The complete guide to Shopify accounting

The best accounting software for a Shopify merchant needs to be cloud-based, offer an array of integrations, fit your budget, manage multiple currencies and fit your specific needs. In our free guide, we offer a checklist that you can go through when comparing different accounting software options.

You can sync your Shopify transactions to your cloud-based accounting software by using an accounting integration. Amaka provides detailed and thorough accounting integrations that entirely automate the data entry process and fast-track bank reconciliation. We offer a free plan that’s suitable regardless of how many orders are made every month.

You can sync the COGS from your Shopify store to your accounting software by using one of Amaka’s accounting integrations. It can also be beneficial to sync your Shopify store with an inventory management system. Leading providers allow you to sync a range of data points to your accounting system.

It’s recommended that you regularly look into your cash flow and to forecast for the future. Using a cash flow forecasting tool that integrates with your accounting software can help you to understand and draw insights from your Shopify data.

Though it’s recommended to have a tax accountant when running a Shopify business, it can be useful to understand the basics of income taxes and sales taxes. In our free Shopify accounting guide, we go into more detail about these topics. When it comes to income taxes, you pay these as you would with a regular job. However, obligations change if your business is incorporated. In terms of sales taxes, you need to understand the different regulations in place across all the regions you sell in.

In the early stages, it’s recommended to have a tax accountant that can help with tax returns. Once you’re in the growth phase, maybe you’re working on your Shopify business full-time or you even have employees, it becomes more impactful to hire an accountant specialising in e-commerce. Finally, when your business becomes established, it becomes almost necessary to have an accountant. In our free guide, we run you through the questions you should be asking when comparing accounting professionals.