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Shopify Entrepreneurs Blog

Read about successful Shopify stores, the best Shopify apps, eCommerce marketing, shipping, and much more on the KeepShoppers blog.
All-In-One-Image Master Review — Pricing, Features & More
Shopify appsAll-In-One-Image Master Review — Pricing, Features & MoreWe all know how tedious it can be to prepare good-quality product images for your Shopify store. Using a variety of applications for different functions is not ideal and can be downright frustrating. If these frustrations resonate with you, here is some good news. With the All-In-One-Image Master app from Egnition, you can do all your editing, including compressing and optimizing images, automatically generating alt text, and setting styles for all your products—with no switching between apps. ProsFlexible style settings for all imagesRetain image quality with small image sizesBulk processing of imagesAutomatically generate alt textReview, customize, and send automatically generated emailsConsPackages can be costly depending on your budget Pricing The All-In-One-Image Master has a fixed pricing structure that's easy to understand and cost-effective to use. FreeCredits: 20Images: 20Expire: NoFeatures: All$10Credits: 20Images: 20Expire: NoFeatures: All$40Credits: 100Images: 100Expire: NoFeatures: All$60Credits: 200Images: 200Expires: NoFeatures: All Each package provides a number of credits and images that can be edited. The credits don't expire, and all of the features are included in all the packages—even the free package if you just want to start with a trial. All-In-One Image Master Customer Support Support is always an important aspect of technology for those moments when you just need a gentle nudge in the right direction. Customer support is available 24/7/365! All you need to do is reach out by using the dedicated support icon in the app or email your questions to [email protected] for fast and friendly assistance. The customer support team works tirelessly to deliver more value to your business, with a roadmap that's largely based on the questions asked by customers. It's fast, on point, and effective. Who Is All-In-One-Image Master Best For? It's simple: if you're selling a range of products on Shopify that need to be showcased using good-quality images, this app is perfect for you. It doesn't matter what your products are, from shoes to cars, to clothes and jewelry—you'll start editing images like a pro! Features The All-In-One-Image Master app will help you edit your Shopify product images more efficiently with its variety of features, including automation—thereby saving you time and effort. Image Compression & Optimization Images that are too big can take time to load and disrupt your users' experience of your store. This feature will help you to compress and, at the same time, optimize image sizes so that your catalogs and collections look professional without download delays. Automatic Alt Text Generation This feature will help Google to understand what your image and your website are about. Why is this important? Because it increases the chances of users finding your store during a search, thereby boosting your SEO. Batch Editing Capabilities Imagine how much time you'll save if you could edit all your images in one go and in a consistent manner. This is what batch editing can do for you! This is particularly handy if you have a lot of images to process and you want them to have a similar look and feel. Ease of Use Just as it says in its name: this is an all-in-one app. You can do all the editing you want within one app, taking all the frustration and laborious effort out of editing, A logical layout and flow coupled with simple and straightforward functions make this app easy to use, and can even be fun for some. You don't need to be a professional designer to churn out beautiful images, and you definitely don't need to be an IT guru to understand how the app works! Bottom Line: Is All-In-One-Image Master Worth Investing In? It's a full-bodied, undeniable yes! The All-In-One-Image Master is convenient, cost-effective, easy to use, and allows your creativity to reach new levels of perfection. All-In-One Image Master
Order to Discount by Egnition.io — A Comprehensive Review
Shopify appsOrder to Discount by Egnition.io — A Comprehensive ReviewAs an e-commerce store owner, you probably already know that good customer service drives sales and builds your brand. The Order to Discount app by Egnition can help you deliver exceptional customer service by streamlining and automating your customer service process, which will save you time and money. How does the app achieve this? It generates auto-calculated loyalty discounts from any order. You can then re-use the same formula, saving you time and bolstering your customer support. ProsEasy-to-use discount and email templatesReview, customize, and send automatically generated emailsSend unlimited discount emailsReasonable fixed pricing structureConsAutomatically generated emails may seem generic if not customized Pricing The pricing structure is simple with only one package: BasicCost: $1.99/monthDiscounts: UnlimitedFeatures: All A free 7-day trial is also available if you want to try it before committing. Order to Discount Customer Support The Order to Discount app offers superb customer support 24 hours a day, 7 days a week, and a full 365 days a year. You can reach out to the support team either via the dedicated support icon in the app or you can send an email to [email protected] with any questions you may have. The support team is efficient and dedicated, relying on your feedback and questions to improve the product and their customer service. This in turn can help add value to your business, because you're using the best version of the product. Who is Order to Discount Best For? This handy app is best suited to any e-commerce business on Shopify that would like to lock in customer loyalty and support by rewarding active customers with discounts. Example 