Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Time-consuming, stressful, and tedious are often words associated with the manual bank reconciliation process. It is typical for businesses to do bank reconciliation every month. But other businesses choose to do them more frequently, so there are fewer transactions to check and a lesser possibility of errors and inconsistencies.
For businesses, bank reconciliations might be a hassle, but it doesn't have to be. Bank reconciliation software can speed up the process and make it easier for you. We'll discuss the automation process's benefits and give a quick overview of how to do it.
Automating the bank reconciliation process is not as challenging as it sounds. Don't forget to take notes! If you follow these simple setup processes, you'll worry less about bank reconciliation.
An automated process makes running a business more convenient. Investing in accounting software is a wise move for every business. However, other businesses, especially small ones, are reluctant to spend the money. If you're still in doubt, here are some of the advantages of automating your bank reconciliation process.
The manual reconciliation process is error-prone. No matter how careful business owners are, it is easy to misread figures and make mistakes in calculations and inputs. Not to mention, you have to go through tons of spreadsheets and documents to fix the errors. That is a significant amount of time that businesses could be using for other areas of their operations.
You can make sure everything is accurate down to the last detail with automatic reconciliation. Also, once a lapse is spotted, you will be notified so you can resolve it right away.
One of the excellent benefits of automated reconciliation is its time efficiency. With an accounting system, features that track outgoing cash, and the ability to match receipts to transactions, the reconciliation process can be completed in a matter of minutes compared to doing it manually, which can take hours.
Furthermore, you can skip combing through your spreadsheets for hours and hours. The accounting software can check the totals in the spreadsheet to see if they match your balance sheets, income statements, and other financial records.
You can achieve better cash flow management by automating your bank reconciliation process. The automatic process can quickly identify wrong and incomplete transactions, which can significantly affect a business's cash flow. Businesses can therefore decide how to manage their cash flow with confidence knowing exactly how much money they have available.
In addition, automatic bank reconciliation allows businesses to identify and resolve any outstanding issues on time, which can help them avoid late fees and other penalties that can negatively impact their cash flow. Overall, by improving the accuracy and efficiency of the reconciliation process, businesses can optimize their cash flow and improve their financial health.
Software with automatic bank reconciliation have fraud detection features that can help businesses identify early on if there are any unauthorized transactions or unusual activities that can indicate fraud. They can also alert businesses of missing or altered transactions that could be a sign of embezzlement.
With better fraud detection and prevention, businesses can protect their financial assets and maintain their integrity. When businesses detect fraud early, they can take swift action and prevent significant damage to the business. Further, automated bank reconciliations can make an audit trail for all your transactions, which is essential for investigating and resolving any fraudulent activities.
The benefits when businesses fully automate bank reconciliations go beyond the process. It can help business owners make more sound and crucial decisions. Here are some ways in which automated bank reconciliations help with decision-making.
Reconciling bank accounts is just one part of the entire accounting process. Many business owners, even seasoned ones, would prefer to avoid accounting altogether. Fortunately for entrepreneurs out there, Unloop offers the professional services you need.
We have a team of professionals that can handle all your accounting needs. Say goodbye to financial stress and hello to business growth! Experience our exceptional services, like bookkeeping, payroll, taxes, forecasting and more.
Book a call with our experts today, and see how we can help you!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
These days, we're seeing a lot of popular accounting software programs offering different business solutions that make entrepreneurs' lives easier. Despite this abundance, it's still best to narrow down your options. We've done that for you by pitting two of the best software against each other: Peachtree vs. QuickBooks.
In this article, Unloop will tackle two of the most talked-about accounting software in business, Peachtree—also known as Sage 50—and QuickBooks. Naturally, these two must be on top of your choices, so let us help you decide by showing you a fair comparison that will help you weigh what's best for your own business.
As small business owners and accounting professionals, we must first consider accuracy when choosing accounting software. Managing and auditing your books with highly accurate solutions is paramount, and we know that both software is worth trying, especially if you're an owner looking for a risk-free option.
