6 Best Walmart Accounting Software for Sellers in 2024 (SAVE)💰

Navigating the financial side of selling on Walmart Marketplace can feel like a constant challenge.

With over 150,000 active sellers now competing on the platform, staying on top of your accounting and bookkeeping is more important, and more complicated than ever. 

From dealing with Walmart’s intricate fee structures to managing sales tax across different states and countries, the bookkeeping demands are intense.

On top of that, syncing your sales data with your accounting software can be tricky, leading to errors that could cost you time and money. This is where Walmart accounting software, integrated with tools like Link My Books, becomes invaluable.

Best Accounting Software for Walmart Sellers

1. Xero with Link My Books

2. QuickBooks Online with Link My Books

3. FreshBooks

4. Zoho Books

5. Sage

6. Wave 

We’ll explore the top features of each software in this article. Or you can try out Link My Books right away and see the benefits for yourself.

Xero with Link My Books

Xero stands out as a top choice for Walmart sellers, especially when integrated with Link My Books. This combination ensures error-free accounting by automating the reconciliation of sales, fees, and taxes, making your financial management as seamless as possible.

Xero Features

• Automated Sales and Payout Reconciliation: Xero, when integrated with Link My Books, automatically syncs and reconciles your Walmart sales, refunds, fees, taxes, and payouts with your accounting records. This ensures that your financial data is always up-to-date and accurate without the need for manual entry.
• Real-Time Financial Reporting and Analytics: Xero provides robust reporting features, allowing you to generate real-time financial reports such as Profit & Loss statements, balance sheets, and cash flow reports. This real-time insight is crucial for making informed business decisions.
• Multy channel tracking: You can track all your sales channels in Xero. This feature allows you to generate detailed financial reports that break down income and expenses by channel, giving you a clear view of how each platform is performing. 
• Seamless Integration with Third-Party Apps: Xero integrates with over 1,000 third-party apps, including e-commerce, inventory management, and CRM tools, allowing you to manage all aspects of your Walmart business from one central platform.

Link My Books + Xero = Error-free Accounting

Link My Books seamlessly connects your business with Xero so you can count on your books always being in order. Integrating Walmart with Xero is incredibly simple with Link My Books. And it will make your Walmart bookkeeping software an automation powerhouse. Here’s how you can do it:

How Does it Work?

1. Connect your Walmart account to Xero via Link My Books.

2. With each Walmart payout, Link My Books verifies all transactions, ensuring that every order is treated correctly for tax purposes.

3. Link My Books then creates a detailed summary invoice in Xero, itemizing the payout into sales, refunds, and fees, and assigning them to the proper accounts with the correct tax rates.

4. The Xero entry matches effortlessly with the bank deposit in a single click.

Xero Pricing

For US Customers

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. This is fine if you have only a few clients and you just need the basics from your Walmart bookkeeping software.

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.

For AU Customers 

QuickBooks Online with Link My Books

QuickBooks Online is a solid choice to solve your Walmart accounting software needs, especially as it works seamlessly with Link My Books.

With a certified bookkeeper assigned to manage your books, QuickBooks Online even offers guaranteed accuracy (some restrictions apply).

One of its best selling points is taking pictures of receipts with your phone and connecting them directly to expenses. But when you integrate it with Link My Books, that’s when the magic happens.

QuickBooks Features

• Customizable Class Tracking: QuickBooks allows you to categorize and track income and expenses by different segments of your business, such as marketplaces or sales channels. When integrated with Link My Books, it automatically assigns sales, fees, and other transactions to the correct class, ensuring accurate and insightful Profit & Loss (P&L) statements.
• Automated Data Entry: QuickBooks Online when integrated with Link My Books simplifies bookkeeping by automating data entry for all your Walmart sales transactions, including line items, taxes, and shipping costs. This automation reduces the risk of human error and saves you significant time.
• Advanced Reconciliation Tools: QuickBooks offers powerful reconciliation tools that automatically match your Walmart payouts with the corresponding bank deposits, making it easy to keep your accounts balanced.

Link My Books + QuickBooks = Simple Walmart accounting

While QuickBooks offers a set of features that can help you manage your Walmart bookkeeping and accounting, it cannot integrate directly with Walmart, to avoid manual data input all you need to do is integrate it with Link My Books and take your Walmart bookkeeping software to the next level.