1: Joyful Jewelry sells designer earrings, necklaces, and rings. Order to Discount would help this business promote the repeat buying of gifts.Example 2: Billy's Bedding sells duvet covers, sheets, and pillowcases. Order to Discount would build a loyal customer base of users who take advantage of discounts every time they need to replace old bedding at home, a hotel, or guest house. Features The Order to Discount app aims to help increase customer engagement with your brand through discounts. It removes the frustration of manually determining and applying discount values through a formula and automation. Specific features include: Discount Templates With the discount template feature, you can create a template for your follow-up emails and typical discounts by generating discounts based on a customer's order information. This is useful because the templates give you a professional and convenient structure to work with. Email Templates The email template feature allows you to pre-define your customer email and generate it based on factors like the order, customer, and discount information available. These email templates are easy to customize and will save you time by allowing you to create emails in a few clicks. Support Automation Time is money and the automation feature aims to save you both by streamlining your customer service process. Review automatically generated emails and customize them for some of your customers if necessary before pressing send. Order Value Capabilities With the order value capabilities feature, you can use any of the standard Shopify conditions or unique options. This is useful because it allows you to generate a discount as a percentage of the original order. Ease of Use The Order to Discount app has a simple and clear layout that's easy to navigate. Easily set and edit your discount parameters before incorporating it as a coupon into your email to your customer. The app also allows you to preview your email for any last quality checks before sending it. If you're uncertain about anything or need a refresher on the app's functions, a handy "How to Use the App?" button can give you immediate assistance. The Verdict: Is Order to Discount Worth It? Is your time valuable to you? Of course it is. Is good customer service a high priority for you? Without a doubt. So, yes, the app is definitely worth the cost when you weigh up the time you will save and the convenience you will experience as an e-commerce business owner who is serious about customer service. Order to Discount
Simple Sample Data Review—Test Data Solution for Shopify Dev Store
Shopify appsSimple Sample Data Review—Test Data Solution for Shopify Dev StoreGenerating sample data for your Shopify store is essential to ensure everything is running smoothly before launch. Without an extensive list of test data, your visitors could have a less-than-ideal experience. The more data you have to analyze the better, but generating large quantities of test data can be a long and tedious task when done manually. Even with Shopify's development store, you're limited to only using free or partnered apps, and you'll need to manually add each item and collection. Simple Sample Data is an app by Egnition that makes generating sample data as easy as a single click. The app can be used on both development stores and paid stores, where it will generate products with images, orders, customers, and smart and custom collections. ProsFree and paid versions availableSingle-click data generationCompatible with dev and paid storesOutstanding customer supportConsFree version only available for dev stores Pricing Simple Sample Data has only two pricing options: a free version and a single, paid version. Both plans include all the features of the app and are only limited by where you can use them. Free PlanPrice: FreeFeatures: Access to allStore type: Only dev storesPaid PlanPrice: $0.99 (once-off)Features: Access to allStore type: Dev and paid stores Customer Support Egnition is well known for their outstanding customer support, and have been praised time and time again. The Egnition team offers a 24/7 hour support channel, 365 days a year. To reach them you can simply make use of the dedicated support icon on each of their apps, or email them at [email protected] Egnition apps are constantly updated as the team takes note of customer responses and takes measures to improve quality, usability, and customer satisfaction. Who is Simple Sample Data Best for? Whether you're a website designer working on a new theme or store and need dummy data to run tests, or an app/theme developer who is tired of constantly manually importing CSV files into each new project, Simple Sample Data can help you: Add custom products and collectionsGenerate dummy ordersTest run your theme/app for issues before launchDelete test data with a single click Features Simple Sample Data was created to save developers and online store owners time by quickly and automatically generating test data for products, collections, and orders, thus saving time and effort. 3 Data Themes Three data themes that include images and full details are available to use which make development stores look and feel real. Clothing and brand products: Supports products with multiple variantsPaintings: Supports single product variantsToys and novelties: Supports single variant products. Streamlined Data Generation With a single click, Simple Sample Data will populate your store with test products, collections, and customers without the need to import CSV files manually. Once you're happy with your test, the data can be removed with another single click. Custom Options The app gives you full customization of the data that you wish to produce. You can choose to populate all the data, or simply generate customers, products and collections, or add orders. Furthermore, you can change the theme and customize your collections. Ease of Use Simple Sample Data is one of the easiest ways to generate test data for your online store. Because you don't need to upload CSV files, you will save valuable time. With a single click to generate or delete data, you don't need to be a developing expert to get the most out of this app. Although the app is relatively new, which limits the available reviews, Simple Sample Data still holds a 5-star rating on the Shopify app store. Bottom Line: Is Simple Sample Data Worth It? If you're an app or store developer, or simply test running a new theme or online store, manually adding sample data can burn through your valuable time. Simple Sample Data takes all this work and turns it into a single click, thus providing you with extensive sample data, with little to no effort. Available both on the Shopify development store and paid stores, this app is a no-brainer. Simple Sample Data
