If you are into the eCommerce business and love accounting simultaneously, this sounds unusual and rare. Even if you have an affinity for numbers, accounting may not be the favorite part of your business more than building a huge network. Well, with only a few with an accounting background with an ample amount of time on their hands, the majority of the eCommerce businesses would go for accounting software to leverage their accounting work.
Many small and big eCommerce businesses are switching to the best eCommerce accounting software for automating their complete accounting process and dedicating human resources to increasing their market share by selling more. But, the best accounting software means the right accounting software which serves your eCommerce business requirements in the best possible manner. From daily transactions to long-term business growth, the right accounting software will manage all your core accounting tasks with all-time access to monitor from anywhere. This way you have full control of your eCommerce accounting with accuracy, and you don’t spend any time on calculations.
Moreover, you must understand some important factors when choosing your eCommerce accounting software.
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1. Degree In Automation
Whenever you’re looking for a solution to any human labor process, automation is the key. Looking for an accounting software solution, automation will make the processes faster and easier to handle.
You will first need to enlist the features you want in your accounting software according to the purpose. Whether you need invoicing and billing automation like recurring transactions and payment reminders, or auto-charging customers’ credit cards when recurring payments are to be made, auto-scanning captures data from receipts and transforms them into transactions automatically.
The primary purpose of automation is to save time-consuming accounting processes. Look for such accounting software which can simplify extensive eCommerce accounting tedious work.
2. Integrations To Different Platforms
As automation helps you to save time and achieve accuracy, with flexible integrations you can achieve more tasks with increased efficiency. The magic of well-integrated accounting software is that you don’t leave your accounting platform and perform other functions simultaneously, for example, expense management software integrated with your accounting software will help derive expenditure-sales reports easily.
Make sure you select the right software which offers easy integration with your current software or future planned technology. For example, your CRM software integrated with eCommerce accounting software will give real-time information about your customers, all in one place.
Your accounting software should be able to integrate with some common third-party platforms like CRMs, project management tools, and inventory management systems.
3. Reporting Of Data
With the growing eCommerce business, you should monitor its health and performance to ensure it continues to hit its milestones. The eCommerce accounting software has advanced reporting capabilities for various accounting functions like accounts payables and receivable, taxes, inventory, refunds, returns, etc., which will keep you updated with your business’s performance metrics, and strategize decision making easier.
Also, choose accounting software that provides real-time data reporting on profit and loss statements, balance sheets, income statements, and cash flow statements. And remember to look for a solution that keeps your eCommerce accounting data secured and encrypted with two-factor authentication.
4. Usability Of The Software
Your eCommerce accounting software should provide you with the optimum usability interface, which is intuitive and easy to use. Not every employee will be comfortable with the numbers, so it should cater to the acumen of normal accounting understanding levels.
Also, remember to consider these crucial tips while checking the usability of the accounting software:
- It should have a simple interface with easy navigation and built-in features, which completes the tasks quickly and efficiently.
- If your eCommerce business can run on a mobile application, why can’t your accounting be? Your accounting software should have a mobile app integration, which would provide easy and anywhere-anytime access to your accounts.
- Also, it should provide you with a facility to enable role-based access to the specific modules of the accounting software, which ensures security with transparency.
5. Price Comparison
Till now, you might have found the best accounting software for your eCommerce business, but when you reach its price, you might get disappointed. So, it’s important to plan your budget according to your needs from the software; you may also look for specific niche-based accounting versions which will serve only your purpose and will charge for that only.
But, make sure your price includes the maintenance and support charges, which can be detrimental to your expense sheet in the future. Most of the software providers have an option of a free trial before you can buy the same – you must take advantage of this perk, although it comes with limited basic features only.
Conclusion
Ecommerce accounting requires expertise in handling huge transaction data, within a short period of time for better productivity. With an eCommerce accounting software, your process gets automated by multi-platform integrations, mobile integration, an intuitive and simple user interface, and excellent reporting capabilities.
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