Managing your Shopify finances and accounting: 5 apps you need
Kaci Carson
November 03, 2023
As a Shopify store owner, choosing the right finance and accounting apps (otherwise known as plugins or integrations) can save you a tonne of time and energy. However, with thousands of options available, it can be difficult to determine which Shopify accounting apps are most suitable for your specific store needs. It’s important to focus on plugins that will automate manual processes and provide valuable insights.
That’s why in this article, we have 5 types of Shopify accounting and finance apps to help you in the areas of reporting, expense tracking, inventory management, and more. With the right combination of plugins for your Shopify business, you’ll be able to increase efficiency which will have an impact on your overall sales.
Cloud-based accounting software for Shopify
As a business owner involved in e-commerce, managing accounting tasks can quickly become a time-consuming task, especially as your business expands. An accounting software can be a game-changer, providing assistance in tracking financial transactions, income, cash flow, and other crucial functions.
For small to medium-sized e-commerce businesses, three popular choices are Quickbooks, MYOB, and Xero. These platforms offer a comprehensive range of tools, including invoicing, reminders for overdue payments, and efficient payment tracking. Additionally, they provide robust features for bank reconciliation, ensuring the accuracy and integrity of your financial data. Notably, these software solutions also support multiple currencies, making them ideal for e-commerce businesses operating across international borders.
Regardless of the size of your business, implementing any of these accounting softwares is guaranteed to streamline your activities and enhance efficiency. These platforms seamlessly integrate with various third-party tools, such as Shopify, WooCommerce, CRM systems, inventory management software and marketing tools.
Shopify accounting integration
If you’ve chosen an accounting software and set it up, you would usually need to manually enter in data from Shopify. With an accounting integration, this is no longer needed. Amaka offers accounting integrations that take care of things for you by automating your data entry and reconciliation. Once you’ve chosen an accounting software, you can then use Amaka to integrate it with Shopify, such as with the Shopify + QuickBooks Online accounting integration.
The incorporation of an accounting integration will streamline and accelerate numerous accounting procedures. It can sync both sales and payment data into invoices on a daily basis, with the transactions being automatically categorized. Amaka can also match the transactions with those in your bank, leading to a rapid bank reconciliation process.
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Expense tracking app for Shopify
An expense tracking app allows you to document, monitor and categorize your Shopify business expenses. These apps should be able to integrate with Shopify or your cloud-based accounting software, making it easier to keep everything organized. Here are examples of expense tracking apps for Shopify.
Dext Prepare
Dext Prepare is an expense management system that integrates with your accounting software rather than with Shopify. It allows you to take photos and scan information from receipts and bills. It can then extract information and automatically publish it to your accounting software. Then, it can sort the information by tax, supplier and region.
By using Dext Prepare for your Shopify business, you can cut down the amount of manual data entry you’d need to do. Ensure your financial data is up-to-date and be prepared when tax time rolls around.
Hurdlr
Hurdlr expense tracker is a game-changing tool that brings many benefits to Shopify owners in managing their expenses. This app simplifies the process of tracking and categorizing expenses, allowing Shopify owners to gain a clear overview of their financial health. Hurdlr seamlessly integrates with Shopify, automatically capturing and organizing all relevant expense data, including fees, shipping costs, and advertising expenses.
These features save valuable time and eliminate the need for manual data entry. With Hurdlr expense tracker, Shopify owners can effectively monitor their expenses, improve financial management, and make important decisions based on this data.
Reporting and analytics plugin
Though both Shopify and your accounting software will give you access to reports, a dedicated reporting and analytics plugin is able to offer more detail and flexibility. Here are examples that connect with Shopify.
Better Reports
The Better Reports app is available to Shopify users and offers a wide range of key features to enhance the reporting capabilities of Shopify users. Better Reports allows users to create customized reports and gain valuable insights into their business performance. Users can easily analyze sales data, customer behavior, and product performance.
The plugin provides flexible report templates, advanced filtering options, and visualization tools, allowing you to access important information from your Shopify data. It also offers the convenience of automated report scheduling and sharing, saving you time overall. Better Reports proves to be a great tool for all Shopify users and supports many useful benefits.
Be Profit
Be Profit is a valuable plugin that brings a range of benefits to Shopify users. This powerful tool offers comprehensive analytics and financial insights, allowing users to track their profitability. Be Profit enables users to easily calculate profits, including expenses and shipping costs, to gain a clear understanding of their net earnings.
The plugin provides detailed reports and charts, offering visual representations of sales trends, best-selling products, and customer behavior. It also has the useful features of profit forecasting, and order tracking to set your business up for a win. With these features and benefits in mind, Be Profit becomes a helpful tool for all Shopify store owners.
Inventory management software for Shopify
An inventory management software is essential for Shopify businesses, particularly as your inventory grows. These apps should integrate with Shopify to ensure data is consistent across all platforms. Here are some examples.
Sumtracker
Sumtracker Inventory App is a user-friendly tool with a wide range of features to simplify your business inventory management processes. By using Sumtracker, businesses can effortlessly track and organize their inventory, ensuring accurate updates on stock levels. This enables store owners to make informed decisions about purchasing, sales, and restocking, reducing the risk of running out of stock or having too much inventory.
The app automates key inventory management tasks, saving time and allowing you to focus on other important areas of the business. It also provides comprehensive reports and analytics on your inventory and product sales. Overall, Sumtracker Inventory App empowers Shopify store owners to efficiently manage their inventory and resulting in improved efficiency.
Stocky
Stocky is an inventory management app designed specifically for Shopify store owners and is a free tool for Shopify Pro users. With Stocky, Shopify store owners can effortlessly track and manage stock levels with real-time updates, automating essential tasks like stock counts, purchase orders, and restocking.
Stocky’s advanced forecasting feature has the ability to empower businesses to take control of their inventory management. Stocky also provides insights into product performance helping you understand sales habits and more. These features allow Shopify store owners to effectively manage their inventory.
Key takeaways on Shopify accounting apps
Choosing the right finance and accounting apps for your Shopify store saves time and improves efficiency. Cloud-based accounting software, expense tracking apps, reporting plugins, inventory management software, and accounting integrations can all work together to optimize business operations.
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