Double Entry Accounting: What It Is and How It Works
Accounting for e-commerceDouble Entry Accounting: What It Is and How It WorksHow can companies keep their accounts balanced? One of the best mechanisms that accountants utilize to obtain an authentic financial picture of a firm's finances is double-entry accounting. In other words, credits to one account need to be comparable to debits to another account to ensure the equation remains in balance. Credits are offset by debits. By comparison, single-entry accounting will only track expenses and revenues. It is popular because it shields a business from immense accounting errors that will lead to severe headaches in the future. The Double Entry Accounting Equation So, what is the double-entry accounting equation? The formula is pretty simple: Assets = Liabilities + Equity Equity and liabilities may impact net assets, so both sides of the equation can affect the other side. This explains why each single transaction requires two accounts rather than one. How Double Entry Accounting Works As previously mentioned, double-entry accounting works by having every transaction jotted down as two accounts: a debit to one account and a credit to another. Let's say, for example, a company takes out a $10,000 loan. Assets are debited $10,000 and liabilities are credited $10,000. Or, as another instance, your business acquires a $1,000 new office laptop. The two entries would look like this: you are trading one asset (cash) for another asset (laptop). Therefore, you will need to insert cash and laptop accounts in your books. Differences Between Single and Double Entry The primary difference between single- and double-entry bookkeeping is that the former has one entry for each transaction and the latter has two. Financial experts say that single-entry accounting can be used to calculate net income. However, it cannot be incorporated into accounting mechanisms since it is not possible to develop a balance sheet and track the asset and liability accounts. The primary advantage of a single-entry system is that it is simplistic, and anyone without intimate knowledge of accounting can use this strategy. However, this also applies strict limitations on businesses because you cannot erect and monitor accounts payable, accounts receivable, and inventory. Importance of Double Entry Bookkeeping for Ecommerce Stores Now, there are many reasons why double-entry bookkeeping is critical, and here are a few: Accuracy and Error Reduction In accounting, and even just running a business in general, accuracy is paramount. From data entry to financial reporting, double-entry accounting is critical to success in the business world. Remember, the details, no matter how small, can make a big difference in the future. How many times have errors led to substantial headaches for the company? Double-entry accounting greatly trims errors because it maintains a system of checks and balances. This is even better when you consider that many accounting software programs provide a double-entry feature. The system is not perfect, but it will reduce errors by an exceptional amount. Everything Is Accounted For Indeed, when you are engaged in double-entry bookkeeping, every little thing is accounted for in your ledger. Whether it is a business-related loan, purchase, or deposit, every type of transaction will be recorded in the books. Errors can always slip through the cracks, even when using an accounting service like QuickBooks. Companies (small ecommerce businesses especially) should do what they can to mitigate the risk, such as using an automated bookkeeping service to help manage your books accurately. Company Status Overview Double-entry accounting can provide you with a bill of health for your company. Is your business keeping the budgets balanced? How are income flows? Are you meeting financial requirements? Ultimately, double-entry bookkeeping can offer a snapshot into your business' true financial health. Audit Trail Whether you want to reduce fraud or you want to make sure everything is prepared for a visit from the taxman, double-entry bookkeeping makes it easy to trace each transaction and ensure your balance sheet is accurate. Of course, it is also a good idea to have documentation to prove each transaction listed in your ledger. Easier to Get Loans Many ecommerce businesses—especially those who are just starting out and don't have much capital to play around with—will consider taking out a loan at some point. This can be difficult to do without an easily navigable balance sheet. Essentially, using double-entry bookkeeping can make it easier to get that much-needed loan. Who Makes Use of Double-Entry Bookkeeping? For the most part, small businesses that have more than one employee or are searching for additional funding will use double-entry bookkeeping. The primary reason is that it is quite accurate and offers a complete picture of how the organization is performing and how fast (or slow) operations are expanding. Of course, Businesses of all sizes, including small- and medium-sized businesses (SMBs), can benefit from double-entry accounting. Whether you're an established ecommerce seller or an emerging Shopify entrepreneur, you should definitely consider this type of accounting.
