Enhance Your Operations with the Shopify Invoice App for Inventory

Shopify invoice app for Inventory

so what should you do when it comes to bookkeeping or accounting software for your Shopify or Amazon business now the solutions I'll be talking about here today will apply to both and are great for any one of those e-commerce platforms that may want to end up expanding to other Platforms in the future okay so if that's going to interest you be sure you stay tuned now this is one of the aspects of running a business that we really don't want to think about until we realize that we're running blind without it you know accounting software is what's actually going to help us be able to see a clear picture of where all the money's going now I came to realize that it was really important especially back in the day when I had a physical products brand I realized that I didn't really have any insight or have any idea of how much product I needed to order especially when you get into situation where you have long lead times you know if you're waiting you you got to wait 60 90 days if not more to actually receive your product right from the day you order to the day that you actually have it ready to sell and ship out to customers I started realizing that you know I had no idea how much I needed or how much I was gonna need you know 60 90 days down the road and that's kind of the trajectory of what I needed to look at on top of that I couldn't really know what my profitability was you know to the penny you know month by month right I was kind of just winging it and kind of just you know I would just do quick calculations at the end of the month and decide hey that's an idea of how much cash I have so on and so forth but when you're running a physical products business you really have to be on top of it because there's a thing about being cash poor right you might be making Revenue right your business is going growing but you're in a situation where you know you're don't have the cash because you're continually pouring cash into inventory so that's where these books become so so so important now when it comes to what options you have for accounting software you're really going to see two big players right the two biggest players that's going to be QuickBooks and zero now my personal favorite is QuickBooks I don't really touch or I won't really touch much on xero they're quite similar but I've used QuickBooks you know that's kind of what I started off on it's going to be the most popular platform out there so for me it made more sense because I knew if I ever ran into any issues or whatever the case may be that it wasn't gonna be too hard for me to find someone who actually knew how QuickBooks worked and would be able to help me fix whatever problems I have now one of the dope things about QuickBooks is that it's truly built to scale with you right until you need to actually switch to Enterprise soft software now you'll notice that you know with QuickBooks you're going to be able to do pretty much all you need to get from I would say from a hundred thousand to even 100 million on QuickBooks it's once you start getting to like one of those really more complex businesses right when you're a billion dollar business and you need to get really down to the Brass tax of things that's whenever you can move to a more Enterprise type of software right one of those more complex a more customizable softwares but this accounting software QuickBooks is really going to be able to hold it down for you now this is clear when it comes to their increasingly sophisticated reporting features now other than that I would say that the two softwares seem pretty similar when it comes to QuickBooks and xero I will say though that when it comes to app design I will say that xero seems a lot more tailored towards accountants and bookkeepers whereas QuickBooks Online is geared a lot more towards small business owners right now either way you'll be able to find an accountant and bookkeeper in both camps to be able to take care of you because these platforms are both pretty popular now when it comes to features of QuickBooks you know I'm gonna be focusing on the first two plans that they really offer okay it's gonna be Simple Start and Essentials I think most Shopify and Amazon sellers will be fine with the Simple Start Plan but if you need something uh more complex because of you know you need more users or you're using multi-currency which is the situation that I'm currently in then Essentials plan will be the best one for you now you'll get all the obvious stuff that I think that now is pretty standard when it comes to the softwares you know you'll be able to link all your accounts and automatically pull in transactions which back in the day that was really you know the tough part of doing the bookkeeping right it was you would have to literally compile or gather all the transactions all the information from all over right if you had 10 bank accounts you had to just pull all the transactions all the information from the 10 bank accounts and then try to consolidate it right nowadays all that's kind of happening in the background with these softwares then you're able to really set rules to be able to automatically label transaction categories though I will say you want to be careful when you're using that on top of that you'll even be able to create reports that can get really granular you can really go as deep as you want to go and they can help you see exactly where your sales are coming from you know what's causing the highest expenses in your business and so on and so forth now I think this is game changer because a lot of times it might be a situation where let's say you're running your business you have 10 products right and maybe three products are giving you the most Revenue but then there there's two or three products that they're not giving you near as much revenue but their expenses are way higher right to where it might make sense for you to cut off those uh those products so you can focus on growing the remaining seven products in that example right that's kind of how you want to look at it when it comes to you pulling up these reports the great thing is with QuickBooks you can actually you know you can tag different transactions different sales whatever the case may be you can deep dive in these reports and be able to see exactly where your resources should be focused on now this is exactly what I was able to do this actually helped me deep dive into one of my biggest expenses which was software subscriptions and I was able to see which ones I may not need and could actually be able to get rid of now when it comes to using QuickBooks with Shopify and Amazon which by the way that's what my company uh specializes with I'll put a link down below if you actually need help with your bookkeeping for your Shopify Amazon store you can reach out to us but I recommend that you know there's a smooth way to connect them I recommend you don't connect directly your Shopify or Amazon store directly to QuickBooks right the reason why is because if you try to just find find any old app you got to be really careful okay you got to be really careful because what can happen is they can start just throwing a bunch of data into your QuickBooks account okay and you don't want that because now you're gonna be sifting through more information that's going to cause you to take even longer to be able to actually get your books in order I recommend that you actually use a different software different method that it's kind of like a middleman to make sure that only the good information gets over there right that's what's going to make your monthly bookkeeping even less complicated right even easier to get through by using this method so what you want to do to correctly link QuickBooks to your store right you want to use an app called a2x now a2x is going to be a sort of middleman and the way it works is it's going to allow you to be able to just sift through the data it receives from your store and send it directly to your QuickBooks account right and the great thing is it works as a middleman to make sure that a only information that you want makes it all the way through and B it's going to make sure that it already matches with your chart of accounts okay and what that means is just make sure that it's dumping transactions into the right categories in your QuickBooks account so all you really need to do is you can go into your a2x it's going to let you match your chart of accounts in the different payment gateways and Shopify as well as Amazon so that it can all seamlessly just transfer your information over now if you need help with this guys shoot me and email my team can work it with you or help work you uh through all that and set it up correctly so I'll put a link in the description or if you don't see it you know you can't find information just throw a comment and then we'll try to reply to your comment also if you guys want me to shoot a more detailed video of the setup process let me know that might be something that I can take the time out and shoot a video to show you guys how to get that all set up okay but this will make sure that only the important information that can help you reach your end goal Financial Clarity in your business will actually be pushed to QuickBooks so hopefully you can see where I'm leaning when it comes to the best software available me I'm QuickBooks hands down and I think this is going to be the best way for you to use it and the best way for you to actually link it to your e-commerce platform of choice okay so make sure that you check out my new channel that's going to be focused on accounting and bookkeeping tactics specifically for online sellers I'll link to it up here specifically Amazon and Shopify sellers okay okay so click that button also I'll put a button here for a playlist that I'll be creating that will also put all those videos in one place as well for you okay so make sure you email us down below if you'd like more information on how we can help you fully set up your QuickBooks account or even do your monthly bookkeeping for you we would be happy to help all right so I appreciate you guys taking the time to watch and I'll see you in the next one peace