I sell my products on Amazon FBA, and Shopify and I currently use Shopify/Shipstation to handle all my shipping needs.
My question is: how do you guys manage your books using both Shopify and Amazon platforms? All I see is services and features that I have to get together just for it to work.
- Xero ($10) + Stitch Labs ($79) to connect to Shopify/Amazon
- Xero ($10) + A2XAccounting.com (paid, $20) + CommerceSync (free) to connect to Shopify/Amazon
Also: I'm looking for something to tell me if I am making profit for the month or not, how well and how much profit a particular item is making, and data similar to this so I can make better business decisions. I currently manage this through excel and it's becoming a nightmare with more products.
So, curious what you guys out there use and if anyone else is in the same or similar boat as me!
Keegan here from the Shopify Guru team.
You can totally track profit on Shopify side (based on cost of goods, etc) with Profiteer as well I believe Xero does allow tracking cost of goods based on this post but running the reports necessary to get the final figure may be a better question for Xero. They're available for support within this link here. You can get personal (non document) help with this button here.
Hopefully this helps, let me know if you have any other questions!
At Account On Me Bookkeeping Service, we provide Xero bookkeeping services and MYOB and Quickbooks online subscriptions, training and support, to give you back control of your bookkeeping.
I'm going to refer you to a website called Catching Clouds Academy. This is run by Scott and Patti Scharf at Catching Clouds. They have put together an excellent training video on how to obtain your Shopify sales figures and calculate the profitability by sales channel, by SKU and by month. I highly recommend you take a look. The video runs around 4+ hours and goes into every detail of how to come up with numbers you can use to better manage your business.
If you are interested in outsourcing your ecommerce bookkeeping work, I would be glad to talk to you.
Open Sky Consulting, LLC
Our Accounting Firm works with many clients in the eCommerce space and my suggestion would be to use Xero as a high level view in order to capture your Sales, Direct Costs and Operating Expenses of the business, giving you a good high level view of your Business Profitability. Xero does a fantastic job at highlighting Cash Flow, in fact you can download our free e-book that will show you how to create a cash flow projection using Xero. This will help you better predict your business cash needs in the near future.
If you want to drill down at a more detailed level and really understand the profitability at the item level or different sales trends, you need a good Inventory Management software. This type of software will give you the level of detail you need at a more granual level than Xero.
Most of my clients use the following three Inventory Management Applications:
Feel free to reach out to me via our website if you have any additional questions.