Closing the Books on 2016
Accounting. The almost always dreaded term for small to medium sized online retailers. While we know 2016 was a successful year for you, your employees, your products, and your brand in general, success in retail is often translated into sales; sales are translated into dollars. And, finally, dollars need to be accounted for!
With the increase of cash flow that our smaller retailers have seen this year, it’s critical that your business captures these in preparation for tax season. With that, we recommend downloading a full service accounting platform to handle your books.
Here are a few recommendations to make this process as stress free as possible!
Quickbooks is the gold standard for small business accounting needs and it’s one of the most used pieces of software by smaller businesses. Quickbooks easily handles invoicing, payroll, bills, expenses, and inventory tracking, allowing you to focus more on the things that matter most. Once you connect your bank account to Quickbooks, it will automatically categorize transactions, which we have to admit, is a really nice feature. For general bookkeeping, Quickbooks is a no-brainer.
Similar to Quickbooks, Xero is bookkeeping software made simple. A unique feature of Xero is that it allows the user to connect with professional Accountants and advisors in their industry to help organize their incoming and outgoing finances!
3. Zoho Books
If you’re looking for something that easily integrates into your current CRM system (assuming that CRM system is Zoho), look no further than Zoho books. Although Zoho is often thought of as a strict sales platform, Zoho Books gives many of the same bookkeeping benefits as a Quickbooks!
4. Simply Cost
Simply cost is a great, easy tool for your business to utilize as it lets the user very simply track the real net profit of their business by aggregating and sorting through a simple financial csv file. We highly recommend!
5. Shopify Connector Applications
If you’re looking for something that integrates effortlessly with your current Shopify store, download Quickbooks, Xero, Zapier, or OneSaaS. All of which are great applications to take advantage of on the Shopify network.
Although Accounting is messy, by getting ahead of the 2016 filing rush and implementing these smart solutions above, you’ll be on your way to organizing your financials, tracking profitability, and setting new goals, all while focusing on what is most important: having a productive and successful 2017!
Any other software you use? Feel free to comment below!