For ecommerce businesses, a mid-tier software is the practical choice when setting up an accounting system for the first time. Sage 50 and QuickBooks Online each offer one with the features that every business owner or accountant will benefit from. Let’s put them side by side for comparison.
|Sage 50 vs. QuickBooks: Mid-Tier Plan Key Feature Comparison|
|Features||Sage 50 Premium Accounting||QuickBooks Online Essentials|
|Number of users||1 - 5 users||1 - 3 users|
|Bank account sync||Yes||Yes|
|Insights and Reports||Yes||Yes|
|Payroll subscription||Separate module||Separate module|
One of the biggest advantages of QuickBooks Online is its vast app integrations across many platforms, not just for accounting but for payroll and ecommerce with over 750 apps. Compared to Sage 50 with over 120 apps available in the marketplace, QuickBooks easily takes the lead for this criteria.
|Sage 50 vs. QuickBooks: App Integrations Feature Comparison|
|Sage 50||QuickBooks Online|
|Process and pay your employees with Sage 50 Payroll||Pay your people with Intuit Payroll|
|Tax-filing feature available in Sage50 Pro Accounting and higher||Avalara AvaTax lets you pay taxes conveniently|
|Connect Sage 50 to Xero using a third-party integration platform||Direct Xero-QuickBooks integration|
QuickBooks Online’s interface is user-friendly. When you pull up the software, you’ll first see a sidebar menu on the left side that has all the essential options you need such as the dashboard, banking, sales, taxes, and reports, to name a few.
The main section of QuickBooks Online’s interface gives you a straightforward design with few details, yet presents you with the necessary ones in a way that’s easy to digest.
Sage 50, on the other hand, gives more detail and looks tighter compared to most accounting software. They are generous with details, so you’ll often encounter windows and dialogue boxes that contain lists, dropdown boxes, radio buttons, and other key design features. This is perfect for business owners and managers who want more information and control on how they manage their finances.
|Sage 50 vs. QuickBooks: Layout and Design Comparison|
|Sage 50||QuickBooks Online|
|Detailed design with multiple tabs and screens||Simple and minimal design|
|Has a shortcut section on the software’s side menu||Includes every essential option on the side menu instead|
|Detailed top bar menu with similarities to MS Office’s top bar design||Top bar menu includes only several icons on the right side of the dashboard|
|Minimal graph representations of data||Highly visual graphs matched with data|
The good news is that both Sage 50 and QuickBooks Online graciously offer special discounts. Moreover, QuickBooks has a 30-day trial period, and Sage 50 lets you take a test drive or view an on-demand demo.
If you do decide to subscribe, here are the available plans.
QuickBooks Online has four plans with varying subscription prices and user capacity.
|QuickBooks Online Plan Comparison|
|Pricing||$15 / Month||$30 / Month||$45 / Month||$100 / Month|
|Users up to||1 user||3 users||5 users||25 users|
|Suitable for||Freelancers, micro-businesses, beginner accountants or non-professionals||Small businesses||Businesses needed inventory and project management||SMBs (small- to medium-sized businesses)|
PeachTree offers three tiers for their online accounting software. Each of the plans are also paid on subscription basis.
|Peachtree Online Plan Comparison|
|Pro Accounting||Premium Accounting||Quantum Accounting|
|Pricing||$57.17 / Month||$82.09 / Month||$136 / Month|
|Users up to||1 user||5 users||40 users|
|Suitable for||Solopreneurs and micro-businesses||Small businesses||MLBs (medium-sized to large businesses)|
Sage 50 isa tool you can install on a desktop computer. When you look for tools to help you track your business finances, this name will be among the first recommendations you will see. Here are its highlights.
Sage 50 has categorized its offers for different businesses: small, medium, and businesses of any size. So, owners can easily pick the services that fit the expanse of their venture. For instance, a small business offer includes cloud-based accounting, time and billing tracking, and workforce management. More and more bookkeeping and accounting features are added to the plans for other business sizes.
