Best Accounting Software for Shopify Business

Running a Shopify business comes with its unique set of challenges, especially when it comes to managing finances. The right accounting software is crucial for streamlining your operations and ensuring accurate financial records. In this article, we’ll explore the essential features to look for in accounting software that integrates with Shopify stores and delve into the best accounting software for Shopify business.

What Features Should an Accounting Software for Shopify Store Have?

When selecting accounting software for your Shopify store, consider the following features:

1. Integration Capabilities: The software should seamlessly integrate with Shopify to automate data transfer, reducing manual entry errors.
2. Sales and Expense Tracking: Efficient tracking of sales and expenses is essential for accurate financial reporting.
3. Multi-Currency Support: If your Shopify store operates internationally, choose software that handles multiple currencies seamlessly.
4. Inventory Management: Integration with your inventory system ensures that your financial records accurately reflect stock levels and costs.
5. Tax Management: Look for software that automates tax calculations and helps you comply with local regulations
6. Financial Reporting: Robust reporting features that provide insights into the financial health of the business. This includes profit and loss statements, balance sheets, and cash flow statements.
7. Scalability: The ability to scale with the growth of the business. The accounting software should accommodate increased transaction volumes and additional features as the Shopify store expands.
8. User-Friendly Interface: An intuitive and user-friendly interface to make it easy for business owners and accounting professionals to navigate and use the software effectively.

Best Accounting Software That Integrates with Shopify

Several accounting software options integrate well with Shopify. Here are some of the best accounting software for Shopify business:

Vencru

Vencru is an accounting platform for e-commerce businesses. It offers invoicing, inventory management, order processing, client and vendor management, expense tracking and robust accounting reports. Built with simplicity and user-friendliness as a principle, it is tailored for small businesses and freelancers with affordable pricing starting at $6 billed monthly.

What makes Vencru Stand out: Vencru’s simple interface and robust functionalities make it ideal for tracking sales, managing inventory, generating reports, managing expenses and so much more. Vencru’s seamless integration with Shopify makes it ideal for your e-commerce business.

Related: How to generate income statement for Shopify Store

QuickBooks

QuickBooks is a cloud-based accounting software for businesses with features like invoicing, time tracking, inventory management, double-entry accounting, bank reconciliation and others. It has extensive features for accounting and business reporting but tends to be expensive as well as non-intuitive for small business owners. Quickbooks offer a 30-day free trial period. Pricing ranges from $30 to $200 per month. 

Xero

Xero is a cloud-based accounting software for businesses offering features like invoicing, expense tracking, inventory management, double-entry accounting, bank reconciliation and others.  Noted for its comprehensiveness, Xero is described by users as complex and expensive. There’s a 30-day free trial period to test out Xero’s features. Pricing ranges from $29 to $62 billed monthly. 

FreshBooks

FreshBooks is a cloud-based accounting software with features for invoicing clients, inventory management, business reports, and others. It integrates with third-party software to generate advanced accounting reports. Freshbooks is not best suited for retail and wholesalers because it lacks inventory management and accounting features. There is a 30-day free trial period on Freshbooks. Pricing ranges from $17 to $55 billed monthly with add-ons for each plan at a price:

• Team members at $11 per user per month 
• Advanced payment at $20 per month

Why Vencru is the Best Accounting Software for Shopify Store

1. Seamless Integration: Vencru offers effortless integration with Shopify, ensuring that your financial data is always up to date. Vencru is designed with small businesses in mind, offering a user-friendly interface that doesn’t require a finance degree to navigate.

2. Comprehensive Financial Tools: From sales and expense tracking to inventory management and tax calculations, Vencru provides a complete suite of financial tools.

3. Double-Entry Accounting- Powerful and robust double-entry accounting system. Track assets, liabilities, equity, revenue, and expenses.

4. Multi-Currency Support: Catering to the global nature of Shopify businesses, Vencru allows you to handle transactions in multiple currencies.

Types of Accounting Reports You Will Get

When you choose Vencru as your accounting software for Shopify, you gain access to a variety of essential accounting reports:

1. Sales Reports: Track your sales performance and identify top-selling products.
2. Expense Reports: Monitor where your money is going to make informed spending decisions.
3. Profit and Loss Statements: Get a clear overview of your business’s financial health over a specific period.
4. Inventory Valuation Reports: Keep a close eye on your stock levels and assess the value of your inventory

Selecting the best accounting software for your Shopify business is a strategic decision that impacts your overall efficiency and financial accuracy. Vencru, with its seamless integration, user-friendly interface, and comprehensive financial tools, stands out as the top choice for Shopify store owners. Make the right choice today to ensure the financial success of your business.