It takes 15 minutes to set up and you have a 14-day free trial. 

QuickBooks Pricing

For US Customers

*The image is reflecting a current discount

For UK Customers

*The image reflects a current offer, buy now & save 90% for 6 months

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.

For AU Customers 

FreshBooks

FreshBooks works well for Walmart sellers who are looking for an easy-to-use, affordable Walmart accounting software that covers the basics. Conveniently cloud-based, Freshbooks can be accessed from anywhere. 

The drawback of this software is that it doesn’t integrate with Link My Books so you would have to transfer all your data from Walmart manually.

FreshBooks Features

• Intuitive Invoicing System: FreshBooks offers a user-friendly platform that allows you to create professional invoices quickly. You can customize invoices with your branding, set up recurring billing, and accept online payments directly through the invoice.
• Client Management Tools: FreshBooks includes a client portal where customers can view their invoices, make payments, and communicate with you directly. This improves customer relationships and streamlines the billing process.
• Mobile Accessibility: FreshBooks is fully accessible via mobile apps, allowing you to manage your finances on the go. This flexibility is particularly beneficial for busy Walmart sellers who need to stay connected to their business from anywhere.

FreshBooks Pricing

For US Customers

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.

For AU Customers

Zoho Books

Zoho Books is an 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 Walmart, 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 offers a fully-featured mobile app that lets you manage your finances from anywhere. This is particularly useful for Walmart sellers who need to stay on top of their business operations while on the move or away from the office.
• Multi-Currency Support: If you have a global customer base, Zoho Books’ multi-currency support is invaluable. It automatically updates exchange rates, ensuring that your financial reporting is accurate, no matter where your customers are located.
• Automated Workflows: Zoho Books streamlines routine tasks with automated workflows, such as sending invoices, following up on overdue payments, and updating inventory levels.

Zoho Pricing

For US Customers

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.

For AU Customers 

Sage Business Cloud Accounting

Sage is going to be a good Walmart accounting software if you have more complex accounting needs, particularly if you’re managing larger inventories or need detailed financial reports. Its advanced features provide the tools necessary to manage a growing business efficiently.

However, it doesn’t integrate with Walmart directly, while it does support other third-party integrations it doesn't integrate with Link My Books. 

Sage Features

• Advanced Inventory Management: Inventory tracking, including automatic stock level updates and low-stock alerts. This feature is useful for Walmart sellers who need to maintain accurate inventory records to avoid stockouts or overstocking.
• Comprehensive Financial Reporting: Detailed financial reports, give you insights into your cash flow, profitability, and overall business performance. 
• Multi-User Access: Multiple users can access your account, which is useful for businesses with teams. This means your accountant, bookkeeper, or business partner can collaborate on managing the finances.
• Third-Party Integrations: While Sage doesn’t integrate directly with Walmart, it can connect to e-commerce platforms through third-party apps, although that might end up costing you more than a Xero or Quick Books + Link My Books integration. 

Sage Pricing

For US Customers 

For UK Customers 

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

Wave 

Wave is a free accounting software that offers essential features for small businesses and freelancers, making it an attractive option for Walmart sellers who are just starting out or who have a tight budget.

While it lacks some of the advanced features found in paid software, it provides all the basic tools needed to manage your finances.

Same as Freshbooks and Zoho Books, Wave doesn’t integrate with Link My Books so you would have to download all your data from Walmart 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 Walmart 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.

The Benefits of Using Accounting Software as a Walmart Seller

You are running a modern e-commerce business, selling in the Walmart marketplace. So why would you use anything other than a modern online accounting software system to manage the financials? Here are the key benefits.

Automated Financial Management

Using accounting software for your Walmart selling business means fully automating your finances, from tracking inventory purchases to analyzing success over past months, quarters, and years.

The future of bookkeeping is changing, and you must learn how automation is changing the e-commerce industry.

Simplified Tax Compliance

One of the biggest benefits of using accounting software for Walmart sellers is the simplification that comes when it is time to figure out how to comply with the extreme complexities of the tax code for your business.

Real-Time Financial Reporting

Innovative dashboards, interactive financial management, and cloud-based accessibility all help you track and analyze your business’s success whenever and wherever.

