No one doubts the importance of keeping a close eye on your business’s finances. It can provide insight into which strategies are most effective, how much money you have to work with, or which improvements you should prioritize.
But keeping up with your accounting software can be tiring and time-consuming if you don’t have the right tools. Fortunately, there is a fantastic array of accounting software available for small businesses today that saves hours and hours of tedious work.
This article will explore the best accounting software for online retailers with its pros and cons.
Our Top 5 Accounting Software For Online Retailers
Best Accounting Software For Online Retailers Reviews
1. Best Overall: Xero
Do you have an online retail business but don’t have the time or resources necessary to manage it? The solution is simple: use Xero online accounting software. This cloud-based application helps you keep track of your finances, with detailed reports and concise analytics on every transaction.
You can also share financials with both in-house employees and accountants via their secure portals. And the best part is that you don’t have to install a thing or worry about backups because Xero handles everything; they keep your data safe and accessible from any device.
2. Best for Track Income and Expenses: QuickBooks Online
QuickBooks Online was designed for online retailers. You can get started with a free trial and implement your QuickBooks Online account in as little as 10 minutes. It’s cloud-based, which means you can access it from anywhere with an internet connection. So you can manage your business even if you’re on the road.
The new version of QuickBooks Online includes a ton of excellent new features, including:
- Transaction processing for more than 150 countries. Now you can confirm payments from customers and suppliers worldwide and access reports to analyze those transactions in minutes rather than days or weeks.
- Improved account balance reporting so your invoices and other transactions are more accurate, and you’ll have fewer opportunities to under-report revenue and over-report expenses.
- Enhanced charting capabilities. The new Feature Matrix helps you analyze and visualize data on sales, expenses, and inventory. And the new Chart of Accounts makes it easier to track your financial information.
- Enhanced inventory management. Inventory can now be centrally managed in your storage system or warehouse. In addition, you can use QuickBooks Online to update the values used in your invoices directly from the inventory information.
- Enhanced customer service features with email inquiries, automatic response emails, and mobile phone support. And if you have a mobile app for QuickBooks Online, much of that help comes right to your phone or tablet.
3. Best for Invoicing: FreshBooks
Do you have enough hours in the day to juggle your own online retail business? From taking care of new customers to keeping up with your inventory and bookkeeping, it’s a constant struggle. Wouldn’t it be great if there was an easy way to take care of all those tedious online tasks so that you can get back to running your business? There is! Introducing FreshBooks: accounting software for online retailers that automatically updates all your information, so you never have to think about it again.
FreshBooks is accounting software that helps independent online retailers track their business all in one place. It’s designed for small businesses that sell online (e-commerce stores), but it’s perfect for any type of business, large or small. You can decide if you want to run your business manually or with FreshBooks.
If you choose manual, FreshBooks gives you the tools that you need to be successful. If you choose Freshbooks, it takes care of all the accounting tasks so that you can focus on other things.
FreshBooks works in an easy-to-use interface that looks like a spreadsheet. You can input information quickly with just a few clicks, and it is easy for someone not versed in accounting software to learn how to use FreshBooks.
4. Best for Omnichannel Retailing: Oracle NetSuite
Oracle NetSuite is accounting software for retailers, which records sales and expenses of any size. The program keeps inventory costs low by controlling order demands and monitoring inventory levels. In addition, it uses the Oracle database to manage customer transactions, ensuring that no single item ever goes out of stock.
It can be used for a wide range of business purposes such as accounting, payment processing, manufacturing, and forecasting with multiple modules. In addition, it is easy to install and requires little maintenance.
5. Best for Secure and Grow Your Business: Lightspeed Retail
Lightspeed Retail is a software that the company believes will be the industry standard in its category, not just for online retailers, but for all companies. It starts with outstanding customer service, which is one of the top priorities of Lightspeed Technologies.
The staff of over 370 people are well-versed in all aspects of accounting software and technology to ensure your experience is swift and smooth. With over 15 years of experience on their side, Lightspeed Technologies is on its way to changing how retail businesses operate by simplifying processes like inventory management and reporting so that you can focus more time on improving your shop or getting new customers.
To help you decide which accounting software for online retailing is best for your business, we’ve created this buyer’s guide. We’ll discuss the general features that online retailing software offers and what you should be looking for when shopping around.
Accounting Software For Online Retailers Features
The first feature you’ll want to consider is data backup protection. Just like with any other type of computer program, if your computer crashes or loses power, the accounting software could easily be lost forever. So look for a program that allows you to back up the data on multiple computers or in multiple locations for safekeeping.
Another feature to look out for is user support. You’ll probably be able to find help in the manual, but if you need extra assistance, it’s a good idea to make sure the company offers 24/7 support.
You should also find out the pricing options so you can compare different software. For example, you may want to choose a program that offers more than just accounting functions. This way you can save money by avoiding having to purchase additional programs from different vendors for specific functions or features (such as order management and vendor management). But, on the other hand, you don’t want to pay for a program that only does accounting.
Which Accounting Software Is Used For Retail Business?
Xero is the choice of retail accounting software for small to medium-sized businesses. You can take advantage of its features including e-commerce transactions, inventory management, and human resource tracking for free.
Is Quickbooks Good For Retail Stores?
Quickbooks is a popular accounting software application that many retail stores use. It offers retailers the ability to be organized and make deductions, record expenses as well as collect and send payments, manage inventory, and calculate profit. It also makes tax time incredibly easy for both you and your business. However, Quickbooks isn’t just used by indie businesses; companies like Macy’s and Wal-Mart also use it.
Does Every Retail Store Have An Accountant?
Typically, stores will have an in-house accountant or a separate accounting firm. However, some retailers may use online accounting software to manage their books.