Sage’s service categorization for various industries differentiates it from other small business accounting tools. The software particularly flexes its reliability by being an accounting tool for several for-profit and non-profit industries. The tool’s features are tailor-fitted to satisfy the needs of the different trades.
Nevertheless, if you do not fall into any of the industries mentioned, you can still enjoy these features of Sage 50:
These offers will be included depending on the plan you subscribe to. The greater your investment, the more features you will get.
Not far behind, the accounting tool many businesses go to is QuickBooks. Similar to most software companies, its maker, Intuit, offers several product lines such as their top-of-the line QuickBooks Enterprise and their powerful starter, QuickBooks Essentials. But the most popular among ecommerce businesses is QuickBooks Online.
You can access this software on desktop computers and mobile phones. QuickBooks is equally reliable as Sage 50 because of the following features.
When you sign up for a QuickBooks plan, you'll enjoy its live bookkeeping immediately. This feature keeps your books up-to-date by ensuring that financial data from the start of the year to the current month are collected, categorized, and stored. If you sign-up midyear, bookkeepers will track whatever data is missing. Trained bookkeepers will update your books live from then on.
You'll also get to enjoy these traditional bookkeeping and accounting features by using QuickBooks:
Keeping your finances tracked has plenty of benefits, but one is being prepared when tax season comes. With QuickBooks, you'll be equipped with all the data you need. To ensure that all the data you submit for a tax audit is accurate, QuickBooks has a tax penalty protection that guarantees up to a $25,000 payment per year if you get any tax-related inaccuracies and errors from the tool.
Another perk that sets QuickBooks apart from its competitors is the Priority Circle. This service offers QuickBooks Advanced users in-depth training about software usage and 24/7 customer support. You won’t need to go the extra mile by looking for a QuickBooks training program, which will surely cost extra.
As two highly-sought accounting software, Sage 50 and QuickBooks understand what most businesses need when it comes to management. To be competitive, they have to expand what their software is capable of, extending them beyond bookkeeping and accounting. The result is a set of four features similar to each other yet delivered in their own unique ways.
You’ll enjoy the following offerings with both QuickBooks and Sage 50.
Make sense of all the details your bookkeeper has logged in and generate reports of your business income and expenses through accounting features of both QuickBooks and Sage 50. You can rely on both software to store and create accurate reports quicker than manual accounting. Software and third-party apps make the task very simple and less complex.
There are other accounting apps available such as Photeeq, FreshBooks, and Zoho Books. If you have important documents in another software, you can integrate them easily to QuickBooks or Peachtree as both software have the capabilities.
As a result, there will be no need to open several books and Excel sheets to check data because everything you need will be in one place. With these features, you can access real-time business data remotely and generate reports from the latest numbers.
Cloud-based technology is a way to secure data. Before, you’d store important information about the company on an office desktop, which anyone can access. Now, data can be stored in the cloud with impregnable security that requires special approval for each step.
The company's manager can control who can access business information through cloud-based accounting. In most cases, the company bookkeeper, accountant, and finance teams are the only people granted access. Then, everyone with access can see the same information no matter where you access the app.
You can reap plenty of benefits with accurate time tracking and project management. Among them are the following:
A small business owner must look for these convenient features in accounting software—both Sage 50 and QuickBooks offer them.
Everything these days is automated, so if you run into software that does not offer the automation expectations you have, strike it off your list. Regarding receiving and sending payments, generating invoices, storing receipts, and sorting all these transactions into categories for accounting, both QuickBooks and Sage 50 have got you covered.
So, get ready to link your payment gateways, receiving accounts, bank accounts, and credit cards to Sage 50 and QuickBooks so the software can track all direct deposits and expenses immediately. Wherever you are, when you receive a notification of payment or request to pay, you can process them instantly as long as there is an internet connection.