Inventory Accounting for Ecommerce Stores: A Quick Guide
Accounting for e-commerceInventory Accounting for Ecommerce Stores: A Quick GuideIn today's economy, inventory has turned into one of the most-watched pieces of economic data. As the fourth-quarter and first-quarter gross domestic product (GDP) reports highlighted, inventory can grow or hurt an economy. It was a key factor in the October-to-December growth, while a significant contributor to the contraction in the January-to-March span. Inventory accounting has always been a crucial component of running a company. However, under current economic conditions, it is an imperative indicator for the broader market. But what is it? Inventory accounting is essentially valuing the company's stocks in its financial records, from the products that the business purchases to how much it costs the entity to manage. Put simply, this is the monetary value of your unsold stockpiles. How Inventory Accounting Works Every company specializing in manufacturing, wholesale, and retail must utilize an inventory accounting process whenever it manages inventory. This is critical since this process will value the private firm's inventory assets. It works by figuring out the cost of goods sold (COGS) during a specified period minus the value of your ending inventory. It is the difference between beginning inventory and ending inventory. Moreover, there are three main components in inventory accounting: Raw goodsIn-progress goodsFinished goods prepared for sale What is important to note is that the value of current inventory will possess different prices the longer stocks stay in the backroom or storage facility. Business experts recommend that companies should establish an inventory cost method and stick to it moving forward. It should only be adjusted when absolutely necessary, such as when the company expands or inventories grow. In addition, there are several variables to consider when setting prices, insuring your supplies, and maintaining better control of your inventories, including: Value of goodsSelling priceRevenues, profits, or lossesSales patternsAssociated costs (storage, shipping, and losses) Is Inventory Accounting Necessary for Ecommerce Dropshippers? Many emerging ecommerce entrepreneurs are leveraging platforms like Shopify and WooCommerce to sell their branded items without ever having to worry about warehousing and fulfillment—ie., dropshipping. Since dropshippers don't have to keep their own inventory, it stands to reason that there are several things they won't need to account for. When you utilize a marketplace like Amazon or Etsy, you trust that they will have your listings in stock and not require inventory accounting, but such is not the case. While it might be up to the suppliers to manage their own inventory accounting, it's up to you to make sure that the products you listed remain in stock with the suppliers and that the suppliers are still listed on the marketplace. As such, inventory accounting is just as essential for Shopify dropshippers as it is for ecommerce merchants who manufacture the goods they sell as you'll need to check the status of your suppliers regularly. Benefits of Inventory Accounting for Ecommerce Store Owners In the end, what are the benefits of inventory accounting anyway? Is there an incentive for participating in this process beyond organization? Yes, there are many advantages to incorporating inventory accounting into your business affairs, such as the following: Storage costs Storing inventory can be costly, particularly in today's inflationary environment. Therefore, inventory accounting can help you determine what items are slow to sell, making sure that you will order smaller quantities of these products.Bulk discounts Some items in your company sell like hot cakes and will need larger average orders, giving you a lower cost per unit.Cash flow As you monitor and track your stock levels, you will ensure that you are not spending too much money on superfluous supplies.Sales In this current economy, where too many items are out of stock at many retailers, companies are losing out on potential sales. With proper inventory management, you can reduce this risk.Marketing Believe it or not, inventory accounting can also lead to better marketing campaigns since you know what is flying off the shelves during specific times of the year, which can help you construct impressive advertising projects. Types of Inventory Accounting Now, there are different types of inventory accounting or inventory valuation methods to improve the process: First In, First Out (FIFO) The first finished goods are the first to be sold. When you complete a transaction, the sold item will be deducted from the first list of products that set foot in your establishment. FIFO can pad your bottom line but also lead to higher taxes. Last In, First Out (LIFO) This is the opposite of FIFO: The last products that enter your storage will be the first items to leave. LIFO will enhance the cost of goods sold, but might not serve as a key indicator of the genuine flow of goods. Weighted Average Cost (WAC) By using the WAC accounting method, you can determine the product's average cost throughout the fiscal year. The formula is simple: Average cost per unit = (total cost) / (total number of units bought during the year) WAC is easy to determine when prices are stable, but it is volatile when prices fluctuate. Knowing which tactic to use will depend on your business purposes. For example, if you are searching for additional capital funding to grow your business, you should employ the FIFO inventory valuation method because your closing inventory will have a greater value. Or, if you looking to save on your end-of-year tax bill, you can take advantage of the LIFO mechanism that can help trim your tax liability. Furthermore, the entire process of inventory accounting can be simplified with the right accounting software.
