New to this whole thing and my head is spinning!

Nadia_McLeod
New Member
9 0 0

Hi,

We've just started our online business and I was looking for an accounting solution. At this point all I want it to do is tally up all of our revenue against all of our expenses. Obviously I'm happy to manually input our expenses.

I have literally no experience in this area and own no accounting software. A lot of the apps I'm seeing seem to integrate with something else? I don't have anything else to integrate with. Someone suggested that I use 'Wave' but I haven't done anything yet and that wasn't in the App store.

I'd much prefer to keep costs to a bare minimum becuase I'm not even sure if my little online retailer is going to work out as it is. Things are pretty tight.

Any help or suggestions would be greatly appreciated.

Thanks,

Nadia

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Michelle_Heberl
New Member
1 0 0

I'm in the same boat not wanting to 'intergrate' with something else and keeping cost at an all time low.  I'm using deep mine (it's free) to help with sales and see all products sold and when.  There are exporting features that you can add your data to an excel worksheet.  However it might be the paid version to do this  I'm not sure.  I'm doing this as a bare bones type of solution.  I laucned a week ago and it worked great for my orders last week.  Good luck to you!  Michelle

 

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SteveHaugse
New Member
5 0 0

An old fashion ledger from office max would do the trick if you are looking for the most basic/cost effective route. Once you start to get solid cash flow, look into a book keeper or accountant to balance your books quarterly or annually (depending on volume).

I use an older version of Quikbooks that works great for me and have my accountant balance them each year. This way everything is categorized correctly and I get the full benefit of my write off's... Accountants will charge between $350-$1500+ for a small business (under $1million) to do your corporate return at the end of the year. I find this to be very useful and it typically will pay for it self in savings. 

Aloha

Stephen Haugse VP Sales & Maketing www.ElleMerSwim.com sales@ellemerswim.com
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SteveHaugse
New Member
5 0 0

An old fashion ledger from office max would do the trick if you are looking for the most basic/cost effective route. Once you start to get solid cash flow, look into a book keeper or accountant to balance your books quarterly or annually (depending on volume).

I use an older version of Quikbooks that works great for me and have my accountant balance them each year. This way everything is categorized correctly and I get the full benefit of my write off's... Accountants will charge between $350-$1500+ for a small business (under $1million) to do your corporate return at the end of the year. I find this to be very useful and it typically will pay for it self in savings. 

Aloha

Stephen Haugse VP Sales & Maketing www.ElleMerSwim.com sales@ellemerswim.com
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Lolo1
Excursionist
44 0 10

Hi. We use QuickBooks Online (QBO) to do accounting. The only thing you need to "integrate" it with is your business bank and credit card accounts (even easier to do if your business bank account and credit card accounts are from the same bank) and your business PayPal account (if you accept payments via PayPal). QBO can do lots of complicated stuff, but as a small ecommerce business all you really want/need to track is money-in and money-out and the value of your inventory at the end of every year.

That last part (value of your inventory) is something you need to be able to do somehow. Normally what you would do is track all your inventory purchases and your Cost of Goods Sold (COGS) and calculate the difference at the end of every year. Actually, this is a good question for Shopify - I don't know if they've added a way to track COGS or not (we use a different system to track inventory and COGS).

Basically QBO downloads all of your purchases (e.g. inventory purchases) sales transactions (deposits into your bank account, e.g. payments from Shopify) and all of your expenses (e.g. charges to your business credit cards), and you assign those payments and expenses to "accounts" in QBO. For example, you might assign all your payments from Shopify and PayPal to an "Income" account in QBO called "Sales", and you might assign your monthly Shopify charges to an "Expense" account called "Web Site Expenses", and you might assign your inventory purchases to a "COGS" account called "Inventory Assets". 

If you don't have any accounting experience at all you really should get someone who does to help you set it up and show you how to use it. Once you get the hang of it, it's not bad. We pay $39.95 per month for QBO.

The other on-line accounting system we hear about a lot is Xero. If I were starting all over again I would definitely take a good hard look at Xero. It's less expensive than QBO, and it may be easier to use.

Mark132
New Member
1 0 0

Hi Nadia,

I have used www.quickfile.co.uk for a few years now - as manual input (for both e-commerce and our design consultancy) and fully recommend it.  It always has been and will remain free with regular updates and good support.  For those that need it there are links to the parent accountancy company (I just use my local accountant at year end).  Super for keeping a track on expenditure and income and a breeze to use.  Keep it as simple as you wish or link it to all your bank/credit accounts and also set up auto email invoices to clients.  Great reporting to so you have all the visibility you need and design and generate custom invoicing/statements etc.

Good luck!

Mark

www.furniturefolio.com

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Noel_S
New Member
2 0 1
I've used Shopify for about 3 years. We used to use Kashflow for accounts which syncs with Shopify sales via an app called 'Carry the one'. I involved someone else in the accounts side of the business who insisted we need to set Sage 50 'because it's highly sophisticated software'. Don't ever use Sage! I've recently scrapped Sage and started using Xero. It still connects with Shopify via the 'Carry the one' app. The bank statement automatically feed into the accounts and so does PayPal. Im using an add on called ReceiptBank to record purchase receipts and invoices. You take a photo of them and they upload into your Xero accounts. So far I can't recommend Xero highly enough. Very easy to use, professional and cheap compared to everything else I looked at. Good luck Noel.
CREESTAHL
New Member
1 0 0

Magento !

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Jo_Nicholson
Tourist
3 0 2

We use www.xero.com as it links into our ALL our bank accounts, credit cards AND Paypal - downloading and reconciling against sales and expenses.

We do our invoicing through it and when paid we can reconcile.

Our accountant is a Xero accountant so at year end he just logs in does his bit and away we go.

Simple just like it should be!

Cris5
Shopify Partner
1 0 0

We switched from QuickBooks (desktop) to Xero for double-entry accounting about three years ago and have really been delighted with it. It integrates with our invoicing software (FreshBooks, used separately from Shopify) and some other things that QB at the time didn't do, and may still not do; haven't checked. Their website is http:www.xero.com. Since it's web-based, I can use it on my Mac or any other computer, which was one less pain point to deal with when doing bookkeeping, easily one of my least favorite aspects of being a small business owner. At the time, QB's web version didn't fill me with confidence; I understand this has changed for the better.

If you're not familiar with double-entry accounting, it can really mess with your mind (it still does mine now and again). If you're not incorporated, then you could get away with using a lighter-weight accounting system like FreshBooks for your accounting—but if you're incorporated (Corporation, Sub S, LLC) or plan on becoming incorporated within the next year or two, I strongly suggest you use a double-entry accounting program like QB or Xero. As a corporation, you're required, at least in the US, to use double-entry accounting. Next thing you do, get a CPA to do your quarterly sales and payroll tax returns and provide general tax liability and accounting advice—ours is worth his weight in gold. Third, if Xero does payroll in your area or state, use their payrun service. I have to do ours manually, and it's not hard, but it would be easier if Xero managed the calculations for me.

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