Both Sage 50 and QuickBooks have a service focused on human resource (HR) management, which is essential once you've grown your business and already managed several employees.
The HR feature is especially helpful if you have a diverse team of professionals working for you. This ensures employees' wellbeing is handled well according to the laws and regulations where your business operates.
Despite their similarities, the two accounting software also have to differentiate themselves to stand out. Here are the four key differences that may determine whether you'll choose Sage 50 or QuickBooks.
A prime difference between Sage 50 and QuickBooks is bookkeeping services. QuickBooks has a team of expert bookkeepers clients can consult with via appointment to check how their business is sailing. Once you sign up for QuickBooks’s full-service live bookkeeping, these professionals can help you cleanup your accounting data and do ongoing accounting and consultation.
The live bookkeeping function, however, is different with Sage. The Sage Live feature only offers real-time collaboration with people that handle your bookkeeping. As for providing a full service accountant, you’ll need to get your own.
In terms of accounting software interface, QuickBooks focuses more on a user-friendly interface with a clean-looking dashboard and a simplified side menu which helps users easily see and navigate through the sections to find out essential information.
Sage 50 gives more detail. It packs a lot of options on its dashboard which includes a sidebar menu and a top bar menu. Users can see different sections and icons on their screen for pointing to a specific segment you need to update or manage.
Accounting and bookkeeping are needed in all business types and sizes. Aside from offering general assistance, both Sage 50 and QuickBooks provide industry-specific accounting in niches different from each other. Here are the differences in industries they serve.
|Sage 50 vs. QuickBooks: Industry Niche|
|Sage 50||QuickBooks Online|
|SaaS and Subscription|
We recommend QuickBooks Online over Sage 50 because of a few critical factors. It’s cheaper than Peachtree because it doesn’t require a desktop app and the software can work online. The accounting software also has a user-friendly interface, making it easier for ecommerce business owners to learn. Many accountants also prefer the simplicity of QuickBooks Online.
Unloop’s team of bookkeepers are also experts in QuickBooks Online. It's the software we use to help out ecommerce business owners clean up and maintain their financial records so they can make better decisions. If you choose QuickBooks as your accounting software, maximize its potential by having a team who knows how to use it as if your bookkeeping is on autopilot. Give us a call now!
Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
The ecommerce landscape can be difficult to navigate, especially with many new currencies, regulations, and tax laws on the horizon. Accounting will be more challenging than it used to be. Multi-currency ecommerce accounting is a topic that scares many entrepreneurs. Luckily, multi-currency accounting software is here to help!
What do these tools have to offer for blossoming businesses like yours? This article will walk you through the basics of multi-currency accounting and show what this software can do for your business.
One of the most important things you need to know about ecommerce accounting is how it works with multi-currency transactions. If you're new to the ecommerce system, taking everything in won't be easy. So let this article help you with a quick discussion.
Let's say your company is based in the US, but you get product supplies from China and sell them to European clients. As you can guess, this will involve three currencies: USD, RMB, and EUR. Consequently, the following (but are not limited to) challenges may arise:
There are just too many things involved when dealing with foreign currency transactions. You can't simply calculate all the costs and generate a receipt in USD for these reasons.
Foreign transactions involve money more than anything else, affecting your bookkeeping and accounting operations the most. Here are specific processes that become more complicated and time-consuming when multi-currency is involved:
Suppose your ecommerce business deals with multiple currencies. In that case, you must find a way to avoid confusion and making mistakes.
Luckily, some ecommerce platforms or small business accounting software can solve your multi-currency dilemma: creating a multi-currency account.
It pays to use online accounting software that offers multi-currency features. These systems allow you to perform essential accounting functions while ensuring you accurately track and manage transactions in various currencies.
With multi-currency and entry-level accounting software, you can:
A multi-currency account is a single bank account that allows the holding, payment, and receiving of multiple money currencies. If you're selling internationally, this is a great advantage to reduce the hassle of complex rates.
