More and more, it seems that e-commerce is the way of the future. People today prefer shopping online, and would rather have the ease that online stores offer.
If you run an e-commerce store, that’s great news. But this begs the question: how do you ensure you’re keeping track of sales, purchases and profits and loss so you have a clear record come tax time?
With a variety of bookkeeping apps on the market, you can rest easy. You’ll enter information in as you receive it, getting the chance to review numbers on a month-to-month basis, or more often if you desire.
Learn more about the seven best apps for bookkeeping. Make your life and business easier and always have a clear idea of how well your company performs.
1. Quickbooks Ranks One of the Best Bookkeeping Apps
With the wide variety of e-commerce accounting software out there, Quickbooks remains a popular choice for companies of all sizes. Quickbooks allows business owners to make use of cloud accounting, which is easier than keeping several files in your office.
With Quickbooks, you can:
- Keep track of inventory
- Pay bills
- Track finances from various payment systems
- Manage payroll
If you’re planning to grow your small business into something larger, investing in Quickbooks offers you a helpful return for your money, especially since there’s no need to upgrade later. Because you can track where payments come from, you’ll know what choices your customers prefer the most.
Finally, there’s no need to buy software for different computers. If you simply need to log in from various devices, Quickbooks makes it easy to do so.
2. Let Taxjar Make it Easy to Calculate Taxes All Over the Country
In an effort to make sure everyone pays sales tax, tax laws have changed.
Back in the day before the boom of e-commerce, people only paid taxes on an item if they lived in the state the item was shipping from. Thanks to the advent of Amazon laws, folks usually pay state sales tax no matter where they live or where they’re buying from.
Because of this, you need to ensure you’re calculating the right sales tax and keeping records of where you’re sending items. Taxjar allows you to keep accurate records, file in all the states you’re mailing items to, and know exactly what’s due and where.
You can log in and find out what taxes are due when the due date is, and how much you’ll need to pay. This helps you remember to pay everything in a timely manner, without having several different dates in your planner.
This works with your current shopping cart software, so there’s less integration to worry about. Taxjar shows what you’re currently collecting in taxes from customers, and lets you know the correct amount you need to collect to properly pay state taxes.
3. For a User-Friendly Experience, Try Freshbooks
Freshbooks provides a great experience for novice business owners and those who’ve been in the game for a long time. Freshbooks was created for freelancers who needed to keep track of and issue invoices, but it works just as well for the seasoned business professional.
The dashboard on Freshbooks remains a favorite feature of many small business owners, allowing them to see the information they need at a moment’s glance. If you have customers that operate on a subscription box, using Freshbooks allows you to bill people with a recurring subscription option.
You can enjoy creating and reviewing automatic reports that examine your monthly profits and losses, and see possible tax calculations. You can take advantage of the app on both IOS and Android devices, so you’re covered no matter what phone you currently use.
Freshbooks knows that because they’re working with small businesses, it’s important to keep prices low. You’ll enjoy payments of under $20 a month while keeping your business growing strong.
No matter what’s going on in your business or what phase you’re in, this is a great opportunity to learn bookkeeping through an easy and informative app.
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4. Zoho Offers Online Ease of Bookkeeping
Zoho offers an online suite of products to help e-commerce business owners track and manage the money they make and spend. With the popularity of its online component, Zoho offers an app on IOS, giving you the chance to do your bookkeeping wherever you are.
With Zoho you’ll enjoy helpful features such as:
- Sending invoices
- Accepting payments
- Track expenses
- Connect Zoho to your bank account
By connecting your bank with Zoho, you can direct payments into your business checking account and see them when they come through. Although dealing with e-commerce can take a while to get the hang of, Zoho knows you’re busy, and simplifies it as much as possible.
5. Feel Confident Using Intuit’s TurboTax for Your Company Needs
Intuit’s Turbo Tax is one of the oldest names around when it comes to tracking expenses, paying taxes and managing finances. If you’re already using Quickbooks but want something just for your taxes, TurboTax integrates with it.
When working with numbers, it’s easier to automate the process so you’ll save time and worry about fewer mistakes.
If you have employees or contractors, you’ll enjoy creating W-2s and 1099 forms on demand. For business owners that own more than one store, TurboTax allows you to file taxes for more than one business.
TurboTax helps you calculate how much you’ll owe, including for various states. The software helps you figure out how much of an audit alert you’ll trigger.
This is helpful in deciphering what to expect from the IRS when you file. If TurboTax shows an increased odds of triggering an audit, you can figure out what to expect and what’s causing it.
This allows you to prevent future issues from occurring the next time you file taxes.
If you’ve never filed taxes or ran your own business, TurboTax understands. It walks you through everything with step-by-step directions, making you feel confident in your filing.
6. Xero Offers Accounting Help
If none of the above options seem like they’ll fit your business but you’re still in need of a business account app, Xero is here to save the day. Featuring sleek design and a focus on being user-friendly, Xero offers other benefits.
You’ll find features that include:
- Inventory tracking
- Order Tracking
- Sales tax calculation
Xero has a solid reputation among CPAs. If you ever decide to outsource your bookkeeping and taxes with a professional, they’ll have no problem figuring out what to look for when taking a peek in your Xero.
Despite the professional production and quality that sets Xero apart from the competition, you’ll pay less than $10 a month to get the help you need. If you want to stick with a program you’ll use no matter how big you grow your business, Xero can help you every step of the way.
7. Meet Kashoo, the New Kid on the Block
Sometimes it’s overwhelming to use software designed for the big players. You’d rather focus on a company who understands what it’s like to be the little guy just starting out.
Kashoo was built with your company in mind or at least a small business that needs tax and accounting help. Kashoo allows you to see where your business is at with helpful features that include a real-time look at profit, loss and taxes associated with your company.
If you’ve never taken a bookkeeping class in your life, don’t stress. Kashoo understands that not everyone knows all the terms and technical speak associated with accounting and taxes, and won’t use them with you unless it’s absolutely required.
While you’re growing your business, you’re learning the ins and outs of what to do and how to operate. Thanks to Kashoo, you can balance your books, stay updated on taxes and gain hands-on learning with accounting.
It doesn’t matter if you’re just getting started in your e-commerce business or you’ve been around for a long time. Having the right bookkeeping apps is important so you can see what’s going on.
Rather than trying out several programs and spending time figuring out what you like and what you can do without, we’ve picked seven of the best to help you succeed in running an online business.
If you’d rather have someone with experience help you with bookkeeping to let you focus on what you do best, ScaleFactor can help. Contact us, and find out how we can help both you and your company.