 3 | 3.2 | 3.1 | 3.1 | 4 | 3 | 3.2 | | **OneUp** | 2.5 | 3.2 | 3.2 | 2.1 | 4.2 | 3.1 | 3.1 |

Why Accounting Software Alone Is Not Enough for Shopify Sellers

Shopify accounting software offers significant advantages over traditional methods like spreadsheets, providing increased efficiency, accuracy, and real-time data integration:

  • Efficiency and Accuracy: Shopify accounting software automates data entry, tax calculations, inventory monitoring, and financial report generation.
  • Streamlined Financial Management for Shopify Sellers: It can simplify financial management by automating tasks such as invoicing, expense tracking, and tax calculations, and inventory management. 
  • Integration with Shopify Platform: The connection between Shopify and your accounting software eliminates manual data entry, reduces errors, and provides real-time access to key financial metrics.

However, Shopify accounting software alone may not fully address the unique complexities of e-commerce. These challenges include:

  • Varying Tax Regulations: Different regions have different tax laws, making it difficult for standard accounting software to handle everything accurately.
  • Reconciling Payouts: Managing and reconciling payouts across multiple channels can be complex and time-consuming.
  • Tracking Inventory Across Multiple Channels: Shopify sellers often manage inventory across various platforms, which can overwhelm basic accounting tools.

To effectively manage your accounting, specialized tools like Link My Books are necessary. Link My Books can automate your payout reconciliation, ensure accurate tax calculations, and give you advanced financial reporting.

How Link My Books Makes Accounting for Shopify Simple

Link My Books integrates seamlessly with your accounting software to take the pain out of managing your Shopify store’s finances. It automates key processes like sales reconciliation, tax calculations, and financial reporting, making your accounting more accurate and less time-consuming.

Link My Books Features

  • Automated Sales Reconciliation: Link My Books automatically imports your Shopify sales data into your accounting software, categorizing every transaction and ensuring that your books are always up-to-date.
  • Accurate Tax Calculations: With Link My Books, you’ll never have to worry about getting your sales tax wrong. The software calculates taxes automatically based on your sales data, helping you stay compliant.
  • Comprehensive Financial Reporting: Get detailed reports that show your business’s performance, from profitability to tax liabilities, all tailored to the needs of Shopify sellers.
  • Cost of Goods Tracking: Easily track your cost of goods sold, ensuring that your profit margins are always accurate.
  • Benchmarking: Compare your store’s performance against anonymized data from other similar businesses, helping you understand where you stand in the market.

Link My Books Pricing

Try our interactive pricing:

[cms-pricing-tool]

We've kept our pricing as straightforward as possible for Shopify sellers. There are three plans available: Lite, Pro, and Premium. There is a slider for you to manually adjust your number of sales per month. The price of your plan will change to reflect this.

| **Order Count** | **Lite Plan** | **Pro Plan** | |---|---|---| | 200/Month | £13/$17 | £23/$29 | | 1,000/Month | £26/$35 | £36/$49 | | 5,000/Month | £39/$55 | £49/$65 |

Our Lite plans start from just £13/month or $17/month if you’re in the US, they include:

  • Connect 1 sales channel
  • 3 months of historical data

Our Pro plans start from just £23/month or $29/month if you’re in the US, they include:

  • Connect up to 5 sales channels
  • 12 months of historical data

Larger plans are available too with more orders and more channels.

All Link My Books yearly members can get a free two months of our software. 

Wrapping Up on Shopify Software

Using accounting software specifically designed for Shopify can greatly benefit eCommerce businesses and accountants. With its efficiency, accuracy, and integration with the Shopify platform, it streamlines financial management processes and provides real-time data insights.

  • Xero and QuickBooks Online are among the top options available, offering robust features and easy-to-use interfaces. 
  • Transitioning from spreadsheets to accounting software like Link My Books further simplifies Shopify accounting tasks while eliminating the problems associated with relying on manual calculations. 
  • You can also find free tools online like a Shopify calculator which takes the guessing work out of dealing with complicated Shopify Transaction Fees.

Put your Shopify Accounting on Autopilot with Link My Books

Ready to simplify your Shopify accounting and take your business finances to the next level? 

Streamline your financial management processes, save time, and make informed decisions with real-time data integration using Link My Books.

If you need more support and are looking for a specialist Shopify accountant Link My Books can help you with that as well. 

Don't let poor financial management hold your business back, choose the right accounting software solution for your Shopify store today and pave the way for success!

You can try Link My Books for free - Start a 14 Day Free Trial Now!

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