Overall, it pays to experience the benefits of real-time accounting for your business.

Efficient Inventory Tracking 

Accounting software can help you track your inventory.

Inventory management and tracking are definite benefits of utilizing great accounting software.

Streamlined Invoice Management

Choosing the right accounting software for your Walmart bookkeeping can help you streamline invoice management by automating all processes. When you integrate these with Link My Books everything becomes automated. 

How to Choose the Best Walmart Accounting Software for You

When choosing the best Walmart accounting software, consider the following criteria:

Accuracy

Mistakes with Walmart’s fees and taxes can be costly. Choose software that ensures precise tracking, accurate tax calculations, and reliable financial reporting. Link My Books guarantees accuracy by automating the import of Walmart sales data, eliminating the risk of human error.

Time-Saving Ability

Your accounting software should streamline tasks like invoicing, reconciliation, and tax calculations to save you valuable time. Link My Books integrates seamlessly with Xero and QuickBooks, automating these processes so you can concentrate on expanding your business.

Valuable eCommerce Insights

Beyond basic accounting, your software should provide insights specific to eCommerce, helping you understand your business’s performance in the market. Link My Books offers built-in financial analytics and benchmarking, giving you the data you need to make informed strategic decisions.

Ease of Use

The software should be user-friendly, especially if you’re new to accounting. While feature-rich options may seem attractive, consider whether you truly need all the extras or if a simpler solution would be more effective. Ensure the software is easy to navigate and doesn’t have a steep learning curve.

Customer Support

When technical issues arise, or you need assistance, quick and effective support is crucial to keep your business running smoothly. Look for software that provides support through live chat, email, and phone, so you can get help in the way that suits you best.

Value for Money

Cost is always a consideration, especially for small businesses. While free software might save money upfront, it often comes with limitations that could end up costing more in the long run due to errors or lack of features. Consider the value of investing in software like Xero with Link My Books, which offers comprehensive features and ensures accuracy.

eCommerce-Specific Features

Your accounting software should include features tailored to Walmart businesses, such as inventory tracking, Walmart integration, and sales tax calculation. As your business grows, having these features will become increasingly important.

In addition to this, you should also consider the five accounting metrics your e-commerce business should track.

How Do Our Recommended Software Compare?

Why Accounting Software Alone is Not Enough

While accounting software is essential, it might not be sufficient for the complex needs of eBay sellers. Here’s why:

• Complex Fee Structures: Managing Walmart’s various fees can be challenging.
• Multiple Sales Channels: Accounting software might not effectively consolidate data from various platforms.
• Varying Tax Regulations: Different regions have different tax laws, making compliance difficult.
• Reconciliation of Payouts: Consolidating payouts with transactions requires advanced tools.
• Inventory Management: Basic accounting software may lack robust inventory tracking features.

Why Link My Books Makes Walmart Accounting Simple

Link My Books integrates seamlessly with your Walmart accounting software, automating the process of importing and categorizing sales, fees, and taxes. It ensures that every transaction is recorded with the correct tax treatment, ensuring compliance with local regulations.

For example:

• In the US: It tracks and manages the collection and remittance of sales tax across different states.
• In the UK: If a UK seller makes a sale to a customer in the EU, Link My Books automatically applies the correct Zero Rated Income VAT rate.
• In Australia: Link My Books ensures that GST is accurately calculated and reported based on the destination of the sale.

This level of automation and accuracy is crucial for Walmart sellers who need to navigate the complex tax rates while ensuring compliance and minimizing errors.

Link My Books Features 

Payout Reconciliation

Link My Books automates the reconciliation of your Walmart payouts, ensuring that every transaction is accurately recorded and matched in your accounting software, such as Xero or QuickBooks Online. 

With just a few clicks, your sales, fees, and taxes are automatically categorized and reconciled.

Financial Analytics

Understanding the financial health of your Walmart Marketplace store is necessary for making informed decisions and driving growth. The Financial Analytics feature provides you with detailed insights into your business’s performance. From tracking profitability by product to analyzing your cash flow, this tool offers real-time data that helps you stay on top of your finances. 

With easy-to-read dashboards and customizable reports, you can monitor key metrics, identify trends and make data-driven decisions.

