Best Accounting Software for TikTok Sellers (Top 9 Options)

As TikTok revolutionized social media and scaled up to $1.75 billion in annual revenue, savvy entrepreneurs have started leveraging it to showcase their products and engage with a global audience.

Whether you're selling handmade crafts, fashion accessories, or unique gadgets, managing your TikTok shop efficiently is crucial for success.

This short guide will explore the top accounting tools tailored explicitly for TikTok sellers. These software solutions streamline financial processes, enhance accuracy, and deliver real-time insights into your business's financial health. Let's dive right in!

TL;DR - Best Accounting Software for TikTok Sellers

With an astounding rise of SaaS accounting software, the internet is packed with many options. According to our research, these are the best accounting software for TikTok sellers.

1. Link My Books

2. Wave Financial

3. Xero

4. Sage Business Cloud Accounting

5. Bench Accounting

6. Zoho Books

7. QuickBooks Online

8. FreshBooks

9. FreeAgent

Read further for an overview of the pros and cons of each and how you should choose a TikTok accounting software.

You can also try the top pick in this list, our TikTok accounting software, which offers easy integration and significant automation.

Benefits of Using TikTok Bookkeeping Software

Selling products via TikTok requires proper bookkeeping and tax preparation, and using TikTok bookkeeping software offers a myriad of benefits.

Reduced Errors and Improved Accuracy in Financial Record-Keeping

Making a TikTok shop work involves multiple tasks, from creating engaging content, data entry, and categorizing orders to fulfillment. Among all the hustle, accurate bookkeeping often takes a backseat. That's where specialized accounting software for TikTok comes to the rescue, which can be just the solution you have been looking for.

Manual data entry can be inaccurate at some level, and accounting software can help automate processes, minimize human errors, and save time. Additionally, these tools ensure accurate record-keeping from sales transactions to expenses, which further helps with record-keeping, audits, and tax filing. Errors in accounting cost millions of dollars in losses for companies each year, so improving your bookkeeping can save you a lot of money in the long run.

Real-Time Insights into the Financial Health of a TikTok Shop Business

As a TikTok seller, staying informed about your store's financial performance is essential. With the right accounting software, you gain instant access to crucial metrics and stay informed about your business every minute of the day.

• Sales Trends: A good TikTok accounting software allows you to monitor sales trends, identify peak seasons, and adjust your marketing strategies accordingly.
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• Expense Breakdown: Understand where your money is going. Is it advertising, packaging, or inventory costs? Expense analysis helps you to adjust your costs and cut down on unnecessary financial burdens for better growth.
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• Valuation: Detailed financial reports can help you estimate the value of your TikTok shop business so you may look forward to a profitable exit and invest that money into some other venture.

Tax Compliance with Automated Accounting

Taxes are an inevitable part of any business. Navigating tax regulations can be daunting, especially for TikTok sellers who are busy creating content and managing orders. Accounting software simplifies tax compliance through automated calculations so the software categorizes income and expenses, ensuring accurate tax calculations.

A good accounting software also sends timely reminders for tax deadlines and indirectly helps shop owners avoid last-minute rush in tax filing. Additionally, some software also has features to integrate your tax forms directly into your TikTok shop for easy filing. Remember that negligence of tax compliance can cost your business a hefty penalty from the IRS and land you in financial and legal trouble.

Best Accounting Software for TikTok Sellers

This section will delve into each option, highlighting their features and benefits. Whether you're a TikTok entrepreneur or an accountant assisting e-commerce businesses, modern accounting software are inevitable, and these software solutions have something valuable to offer.

1. Link My Books

Link My Books is the perfect solution for your e-commerce accounting needs. Whether you manage a bustling TikTok store or sell across multiple platforms, this cloud-based tool streamlines your financial processes.

Features

• Automated Sorting: Link My Books automatically categorizes your sales and expenses from platforms like Amazon, eBay, PayPal, and Shopify. So, no more tedious and time-consuming manual data entry!
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• Currency Conversion: Handling international transactions? No worries! Link My Books seamlessly converts currencies.
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• Integration: It syncs effortlessly with popular accountancy platforms like Xero and QuickBooks Online.

Reasons to Choose Link My Books

• Efficiency: Spend less time on accounting tasks and more time growing your TikTok business.
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• Accuracy: Ensure precise tax calculations and compliance.
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• User-Friendly: Even if accounting isn't your forte, the intuitive interface makes it a breeze.

Want to try our Linkmybooks accounting for TikTok Shop? Connect with us for a demo and understand how our software is good for you.

2. Wave Accounting

Wave Accounting offers free accounting software with essential features, making it an excellent choice for startups and small businesses.