Here's how it makes your business's financial operations easier when dealing with foreign payments:
Now that you understand its necessity, here's a basic overview of creating a multi-currency account. Take note that the process may differ per platform or software. Below is a general step-by-step procedure to give you a gist:
OFX is an example of an excellent international money transfer platform. The good thing about OFX is that it doesn't charge transfer fees and offers more reasonable rates than its competitors.
In addition, it supports 55 currencies and takes 1-5 days to transfer, depending on the location (unfortunately, it doesn't accept same-day transfers).
Here's an overview of how you can set up a multi-currency account on this platform:
The world is rapidly moving to digital reliance, and ecommerce is running in full force. Hence, businesses must ensure that their financial management system supports and adapts multi-currency accounting.
Otherwise, you'll have difficulty dealing with the overwhelming complexity of foreign rates. Before it gets to that, learn how to get financially native in foreign lands.
Now, we understand that this could be a lot of information. But don't fret; Unloop can extend a hand to help you organize foreign currencies! Whether you need bookkeeping in Calgary or other Canadian areas and across the US, Unloop can help ease your bookkeeping management duties through a remote setting.
We're ready to be your long-term business partner and help you with your bookkeeping tasks, such as calculating COGS and dealing with Shopify and Amazon corporate tax rates. OFX is also one of the tools we use for our services.
Book a call with us today or explore our blog section for more resources.
Many Canadian ecommerce sellers dread handling taxes. The apprehension roots in the difficulty of understanding the many rules and regulations surrounding taxes. Adding to the challenge, especially for ecommerce sellers, are the different rates for sales taxes. Sellers offering services and products in different territories need to keep up with the ever-changing rules on sales taxes.
These troubles make every business owner, especially those new in the field and unfamiliar with taxation, abandon the possibility of understanding taxes and handling the task on their own. While you can delegate taxes to professionals, it still pays to know how it works, even in the most basic sense.
With that, here are the seven frequently asked questions ecommerce sellers ask about taxes. Knowing the answers may give you the confidence to handle your own. Let’s begin!
When you become an ecommerce seller, there are a lot of key dates you need to remember, some of which are tax deadlines. In Canada, you can file your taxes for the previous year’s income as early as February, but the tax filing deadline is on April 30.
The Canada Revenue Agency (CRA) makes the process easier, you can file taxes online. Just be ready with the complete financial details for the whole calendar year and receipts in case the CRA looks for them.
To keep yourself from cramming months before the tax due date, it is best practice to put your business bookkeeping and accounting in place as early as launching your business. This ensures that you will have all the financial transactions recorded throughout the year. You will also minimize the possibility of inaccuracy as your bookkeeper or accountant won’t need to rush.
An income tax return is a document containing a person or a company’s annual income, expenses, and other financial transactions that occurred within the year. It is from these details where the taxpayer and authorities calculate one’s tax liability, which is often paid annually. If there is any overpayment, the taxpayer can request for a tax refund.
Canadian residents, immigrants, indigenous peoples, deceased individuals, people who have left Canada temporarily or permanently, and temporary Canadian residents are all obliged to pay income tax return.
When filing for tax returns, you must declare your total annual income to know how much you need to pay. The Canadian government determines a tax rate depending on your total income. Rates may change yearly. For instance, the 2022 tax rate has already been changed for 2023, so it is best to stay updated. All provinces and territories in Canada submit their taxes to the CRA except for Quebec, where taxes are paid to the Revenu Quebec.
Sales taxes in Canada vary per province or territory, and each charges General Sales Tax (GST), Provincial Sales Tax (PST), a combination of PST and GST, or Harmonized Sales Tax (HST). Sellers and service providers who have a physical store or office and even those selling online are required to pay sales taxes when they earn at least $30,000 in a year.