How to Deal with Stripe Disputes in Accounting
Accounting for e-commerceHow to Deal with Stripe Disputes in AccountingThe digital payments processing industry is accelerating. In a high-tech world, where most transactions are fulfilled online and with mobile devices, platforms are popping up to facilitate cheaper and faster payment processing and commerce solutions. Enter: Stripe. In 2010, Stripe was launched—a financial and software-as-a-service (saas) firm that offers a suite of features, including payment processing, application programming interfaces, and mobile applications. Over the last decade, it has grown into a company with over 4,000 employees and multiple subsidiaries. But, while Stripe has been an ultra-successful tech firm with headquarters in San Francisco, Dubai, and Ireland, hiccups—also known as disputes—can occur. So what can you do about them? What Are Stripe Disputes in Accounting? As your business grows, particularly in the online arena, you will attract more customers and generate more sales, leading to inevitable discrepancies and payment challenges for you and your customers—and this applies to Stripe as well. These disputes occur when you charge clients an amount through Stripe, but these individuals do not agree to the amount charged and seek to reclaim their funds. This includes: Dispute feesChargebacksInquiriesRetrievals Of course, an investigation will need to take place to determine what happened, but the verdicts of such investigations tend to favor the customer over the merchant. How Stripe Disputes Work Stripe maintains a rigorous process when settling card payment disputes. While it can be frustrating, it is a detailed plan to ensure that both sides are treated fairly. Ultimately, when a customer files a dispute, the company will carry out the following actions: Notify the account owner of the submissionDebit the amount until the dispute is resolvedOffer an explanation of what happenedShare a step-by-step guideline to submit a counterclaim The company recommends that businesses maintain terrific customer service and transaction transparency and respond to all inquiries immediately. During the dispute, here is how you can respond: Click the "Needs response!" flag on your Payments tabReview the dispute and click the link for more informationView the claim and email your customerAccept or challenge the dispute immediatelyHit "Submit evidence" to open a form and upload relevant documentation and transactions In the end, you will be notified if the dispute was won or lost—just remember that you cannot overturn a lost dispute, despite your personal feelings. How Long Do Stripe Disputes Last? Typically, disputes will be filed within 120 days of the original claim. However, depending on the industry (like travel and event ticketing), the time span could be longer. Your business will have between 7 and 21 days to respond to the dispute. Should you choose to respond to this claim and submit evidence, the disputing party will have between 60 and 75 days to evaluate the claim and choose the outcome. Overall, from the start of the dispute to the final decision from the bank, the entire Stripe dispute can take as long as three months to complete. Managing and Preventing Stripe Disputes in Accounting Unfortunately, no matter how critical digital commerce is to your business, it can turn into a time-consuming and bureaucratic headache—but this doesn't have to be the case. Companies can mitigate extensive disputes by taking some proactive measures to ensure that the issue is not played out for a long period. Here are some things you can do to minimize the length of time a dispute can take. Gather Information The first thing you need to do is collect as much payment information as possible when the customer is checking out. Here is what you can request upon checkout: Customer nameEmail addressCVC NumberBilling and shipping address and postal codeTelephone number and email address Communicate With Your Customers A receptive and proactive customer service team can essentially avoid most disputes. By staying in touch with customers throughout the purchasing process, you can resolve issues, process refunds, ship replacement orders as fast as possible, and give customers updates. Implement Digital Security Fraudulent payments can happen during and after the purchasing process. You will play a crucial part in preventing this from occurring, but you must also keep the customer informed of what is transpiring and whether you suspect fraud against you or your customers. Indeed, by maintaining an open, communicative, and transparent buying experience, you can ensure that Stripe disputes will not inundate your business.