Features

• Invoicing: Create professional invoices and track payments.
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• Expense Tracking: Monitor your business expenses efficiently.
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• Financial Reporting: Access insights into your store's financial performance.

Reasons to Choose Wave

• Budget-Friendly: Wave's free version provides essential accounting tools without breaking the bank.
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• Straightforward: Although accounting isn't your forte, Wave's user-friendly interface makes it accessible.

3. Xero

Xero, the cloud-based accounting software, seamlessly integrates with your TikTok Shop and is among the most trusted accounting software today. If you want to use Xero, Link My Books can help you easily integrate your Xero account and TikTok shop.

Features

• Invoicing: Create professional invoices and track payments.
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• Expense Tracking: Monitor your business expenses effortlessly.
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• Financial Reporting: Get insights into your store's performance.

Why Choose Xero?

• Robust Features: Xero is among the world's leading accounting software and offers everything you'll need, from invoicing to inventory management.
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• User-Friendly: Even if numbers aren't your thing, Xero simplifies bookkeeping.

4. Sage Business Cloud Accounting

Sage Business Cloud Accounting (formerly Sage 50cloud) is a robust accounting solution suitable for medium-sized businesses.

Features

• Comprehensive Tools: Sage covers everything from invoicing to inventory management.
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• Payroll Integration: Handle employee payroll seamlessly.
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• Scalability: As your TikTok shop grows, Sage adapts to your needs.

Reasons to Choose Sage Business Cloud Accounting

• Advanced Features: Inventory tracking, project management, and built-in backup and recovery system.
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• Reliable Support: Sage has a long-standing reputation in the accounting industry.

5. Bench Accounting

Bench is focused on small businesses and freelancers, making it an ideal choice for TikTok sellers.

Features

• Bookkeeping Services: Bench assigns a dedicated bookkeeper to manage your financial records.
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• Expense Tracking: Stay organized with accurate expense categorization.
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• Tax Preparation: Bench prepares your tax documents, saving time and stress.

Reasons to Choose Bench

• Personalized Service: Having a dedicated bookkeeper ensures customized attention.
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• Time Savings: Focus on growing your TikTok business while Bench handles the numbers.

6. Zoho Books

Zoho Books is one of the world's leading accounting software used by small and big companies and offers a range of accounting features suitable for small businesses like TikTok sellers.

Features

• Invoicing: Create professional invoices and track payments.
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• Expense Tracking: Monitor your business expenses efficiently.
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• Bank Reconciliation: Keep your financial records accurate and connect with your bank accounts.

Why Choose Zoho Books?

• Cost-Effective: Zoho Books provides robust features at an affordable price.
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• Reputation and Customization: Tailor the software to fit your unique business needs. Plus, Zoho is one of the most trusted bookkeeping software in the world.

7. QuickBooks Online

QuickBooks Online is another excellent choice for TikTok sellers as it is known for its scalability and flexibility.

Features

• Comprehensive Tools: From invoicing to expense tracking to financial reporting, Quickbooks has every accounting solution you'll need for your TikTok shop.
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• User-Friendly Interface: Navigate with ease.
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• Integration Options: Connect seamlessly with other business tools.

Why Choose QuickBooks Online?

• Versatility: QuickBooks adapts to your needs whether you're a solopreneur or have a team.

8. FreshBooks

FreshBooks is known for its simplicity and user-friendly design and is exceptionally popular among small business owners, freelancers, and entrepreneurs.

Features

• Invoicing: Create professional invoices and track payments.
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• Expense Tracking: Monitor your business expenses efficiently.
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• Time Tracking: Keep tabs on billable hours for your services.

Why Choose FreshBooks?

• Intuitive Interface: Even if accounting isn't your thing, FreshBooks makes it more manageable.
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• Ideal for Freelancers: FreshBooks has your back if you're a one-person show, which TikTok shops usually are.

9. FreeAgent

FreeAgent is a user-friendly cloud accounting software exclusively designed for small businesses and freelancers. It allows you to upload records by snapping photos of your records. 

Features

• Expense and Time Tracking: This keeps a tab on your business expenses and allows you to track time (useful if you plan on hiring help for your store).
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• Invoicing: Create professional invoices and get paid faster.
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• Tax Compliance: Simplify tax calculations and reporting.

Why Choose FreeAgent?

• Automation: Spend less time on manual tasks.
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• Collaboration: Collaborate with your accountant seamlessly.
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• Mobile App: Manage your finances quickly and efficiently with the intuitive features of the mobile app.

And there you have it! Nine powerful accounting tools to empower your TikTok shop. Whether you are a TikTok entrepreneur or an accounting professional, these software solutions can make your financial management smoother and more efficient.

