I’ve recently had my books done using Xero and the Shopify Xero App. There were around 1200 orders and this has cost £1100 to import and reconcile. The majority of orders are in the £20-40 price range meaning around 4% of every sale has to go to recording the sale, which seems madness.
Is there another way to do this? I only really want Xero for filing tax returns and end of year accounts.
Do I need to record every sale individually in Xero or could monthly totals be used?
Do I even need Xero, could financial reports with total sales/fees/refunds from shopify be sent directly to an accountant quarterly or at year end to file the correct documents without having to create multiple records for every sale?
I am an accountant and as a hobby I run a Shopify on the side.
I use the Xero API to transfer my Shopify transactions into Xero accounting software. The app itself is free so I don't understand what the £1100 charge you mentioned is for?
Monthly totals can be used but if records are incomplete then your accountant might end up spending more time than anticipated on your accounts and therefore you incurring more fees.
The fee was for reconcilling sales with Paypal and Shopify Payament deposits.
Out of interest how long would you say it takes you to reconcile sales with your bank statement/Paypal? Or how many sales can you reconcile in 1 hour?
Sorry for the niggling questions, trying to work out if I need to find a new way to record sales or need a new bookkeeper.