Accounting Software for Ecommerce: Types, Benefits, and More
Accounting for e-commerceAccounting Software for Ecommerce: Types, Benefits, and MoreAccounting software is pivotal to a company's operations, as it assists with every component of its finances. Accounting software aids accountants, bookkeepers, and entrepreneurs like ecommerce store owners to document and report financial transactions. And, of course, there is a host of software that will go beyond that, from tax compliance to financial projections. There is a variety of accounting software with different features, capabilities, and pricing, suited for large or small businesses. In this post, we'll look at the different options and help you find the best accounting software to manage the finances of your ecommerce store. Types of Accounting Software Here is a look at the most common types of accounting technology in the open market today. DIY Accounting Software Many ecommerce store owners manage their own books on Quickbooks and Xero, which are the most popular accounting software. Godaddy Bookkeeping software was also quite popular among Etsy, eBay, and Amazon sellers, but it was recently shut down and sellers had to migrate their accounting data to alternative software. While QuickBooks and Xero provide an option for SMBs to manage their own books, it exposes you to risks if you do not have the necessary professional background since all bookkeeping is managed by you. These types of accounting software can cover all your needs, from producing graphs and reports on the state of the company's finances to proffering the necessary tax forms, but they do not eliminate the need for an accounting professional. Therefore, if you're a Shopify, Amazon, or Etsy seller without proper accounting training you'll be better off outsourcing your accounting needs. There are some enterprise companies that develop their own proprietary accounting software, tailored to their specific needs if they require unique accounting features that QuickBooks, Xero, and Sage don't provide. This option is only done by very large organizations since it is very expensive and complicated. QuickBooks and Xero provide all the features that Shopify, WooCommerce, and Amazon sellers need and are therefore more common choices. Alternatives to Accounting Software Many store owners, bookkeepers, and accountants use Microsoft Excel and Google Sheets as an alternative to accounting software. With spreadsheets, you can do all of the basic accounting tasks, from producing charts for a quarterly budget to listing annual sales. In some cases, spreadsheets are used as a complementary tool to carry out accounting tasks that QuickBooks, Xero, and other accounting software don't support. Although spreadsheets are very versatile and are a cheaper alternative to accounting software, they are not automated, and using them can easily lead to mistakes that QuickBooks, Xero, or Sage can easily prevent. Accounting Software as a Service Many DTC brands want the benefits and pricing of using accounting technology but the expertise and quality of using a professional. Some may hire a bookkeeper or accountant that works with accounting software like Quickbooks or Xero but this will cost a lot more money. The optimal way to get the best of both worlds is using a bookkeeping SaaS company. It allows you the benefits, efficiency, and lower costs of accounting software with the expertise of using a professional team of bookkeepers. Benefits of Accounting Software In addition to accounting tricks and tactics, there are many benefits to employing the instruments of accounting technology to ensure that companies are keeping track of their dollars and cents. 1. Time-Saving Time is money and accounting takes a lot of time. QuickBooks and Xero offer many different types of automations to reduce the time spent on repetitive manual tasks. 2. Across-The-Board Synchronization Keeping all your data in sync is probably one of the most annoying challenges of managing your books. Accounting software enables you to routinely synchronize financial data through the cloud to simplify data collection and provide reports that are up-to-date and easy to access. 3. Data Accuracy For years, the chief problem with accounting had been the many inaccuracies by accountants and entrepreneurs. When accounting is automated, data accuracy is improved immensely, creating confidence in the numbers that are regularly published and reported. 4. Payroll Systems Accounting software is terrific when handling payroll systems, whether you run a large ecommerce operation with hundreds of employees or a small store with 3 staff members. By using accounting software, your accountant can automate payments, receive genuine payroll tax information, and calculate contributions (401k, health care, insurance, and others)—all of which can reduce payroll mistakes and even fraud. 5. Inventory Management Many accounting software have inventory management tools that offer real-time updates on what products are in stock, what has been sold to customers, when items will need to be restocked, and costs per unit. DIY Accounting vs. Using a Provider Utilizing accounting software such as QuickBooks and Xero can provide ecommerce retailers with a more accurate and complete picture of their business's financial well-being. Like many technologies, leveraging the full potential depends on the user's proficiency. Small business owners are often not familiar with accounting best practices such as integrating systems and services, or obscure tax regulations. Finding the answers to these questions can be daunting without background knowledge or a support system. Endeavoring to DIY your accounting can be comparable to learning another career. Engaging an accounting provider can take the stress out of managing your finances since they understand the complexities of your accounting systems and the relevant tax laws—allowing you to focus on growing your ecommerce business. With the help of an accounting provider, you can rest assured that your day-to-day bookkeeping tasks are completed, financial statements will be precise, and your tax filing will be completed accurately and on time. Nowadays you can use an accounting service that moves as fast as your ecommerce business, so you don't lose your QuickBooks data.
