Xero has been giving QuickBooks a run for their money over the past couple of years, with a few features that may be a tremendous benefit for your company, depending on your needs. Xero offers three plans to help you scale from small business up to mid-size and even into a larger company. A free plan is available for businesses that earn up to $50,000 per year, with one user and one accountant. There are a wealth of ecommerce bookkeeping tools available to help you balance your books and stay on top of your finances, regardless of your experience.
It’s also a way for you to keep an eye on business spending and profits and have records of these transactions. Automated billing and cash flow let customers purchase from your business or ecommerce store, be billed, and pay. They do all of this without anyone in your company facilitating the transaction. Make sure that you have a great ecommerce platform to integrate with, and you’ll find that a lot of the legwork in billing and tracking inventory and sales are done for you. You didn’t start your ecommerce business so you could juggle accounts and balance books.
Ecommerce Bookkeeping Best Practices
You can even set up alerts to let you know when a certain type of inventory is getting low, so you will know when to restock. Keeping track of inventory cash flow means knowing the overall cost and value of your inventory, which tells you how much net profit you make from the sale of your inventory. Once your new store has ecommerce bookkeeping been set up and goes live on the internet, you will need to ensure that your stock levels are sufficient and that expenses are tracked, among other concerns. Quickbooks offers integrable solutions to help with all of these things. QuickBooks Online has some of the best reporting and bookkeeping features money can buy.
One area where Brightbook struggles is its lack of mobile support. The program doesn’t have a mobile application, and it can’t be accessed via mobile browsers. And the application itself isn’t quite as sophisticated as some of the more well-established options. You can use FreshBooks for ecommerce but also many other purposes. This type of bookkeeping mostly focuses on inventory and cash flow.