Sellers are to base the rate they charge on the destination of the package, and here are the rates.
|Province||PST||GST||HST||Total Tax Rate|
|Newfoundland and Labrador||15%||15%|
|Prince Edward Island||15%||15%|
These tax rates are charged for every sale made, which the buyers should shoulder. Yet, it is your duty as a seller to provide transparency in every transaction. Show your customers a breakdown of their pay, including the sales tax charges.
Although challenging, ecommerce sellers like you should always prioritize paying taxes as there are repercussions. The CRA requires one time payments, so when they find out that a business owner does not pay taxes, a collections officer will be assigned to review their case. If found guilty, they can be subjected to pay interest rates on top of the taxes they weren’t able to pay.
The good news is most Canadians are responsible taxpayers, but if the business cannot pay, the CRA can seize the company’s assets and bank accounts, garnish wages, and register a lien on the owner’s home. Tax relief can still be given to business owners (when eligible for it),, and owners can also make payment arrangements with the CRA after setting up a meeting with the agency.
Many bookkeeping and accounting software already have a tax computing feature. They can also integrate with ecommerce sites like Amazon and Shopify. These platforms compute sales taxes and send the data to your main accounting software through integration.
There are also separate software like Taxomate, Taxify, Hello Tax, and TaxJar that can give you the following assistance:
However, for the most comprehensive software, consider QuickBooks. It has features to track, collect, review, and pay your sales taxes. And even when you sell on sites that handle sales taxes for you, you can still integrate the data collected from that platform with the QuickBooks software, so all your data is in one place. Because all your financial transactions are recorded on QuickBooks, you can use it to find the amount of income tax you need to pay.
Whether you sell on Amazon or are still planning to, the first thing you should know is the platform’s Marketplace Tax Collection (MTC).
Because of the Marketplace Facilitator Law (MPF), third-party sellers like Amazon are compelled to compute, collect, report, and remit sales taxes. This is good news for sellers like you as you no longer have to worry about these tasks. All you need to do now is monitor the sales taxes and integrate the data from Amazon into your bookkeeping and accounting software for tracking.
You should also know that the platform also has the Amazon Tax Exemption Program (ATEP), which considers individuals and organizations that are eligible for tax exemption.
As an ecommerce seller, it’s a wise business move to sell on Amazon. Amazon is the largest ecommerce site in the world, and although the competition is tough, there is also a high chance of introducing and selling your products to a broader audience.
Shopify does not offer the same tax assistance as Amazon, but you can optimize the settings in the ecommerce site to make your sales tax management more efficient. You can set up Shopify to add sales taxes upon customer checkout.
To streamline the tax detail determination, collection, and remittance process, you can integrate the data from Shopify into the tax software you use. They can do the following steps after Shopify has charged the correct sales taxes to customers.
You can also integrate all the data from Shopify into your bookkeeping and accounting system so that you can compute your income tax return correctly and quickly by the end of the year.
Knowing some of the tax details can give you confidence as an ecommerce seller. It may make you realize that taxes aren’t that dreadful to handle, especially when you have the right software and tools. You’ll also realize that many ecommerce platforms have made taxes easier for sellers like you by doing the computation, collection, and remittance themselves.
If you are looking for convenience when filing for tax returns, another wise thing to do is to partner with tax experts to whom you can delegate this complex task. Unloop could be the partner you are looking for!When you partner with us, whether you are in Canada or the US, we can help you make tax season less of a worry. Don’t worry about your income tax, either! We’ll handle the bookkeeping and connect you with the best CPAs in North America for filing taxes. Beat the deadline! Connect with us now; we’d love to discuss the details with you!
The tax part of income is no one’s favorite. You have tax duties to meet whether you own your own business or not. It can be messy, confusing, and costly when you get it wrong.
If you need clarification about your taxes, you've come to the right place. This is the ultimate tax hack, so remember to take notes—come tax filing season, you’ll be ready!
Tax liability is the amount of money you are required to pay the government based on your income. People with low income are often exempted from paying taxes, but there are also people that pay taxes through federal income taxes or payroll taxes.
