E-commerce has been life-saving for companies across the US. Small businesses that began to use e-commerce sites experienced record-breaking sales during Black Friday.
E-commerce allows a small business to expand its customer base, even an international one. But it does provide new challenges, particularly in the accounting department. Business owners that use Shopify will need Shopify accounting software to get a handle on their books.
Not all accounting software is made equal, though. So in this guide, we are here to help you meet your e-commerce business needs with the proper accounting software. Keep reading for what to be on the lookout for with your Shopify accounting software.
Choose Shopify Accounting Software That Allows for Integration
As amazing as e-commerce is, it often does not integrate well with your preferred systems. Shopify gives you the option to export your orders to an Excel CSV file. But once it exports that CSV file, you are on your own.
This can lead to the monotony of having to copy over cells to your accounting software one by one. It may only amount to a couple of minutes per day, but it's tedium all the same. Shopify accounting can and should be easier.
Choose Shopify accounting software that provides seamless integration. Software that keeps your books updated without intervention. Then you can spend your precious time on the things that really matter.
Cloud Accounting Software Capabilities
Cloud-based systems are the norm these days, and for good reason. They allow you to manage your business no matter where you are. You can have teams located at opposite ends of the world who can work together in perfect synchrony without confusion.
Cloud software should allow easy access from almost any device that you have. It should refresh automatically, ensuring information is up-to-date across the board.
Convenience is the keyword here. You want to spend as little time as possible fixing technical issues, solving licence problems, and troubleshooting software compatibility.
E-Commerce Accounting Security
As incredible as these online, cloud-based systems are, they do have vulnerabilities. Storing information in the cloud creates the potential for a hacker to compromise it. If not that, then it enables a disgruntled or clueless employee to do damage to your company.
Do not settle for e-commerce accounting software that does not give you the ultimate security. In addition to password protection, you want two-factor authentication. You want software that encrypts everything by standard to keep it safe from prying eyes.
You want safe access from any location. You need to be sure that your cloud software gives you an encrypted connection whether you are in Mexico or Mecca.
Further, you require recovery options in case things go wrong. Backups will be invaluable to keep your information safe.
Whether your business deals locally, nationally, or beyond, you need to remain tax compliant. Tax law is and has always been very tricky. It gets even more complex as you venture outside of your home neighbourhood.
Tax accounting software should help you to stay compliant no matter which customer base you are serving. The last thing you want is legal issues when you fail to collect or report the proper taxes in a certain region. Good tax software will help you to manage being an e-commerce seller in multiple regions at once.
Further, you want e-commerce accounting features that make it easier to submit tax documents. Being able to export the proper expenses during tax season will be extremely useful.
Ease-Of-Use With Your E-Commerce Business Needs
Bad software can quickly become frustrating to use. Small bugs or unintuitive design choices can give you a headache while doing simple operations. You want software that is logical, fast, and easy to use.
Software should help you to streamline your bookkeeping, not make it more cluttered and complicated. It should allow you to automate as many processes as possible. The less time you spend in the accounting software, the better.
Many small business owners have watched their e-commerce sales grow. More sales mean bigger operations, more employees, and thus more complexity. You want Shopify bookkeeping software that adapts to your growth.
Good e-commerce accounting software gives you the potential to scale up without having to pivot to a new system. Buying new software and exporting your records over to it can be a nightmare. It's better if you can use the same software for years to come.
A Reasonable Price
Of course, e-commerce accounting price should play a role in the software you choose. Buying the cheapest software on the market puts you at risk of bugs and security vulnerabilities, as well as subpar customer support. But expensive accounting software can take a big bite out of your operational budget.
Find accounting software that doesn't cost an arm and a leg, but still has good reviews. Better yet, make sure you have a free trial to test all the core functionality before you commit.
Find the Right Shopify Accounting Software for Your Business
E-commerce has become the go-to method for small businesses to extend their market to a much larger audience. But with these nifty online marketplaces come unique challenges in Shopify seller accounting. Choosing the right Shopify accounting software for your Shopify marketplace can make the experience a breeze if you know what to look for.
Link My Books provides dead-simple and robust accounting software for all major retailers, from Amazon to Shopify. We offer a monthly subscription with powerful tools and unparalleled support. If you are not yet convinced, then sign up for our free 14-day trial.