Industry Benchmarking

The benchmarking feature allows you to compare your store performance against anonymous data from similar businesses. This includes key metrics like sales growth, refund ratios, and fee ratios. 

Instead of focusing on exact figures, Link My Books looks at percentage changes and trends, giving you a clear picture of how your business is performing relative to others. 

Cost of Goods Tracking

Knowing your true profitability means understanding the costs associated with producing your goods. Link My Books makes it easy to track the cost of goods sold (COGS) by automatically associating your costs with your sales. 

You will always know that your profit margins are accurately calculated, giving you a clear picture of your business’s financial health. 

By tracking COGS alongside revenue, you can make informed decisions about pricing, inventory management, and overall business strategy.

Accurate Tax Calculation

Tax compliance can be one of the most challenging aspects of running a Walmart store, especially when selling across different states or countries. 

Link My Books simplifies tax management by automatically calculating and applying the correct sales tax for each transaction based on its location. All your transactions will be recorded with the right tax treatment in your accounting software, helping you stay compliant with local regulations and preventing costly tax errors.

Link My Books Pricing

Try our interactive pricing:

[cms-pricing-tool]

We've kept our pricing as straightforward as possible for Walmart 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.

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. 

Frequently Asked Questions

What type of accounting does Walmart use?

Walmart uses a combination of accrual accounting and cost accounting methods. The accrual method allows Walmart to record revenues and expenses when they are incurred, rather than when cash is exchanged. Cost accounting helps Walmart manage its large-scale operations by tracking the costs associated with producing and selling products, which is crucial for pricing, budgeting, and financial planning.

What software does Walmart use for inventory?

Walmart primarily uses a proprietary inventory management system that integrates with various advanced technologies like RFID (Radio-Frequency Identification), IoT (Internet of Things), and machine learning algorithms. This system is custom-built to handle Walmart's vast and complex supply chain needs, ensuring accurate tracking of inventory levels, demand forecasting, and restocking processes.

What software do accountants use most?

Accountants frequently use software such as QuickBooks, Xero, and Sage for general accounting tasks. For large enterprises, SAP and Oracle NetSuite are particularly common due to their robust features for handling complex financial operations, including inventory management, financial reporting, and compliance.

What is the inventory method of accounting for Walmart?

Walmart uses the First-In, First-Out (FIFO) method for inventory accounting. This method assumes that the oldest inventory items are sold first, which is particularly effective in managing costs and aligning with the retail giant's fast-moving product inventory. It helps Walmart manage inflationary pressures on inventory costs and ensures that the cost of goods sold reflects the current market value of products.

How often should Walmart sellers update their accounting software?

The best accounting software platforms will be continually working to update and improve their systems. It is best to leave the guesswork to the experts for updating.

Choose an accounting software that includes regular, scheduled, or even automatic updates so that you can focus on building the success of your business.

Can Walmart sellers customize accounting software?

Once again, the best accounting software choices for Walmart sellers should always offer customization as a part of their total package.

Yes, you should be able to customize the accounting software you choose for your business. One size does not fit all in the e-commerce world.

Don’t settle for anything less than a full customization offering that can incorporate the tools and apps you already work with.

What training is required to implement new software?

In addition to sampling the accounting software before buying it, you should ensure training is included in the cost.

Each system works a little differently, and you should learn how to make it work for your business by the people who know it best.

Training helps with setup, day-to-day management, and utilizing your accounting software to make your business fully successful in the future.

What if I just need profit analytics for Walmart?

If you're looking to simply view your profit for your Walmart store and not specifically sync the data with your bookkeeping system then you could check out Threecolts Walmart software suite.

Start with Link My Books for Walmart

Managing the financial side of your Walmart Marketplace business can be overwhelming, but it doesn’t have to be. Link My Books offers a streamlined, automated solution that takes the hassle out of your accounting process. From precise tax calculations to effortless payout reconciliation, Link My Books ensures your Walmart transactions are accurately recorded and compliant with local regulations.

Why struggle with manual data entry and complex tax rules when you can automate your accounting with Link My Books? 

Save time, reduce errors, and gain peace of mind knowing your finances are in expert hands. 

Ready to simplify your Walmart accounting? Find out how Link My Books can put you miles ahead of any competitor.