Tax liability also comes in different forms. It can come from state and local taxes, excise, sales, or other taxes from things that generate income.
We have already established that there are different forms of tax liabilities. To help you better understand tax liabilities, below are some of the most typical categories.
All employers are subjected to federal income taxes. In other cases, their income is also subject to local and state taxes. It is a common practice for employers to withhold income tax liabilities from their employee's wages. Your income tax obligation can also include a tax on your business income if you're not a legal organization. You can pay an estimated tax amount for your income tax debt throughout the year.
Both the employer and employee shares of the social security and Medicare taxes are covered by the self-employed tax. Social security and Medicare taxes must be deducted from an employed person's income. Self-employment tax can be paid through anticipated tax payments.
Payroll taxes are the money employers withhold from the payroll and the money they spend to generate their income tax liability. These taxes should be filed to the IRS according to a schedule.
Capital gains tax liability is levied on generated income when an investor successfully makes a sale in their investments. The tax owed is applicable during the fiscal year the investment is sold. Capital gains tax rates can vary between 0%, 15%, and 20%depending on the filer's income.
An individual may owe a long-term capital gain when an income from the investment is owned for at least a year. If not, short-term capital gains are applied. For short-term capital gains, the tax rate depends on the payer's ordinary income bracket.
Small businesses also have a share of their tax liability. Here are some events when tax liabilities are applicable for small businesses.
If you want to get ahead of your taxes, you can calculate your tax liability by yourself. Here are a few easy steps to assist you in appropriately calculating them.
Step 1 - Identify the category to which you or your company belongs.
Step 2 - Calculate the quarterly estimated tax payments using a calculation tool.
Step 3 - If you're a C corporation, you need to calculate your taxes using the corporate tax scheme, which has eight different tax rate brackets and a flat tax rate regardless of the corporation's income.
Step 4 - If you are not a C corporation, you are a flow-through entity, which means you are responsible for paying your own taxes rather than those of the company. Your tax rate is determined by your taxable income as well as how you file your taxes.
Step 5 - Pay your estimated taxes. Payments for income taxes are due in April. However, federal tax liability should be paid whenever they are incurred. Depending on their taxable income, the majority of small firms should make anticipated tax payments throughout the year.
Step 6 - Pay employment taxes. These taxes usually include the following:
Step 7 - Once you're done calculating tax liability, the last step is to pay the taxes you
If you're stressed about the amount of taxes you need to pay, there are some ways you can reduce your tax liability. Take note of these tips to help reduce your tax bill.
Tax credits are the best way to reduce the tax you owe. You can make full use of a number of available tax credits. These credits can reduce the amount dollar for dollar compared to deductions, which is based on percentages.
Here are some ways to earn tax credits.
Your Individual Retirement Account (IRA) contributions are a great strategy to reduce your tax liability. Most pre-tax contributions to traditional IRAs are made before taxes are deducted, lowering your taxable income for the current tax year. Taxes on your donations will be due once you remove the funds.
Charitable contributions are another way to lessen your tax bill. Donations of cash, toys, appreciated stock, or volunteer efforts to qualified organizations can provide substantial tax savings. Here are some things to remember.
You can deduct a huge variety of company expenses. So make sure to keep and document receipts so you have records when you declare them as deductions. Here are some business expenses you can use as deductions.
Tax obligations are complicated. With so many numbers, it's easy to become confused. Fortunately for business owners, Unloop is here to help you handle your tax liabilities.
We offer different services to handle all your accounting needs. Our services include bookkeeping, accounts payable, forecasting, payroll, and taxes. Book a call with us today and talk to an expert for free.
In today’s digital age, embracing cloud-based accounting software with data encryption is a big advantage. Not only does it streamline your company’s finances, these cutting-edge solutions secure any sensitive financial data on cloud servers, providing increased protection.