How to Choose Accounting Software in 5 Steps

Let's dive into the essential steps for choosing the right accounting software for your TikTok business. Whether you're a TikTok seller or an accountant assisting e-commerce ventures, these steps will guide you toward the perfect match.

1. Assess Seamless Integration with TikTok

When selecting accounting software, consider how well it integrates with your TikTok shop. Look for features like:

• Direct TikTok Integration: Some tools allow you to sync your sales data directly from TikTok.
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• API Compatibility: Ensure the software can connect with TikTok's APIs for real-time data exchange.
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• Automation: Look for automated processes that streamline your financial transactions. You can also read our guide on the future of bookkeeping with automation to understand its importance.

Remember, seamless integration means less manual work and more time for creating engaging TikTok content!

2. Evaluate Real-Time Reporting and Analytics Features

Accurate and timely information is crucial for decision-making. Here's what to look for:

• Real-Time Updates: Can the software provide instant sales, expenses, and profit updates? It’s an important consideration in the dynamic e-commerce market.
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• Customizable Reports: Customized reports to your specific needs—sales trends, expense breakdowns, or tax summaries.
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• Mobile Access: Check if you can access reports via a mobile app for on-the-go access to your TikTok shop.

3. Consider Ease of Use and User Interface

Accounting software should be user-friendly, even if you're not a numbers wizard:

• Intuitive Design: A clean and straightforward interface makes navigation a breeze.
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• Training Resources: Look for tutorials, guides, and customer support to help you get started.
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• Trial Period: Test the software to see if it aligns with your comfort level.

4. Check for Scalability and Customization Options

Your TikTok shop may grow rapidly, so choose software that can keep up:

• Scalability: Will the software handle increased transactions, inventory, and customers?
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• Customization: Can you adapt the software to your unique business needs? Make sure to test it according to your specific needs before choosing.
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• Add-Ons and Modules: Explore additional features you might need as your TikTok business expands.

5. Review Customer Support and Training Resources

When you encounter issues or have questions, reliable support is essential:

• Customer Service: Is there responsive customer support via chat, email, or phone? It can be a lifesaver when you get stuck on accounting-related issues.
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• Online Community: Check for an active user community or forums, as they help with ideas, answers, and support.
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• Training Materials: Look for webinars, documentation, and video tutorials to help you navigate the UI when you get stuck.

Remember, the right accounting software is like a backstage crew for your TikTok performance—it keeps everything running smoothly while you shine in the spotlight!

Frequently Asked Questions (FAQs)

Check out the answers to some commonly asked questions about accounting software for TikTok shops.

How Can Accounting Software Help TikTok Sellers with Tax Compliance?

Accounting software is a crucial ally for TikTok sellers regarding tax compliance. With features like automated categorization, the software accurately sorts income and expenses, making tax reporting a breeze. For Currency Conversion, such software handles international sales seamlessly, ensuring compliance with cross-border tax rules. Additionally, timely Reminders keep sellers informed about tax deadlines, preventing last-minute rushes. The software's Integration with Tax Forms also streamlines the entire process, linking TikTok shop data directly to necessary forms.

What are the Best Practices for Managing Finances as a TikTok Seller?

As a TikTok seller, effective financial management is crucial. These are a few best practices for a TikTok shop owner:

• Maintain separate bank accounts and payment methods for your TikTok shop to ensure clarity.
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• Track every sale, expense, payment method, and regularly reconcile your accounts.
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• Allocate funds wisely by setting aside budget segments for marketing, inventory, and other essential business needs.
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• Streamline your financial processes by using accounting software to stay organized.

Can TikTok Sellers Use Accounting Software for International Sales and Currency Conversion?

Absolutely! Accounting tools play a vital role in managing international sales for TikTok sellers. These tools accurately convert currencies, ensuring easy cross-border transactions. Additionally, they help maintain compliance with tax regulations across different regions. When choosing software, look for options that integrate well with e-commerce platforms and support multi-currency transactions.

How Often Should TikTok Sellers Update Their Accounting Software?

TikTok sellers should update their accounting software monthly to keep financial records accurate and aid decision-making. However, sellers with higher transaction volumes should aim for daily or weekly updates to monitor their financial health and cash flow closely!

Conclusion

Managing your finances efficiently is as crucial as creating captivating content. As we explored TikTok sellers' top accounting software options, remember a few key takeaways.

When selecting accounting software, opt for a solution that seamlessly integrates with TikTok, automates processes, and provides real-time insights. Ensure accurate tax calculations, timely reporting, and adherence to international regulations. Plus, reliable customer support ensures smooth sailing even during accounting hiccups.

If you're ready to enter the TikTok selling business or want to try a comprehensive TikTok accounting software, check out the free trial of LinkMyBooks, which offers seamless integration and automated accounting processes.