Xero is the best accounting system for an e-commerce store. It really comes into its own when you start using some of its integration partners, creating a customised experience that takes on the heavy lifting for you. Bookkeep for Xero automates your imports and can take automation to the next level.
Xero may be the one-size-fits-all solution for e-commerce accounting, but that doesn’t mean everyone should have the same experience. Depending on the selling platforms you use, the countries you sell to and the entity choice of your business, you can tailor Xero to do the work for you through automation. One of the many tools you can use is Bookkeep.
What is Bookkeep?
Bookkeep often appears in “Bookkeep vs A2X” articles due to the surface similarities between the apps, but they have plenty of differences too. At its heart, Bookkeep posts summarised data from Shopify to Xero. Advocates of Bookkeep for Xero say it is the ultimate decluttering tool for their accounts, posting one summary line a day while storing the detail to a reconciliation.
Benefits of Bookkeep for Xero
As we’ve mentioned, the key advantage of Bookkeep for Xero is the simplicity of its input method. Rather than leaving you with hundreds of transactions to trawl through, it posts a single line once a day. This can dramatically reduce the time it takes you to reconcile your accounts each month while also making it easier for you to find what you are looking for.
Posts are summarised when sales occur, not when a pay-out occurs. This helps you keep a closer eye on your e-commerce business’ daily P&L and allows more accurate week on week comparisons.
Separated by platform for ease of visibility
Bookkeep posts a single daily summary in Xero for each selling platform. This gives you a clear position for each selling location and can be set up through Bookkeep’s accounts settings.
Created by accountants
One of Bookkeep for Xero’s key benefits is that it was designed by accountants. It mimics an accountant’s thought process, ensuring intuitive use and ease of reporting when your e-commerce accountant finalises your figures. Less hassle for your accountants means quicker turnaround times and, if you are on an hourly rate, it could result in smaller bills too. N.B. Our accounting services are on a fixed monthly fee which means no nasty surprises.
Bookkeep for Xero is one of the most affordable options for e-commerce entrepreneurs and is tiered according to how many monthly orders you have on Shopify.
From www.bookkeep.com. Prices correct as of April 2021.
If you would like some assistance setting up Bookkeep or Xero or wish to chat about how to maximise the growth of your e-commerce business, our team of experts are here to help. Get in touch today for simpler, more accurate accounting.
The best time to act is now.