Top 3 Disadvantages of Manual Bookkeeping in Ecommerce
Accounting for e-commerceTop 3 Disadvantages of Manual Bookkeeping in EcommerceBookkeeping involves recording and tracking the financial transactions of a business. You can use automated bookkeeping software or old-fashioned pen and paper to track your financial data. Many business owners opt for automated systems, but there are still some that prefer to use manual systems. However, manual bookkeeping in ecommerce comes with several disadvantages. Typically, a manual bookkeeping system has multiple account ledgers (cash, accounts receivable, inventory accounting, accounts payable, sales, a general ledger, etc.), and all transactions must be recorded in their respective ledger. Sometimes, this means several different ledgers will need an entry for one purchase. For example, if you sell an item from inventory, you'll need to record the sale in the sales ledger, the reduction of stock in the inventory ledger, and the balance due in the accounts receivable ledger (or the cash receipt in the cash ledger). The ledgers need to have a running balance and are used to prepare the financial statements. There are many different disadvantages that come with a manual bookkeeping system—continue reading to find the three most detrimental to your ecommerce store. 1. Time Commitment Manual bookkeeping will require a large amount of your most valuable resource: time. Many business owners—especially small businesses and ecommerce sellers without the necessary employees to disperse the load upon—find that time management is one of the most challenging parts of running their business. Managing your own bookkeeping can be incredibly time-consuming without the proper background knowledge, and hiring a bookkeeper can be costly. Choosing manual bookkeeping will require even more time and understanding of more than just basic accounting. You'll need to understand how double-entry accounting works, which ledgers will require an entry for each transaction, and which accounts will fall on your balance sheet or income statement, to name a few. Learning this system will require a significant time commitment that will inhibit the growth of your business. 2. Risk of Inaccuracy The risk of inaccuracies with manual bookkeeping is extremely high—transposing numbers, adding or subtracting incorrect amounts, or forgetting to record a transaction is almost guaranteed. When copying sales numbers from reports or transactions from a bank account, it's easy to skip a line by mistake. As you're totaling monthly expenses from your prepared worksheets, you may type a "7" rather than a "4" into your calculator. These kinds of mistakes will produce inaccurate financial statements and records. Financial records that are incomplete or inaccurate will make it difficult (and maybe costly) when it comes to sorting your books or preparing your taxes. 3. Storage and Filing System U.S. taxing and other agencies have specific document retention requirements. Depending on the document, the retention period could be one year, three years, seven years, and even permanently. Many businesses keep accounting records for seven years after the fiscal year-end. That's a lot of paper and source documents to keep around! You'll need to set up a system to file and store that information securely in case you are selected for an audit by the IRS or need to refer back to a prior year. Depending on the volume and nature of the transactions and source documents, this can take up quite a bit of space. And then, when the retention period has passed, you'll need to dispose of the documents securely to prevent confidential information from being exposed. Conclusion: How Automated Bookkeeping Can Help Manual bookkeeping requires meticulous attention to every detail, from recording transactions to mathematical calculations to storing documents. Utilizing an automated bookkeeping system and accounting software can help eliminate many disadvantages of a manual bookkeeping system. Automated bookkeeping systems can automatically sync all your financial data by importing transactions from your bank accounts, credit cards, and sales platforms like Shopify, WooCommerce, Amazon, and many others. They are designed to calculate balances and totals automatically, so there's virtually no risk of inaccurate mathematical calculations. Unfortunately, document retention requirements will apply no matter your bookkeeping system, but digitally storing your documents is much easier when using an automated system since everything is already on your computer. With an automated system, your financial statements are only a few clicks away and available on-demand—even for prior years, so you can refer back whenever you like.
