It is challenging and difficult to earn profits in this competitive world but calculating accurate profitability is also not an easy task! Accounting is an integral part of any E-commerce business but unfortunately it is not an interesting part and thus most of the merchants look out to delegate it to someone who is expert and reliable. With most of the software available in the market it is difficult to choose one which can integrate everything at a price you like. This post is to talk about how Shopify and its integration with Xero will make your life easy as an E-commerce merchant.
How Shopify is making your life easy?
Shopify helps in tracking and managing inventory across all channels and thus it becomes easy to maintain records and take decisions relating to inventory management. Along with this, it allows you to accept any form of payment which means that you don’t have to pay separately to individual service providers for accepting different modes of payments. You can process refunds simply in case of returns and replacements using Shopify. Further, it allows you to apply discounts or customize taxes as per recent amendments. As soon as you accept order, payment or issue refunds, Shopify sends the receipt via email or text message to the customer. So you stay connected to your customer without putting any additional efforts.
Integration of Xero to Shopify is hugely beneficial
Shopify is indeed a great tool as it helps you in increasing your online presence and chalking out everything from accepting the order, processing the payment to initializing the refunds and centralizing inventory. Integration of Shopify & Xero is a boon to all E-commerce merchants out there seeking for one stop solution for all accounting needs. This is because until now, Shopify was accepting orders and generating invoices for your purchase but going forward Xero will sync all these sales and account for them in your books and records. This means that you don’t have to manually enter all the details in your accounting system separately. Not only this will make your life easier by decreasing the manual tedious work but would also decrease the chances of manual human errors. It’s time to say bye-bye to the risk of inputting duplicate bookings or not booking at all.
As an icing on the cake, Xero prepares your books and records and classify income, administrative expenses and tax expenses separately to allow you to perform your analysis. Since the stock related information is available both in quantity and values, it becomes easier to sync information required to file returns. The software is customizable to handle tax rates and currencies of different countries.
Makes Management Reporting Efficient & Effective
Xero helps in pulling out meaningful information which holds great relevance for management reporting. Its powerful reporting skills along with variance analysis make it easier for you to take necessary set of actions on key performance areas. Shopify & Xero saves your precious time which is otherwise wasted in banal activity of making data entries. It performs daily, weekly, monthly and annual analysis for you and thus you need not look any further! There are defined steps which makes it very easy to integrate Xero if you have Shopify already installed.