Hoping some UK peops using Shopify can help us decipher best option. We use Shopify for online sales but also do a lot of transactions B2B via direct invoicing and payments by BACs and Paypal. We're currently doing it all manually with online invoicing program called Aynax and doing our VAT manually too so need to now get a system in place asap.
We would like to integrate a cloud accounting system such as Xero, Kashflow or Freeagent so that we can pull together all transactions into one accounts system - have been looking at Kashflow and Freeagent but if anyone has any words of advice or can clarify costs etc we would greatly appreciate them - also we don't really need inventory syncso its just for invoicing, quotations, online shop sales and Paypal sales.
Hi Martina, thanks for sharing your specific requirements with respect to an accounting system. It always helps to recommend better.
For UK eCommerce businesses, Xero and QuickBooks Online are two of the best accounting software I can recommend. Since you do not need inventory for now, Xero could be the right fit. (QuickBooks Online is a better choice if you are particular about Inventory tracking.
As Shopify partners, we have learnt first hand from 1500+ Shopify stores worldwide who are using one of the above two accounting software (400+ from UK).
Here are two resources and comparisons you can read to get more info while you choose a good software:
1. Top 7 Features eCommerce Businesses Should Look For When Choosing a Cloud Accounting Software
2. Free Webinar on QuickBooks Online or Xero: What's Best for Your Online Store
Hope this helps. Just reply if you got any other questions. Will be glad to help.
:) Thanks for the feedback Martina. We have seen that choosing an accounting solution is one of the most important decisions an ecommerce business makes. Migrating/switching midway in business is often a huge headache and overhead cost. But like you said, feature comparison might be overwhelming at first.
For payment/sales channel, Xero looks to be the better choice based on how fast they are growing in United Kingdom.
I am hosting a free video webinar where I will compare Xero vs QuickBooks Online live this month. I will be glad to take examples of UK VAT as well. See if you can make it. Limited seats here.