4 Best Shopify Apps to Sync Multiple Stores in 2023
Shopify apps4 Best Shopify Apps to Sync Multiple Stores in 2023Additional Shopify apps are a must-have for any store looking to add more features and optimize store management. Managing multiple Shopify stores is a challenging task and having some good apps by your side is essential for success. If your stores have many products, collections, orders, and inventory sources, you'll need a multi-store syncing app to keep everything organized. Because there are so many factors to consider when looking at your options, we have scoured the web and listed the four best apps that will help you sync your stores. You can manage all your stores in one dashboard with most of these apps, saving you valuable time and money. » How much should you spend of Shopify apps? Consider these factors when looking at Shopify app cost 1. Multi-Store Sync Power It can become challenging to keep track of each of your Shopify stores' inventory and products. Multi-Store Sync Power addresses this problem by enabling you to make changes in one store that are immediately reflected in all the other stores. Multi-Store Sync Power automatically syncs information between stores whenever a new order is placed or there is a change in the inventory. You can make modifications wherever you are thanks to two-way settings synchronization. A product or collection that you create in one store can quickly sync with other stores, even if they have different product pricing policies. Pros Real-time inventory syncOne-click changes to all storesCustom pricing models Cons Not the best for stores with only a few similar productsLittle customization on which settings are synced between storesThe exclusion list is a little difficult to use Multi-Store Sync Power is free for up to 25 synced products and costs from $5.99/month for under 100 products to $25.99/ for unlimited products. » Still unsure whether this app is for you? Read our full Multi-Store Sync Power review for a more in-depth analysis 2. Syncio Multi Store Sync Increasing a Shopify store's reach often adds more operational costs and time spent on administration in the backend. Syncio Multi Store Sync solves this issue by automating your store's backend operations using the power of synchronization. Syncio lets you sync inventory, products, orders, refunds, cancellations, and more across any or all of your Shopify stores. You can also route orders from partner and expansion stores straight back to your main store for fulfillment. In this way, suppliers can use Syncio to distribute their products to retailers without having to keep stock in limbo at multiple locations. Pros Easy and intuitive to useOrder forwarding is great for dropshippingFast servers with real-time 24/7 synchronization Cons Prices don't include all features (module add-ons)Cannot sync orders two-way ("backward")Not the best customer support Syncio Multi Store Sync costs from $19/month for under 100 synced products to $129/month for up to 10,000 synced products with optional module add-ons for more features. 3. Stock Sync Importing inventory from suppliers is tedious and time-consuming work. Stock Sync helps you with this process by automatically importing products and then synchronizing inventory based on set schedules. Integration is a breeze with Stock Sync's connection methods that work with channels such as Amazon S3, QuickBooks, eBay, Google Drive, Etsy, OneDrive, and more. The Stock Sync app family includes additional add-ons for order exporting, tracking information sync, and product stickers with barcoding. Pros Longstanding and well-rated appEasy product uploading and syncingPrice condition formula support Cons Not as many features as competitorsBug-prone (according to reviewers)Cumbersome interface Stock Sync has a free plan with limited features, while its premium packages cost $5, $10, and $49/month with varying limits. 4. SyncLogic If you're a wholesaler looking to connect your primary Shopify store to dropshippers, it's often difficult to keep pricing, descriptions, and images consistent across all their stores. SyncLogic connects one Shopify store with many others, sharing product information and inventory with all the stores in real time. SyncLogic's no-fuss solution does what it says it does and does it well. Sharing and syncing orders, products, and inventory is a breeze and includes all the necessary failsafes to protect your products from accidental deletion. Pros Smooth, hassle-free experienceDeletion protection to prevent accidentsQuick and helpful support Cons Limited featuresNo free optionEach synced store requires a subscription SyncLogic costs $19.99/month for each Shopify store with up to 10,000 products. Conclusion Whether you're a wholesaler looking to dropship to retailers or just a small business expanding into a new market, there's a Shopify app that will sync orders and products just the way you need it to. You no longer need to spend time manually checking orders and products but can focus your energy on boosting sales. » Do you need help with inventory management? Browse this list of the best Shopify apps to manage out-of-stock inventory