Even ecommerce businesses need to deal with their finances. However, ecommerce accounting is tedious, time-consuming, and error-prone, especially when you are new to the ecommerce industry. To this, automated ecommerce accounting software is a great tool for managing your online business.
When it comes to Shopify and Amazon, A2X Accounting is the most popular accounting software for ecommerce business owners. There are several accounting software options, but why does A2X stand out?
In this article, we'll take a deeper look at what A2X Accounting is, its features, and its possible lowlights to determine if this is the right choice for your ecommerce business.
Pricing Overview and Inclusions of A2X Accounting Software
|1 Shopify/Amazon marketplace||Unlimited marketplaces per region||Unlimited marketplaces per region||Unlimited marketplaces per region|
|200 orders/month||1000 orders/month||5000 orders/month||10,000 orders/month|
|3 months of transaction history||12 months of transaction history||24 months of transaction history||Maximum number of transaction history|
|Email support||Email, live, tickets and chat support||Email, live, tickets and chat support||Email, live, tickets and chat support with priority|
Accurate ecommerce accounting is a must for every online business. It can tell you if your business is generating a profit, taking a loss, or if there are any discrepancies in your business finances. You can count on A2X to automatically reconcile the transactions in your online store platform to your accounting system.
Financial reconciliation also extends to your bank account. You can ensure that your sales are deposited to your bank accounts, and you will be able to spot if there are missing amounts before they can do damage to your business.
Supports Multi-Sales Channels
Ecommerce sellers will find a way to generate more sales: that’s why most online retailers have more than one Amazon account. A2X accounting can support up to five Amazon accounts and reconcile all your financial data in just one accounting software.
In addition to its amazing multi-channel support, you reconcile and migrate your financial data from two different platforms. So, for example, if you have Shopify store sales and accounts and Amazon accounts, A2X can track the finances of both platforms and import the data on the software.
Inventory Management and Sales Margin Monitoring
You can keep track of how many inventory stocks you have in various locations thanks to the inventory management tool. Furthermore, it can give you detailed reports of your inventory and show you which products run out faster and those that stay in your inventory longer.
With this feature also comes monitoring your business's sales margin. The accounting software will show you if your sales record matches your cost of goods. This will help you create strategies for your poor-performing products and how you can utilize products that give you profits.
Generates Detailed Monthly Reports
For a small business, detailed reports of ecommerce financials are a starting point for improvement. You can count on A2X to produce tidy summaries of finances at the end of each month. Whether it's reporting inventory, a record of sales, expenses, and other business assets, keeping track of your business will be easier and more accurate.
Supports Multi-Currency Payments
Shopify, Amazon, and other ecommerce platforms are available globally. You may expand your consumer base internationally, and A2X makes managing payments for your company simpler. A2X can handle and recognize different currencies regardless of the default currency of the originating sales transactions.
Moreover, A2X also handles tax deductions accurately. Different countries have various rates when it comes to sales and fees. It automatically deducts the correct sales tax and records it on the system so you won't have any confusion when it is time to remit to tax collection agencies.
Works with Professional Accountants
Making sense of your Amazon sales, expenses, and other finances can be hard for beginners. A2X helps business owners with little knowledge about accounting by connecting them to accounting firms that are well-versed in using A2X. Australia, New Zealand, Canada, the United States, the United Kingdom, Hong Kong, and Singapore are just a few of the nations where A2X has accounting partners.
Cons of A2X Accounting Software
A2X accounting software sounds like the perfect tool to manage ecommerce accounting. To some accounting experts, A2X is the gold standard for accounting software. However, some features may be off-putting to some users. You might want to consider those before using this software.
Difficulty Learning the Interface
Most people that use A2X are accounting firms and professionals. According to some business owners, learning and understanding how to use and navigate the interface takes some time. If you subscribe to the Mini plan, you'll have to experiment and learn the software on your own.
However, when you subscribe to higher plans, you can enjoy one-on-one onboarding with an A2X specialist to teach you how to use the software and its features. So if you have the budget to upgrade your plan, go for it.
Expensive Compared to Other Accounting Software
A2X could be pricey if you run a small business and are searching for inexpensive software. There are free accounting software options, and some software starting plans are not more than $5. A2X software's most basic plan starts at $19 a month. Their pricing is almost four times more compared to other software.
However, A2X is very convenient for Amazon and Shopify sellers. Its features are designed to automate and take care of your accounting needs with just a few clicks. So if you can stretch your budget a few more dollars, you'll know that your accounting is in good hands with A2X.
Choosing the proper accounting software is essential to keep up with your accounting needs. A2X offers a wide range of features, including double-entry bookkeeping, generating detailed reports, inventory management, financial reconciliation, and more. So don't settle for anything less. A2X is the best choice for ecommerce businesses.
If you need professional help, A2X partners with Unloop! We have a team of accounting professionals that can help you handle ecommerce accounting. So book a call with us today and learn more about our services now.