As you consider cloud-based accounting systems, evaluating the strength of data encryption is paramount. It can make all the difference in protecting your valuable information from potential threats.
This guide has everything you need to know about using cloud-based software with top-notch data security. Discover the advantages it holds over traditional accounting software, the best tool for your needs, and how it can maximize the efficiency of your business operations.
As technology evolves, so is the need for strong security measures. The choice between traditional and cloud accounting systems can impact the security and competence of your financial operations. With cyber threats on the rise, it’s important to protect your business from unnecessary risks.
Both systems have merits, but knowing their function can help you decide how to keep pace with online disasters. Below, we present a detailed illustration highlighting the key differences.
Traditional systems have served businesses well in the past. Still, the dynamic digital landscape calls for more advanced and secure solutions. Cloud-based accounting systems offer more efficiency, flexibility, and stronger security measures. It can position your business to adapt and thrive in the face of technological challenges.
You now know the advantages of opting for cloud-based accounting solutions over traditional ones. But our help doesn’t end here—we also want to help you make the best choice for your business.
Here are the key priorities to consider.
With the right cloud-based accounting solutions in place, everything is possible.
Given the features and details presented above, it becomes evident that QuickBooks stands out as the top contender. Whether you are a small startup or an established enterprise, Quickbooks's prominent features can bring peace of mind in many ways.
The competition is tough in the ecommerce world. Some even resort to black hat tactics to get ahead of the game. Saying your financial data should be safeguarded is an understatement. You'll never know when hackers will attack, posing constant concern.
You can sleep soundly with QuickBooks, knowing all your business financial data is safe. Its data encryption converts readable texts into incomprehensible codes. Hackers cannot intercept or hack data when it travels from a computer or a mobile phone to the cloud.
Threats to data security do not only come from the outside but also from within. Some online companies suffer fraud because financial data can be accessed easily. When anyone can access information, there's a chance of system manipulation to cover up for any deceit.
QuickBooks helps with quality control. Its role-based access helps you identify who’s accountable for data loss when issues arise. You can also keep the circle small, limit the number of users, and delegate the task to authorized people in the company—which could be you and your trusted bookkeeper and accountant.
QuickBooks has a wide range of plans for various types of small businesses. There's a QuickBooks Desktop app, which is best for businesses that do not prioritize access flexibility. Although you can enjoy all the features of QuickBooks, saving data in the cloud is not included.
Enter QuickBooks Online. The plan offers an anytime and anywhere access feature with internet connectivity, so all its functions can be done online and even on mobile phones.
With QuickBooks in cloud systems, you encourage collaboration and flexibility. Your team can work together whenever and wherever they are—beyond just a single computer.
Using a USB to transfer data from one device to another may still be a thing, but with Quickbooks cloud-based accounting, you can leave this tedious task in the past.
You don’t need to log into a single computer and see the most updated version of your books and accounts. Any changes to the data are now automatically updated and displayed. Everybody in your team is updated, and nobody's left out.
QuickBooks already takes up a lot of space in your computer or mobile phone, so what more when there are other files you need to save?
You no longer have to worry when your data is saved in the cloud. Unlike hardware systems with limited storage, the cloud has infinite space for your financial data. You can keep years of historical accounting data in the system and use them for forecasting and business planning.
Aside from business planning and forecasting, you'll need plenty of financial reports to make sense of all the data stored in the cloud. Among the reports you should be regularly checking and getting are the following:
✅Retained Earnings Statements
✅Cash Flow Statements
✅Shareholder Equity Statements
✅Budget Variance Reports
✅Sales Revenue Reports
Reporting becomes easier with QuickBooks, as everything is instantly tracked and computed. Unlike Excel sheets, there’s no need to set formulas since everything is error-free. Plus, you can generate other key performance indicators and special reports if needed.
QuickBooks already has set templates to streamline the reporting process. You can also create customized report templates based on the data you want to see.
Data corruption is every bookkeeper, accountant, and business owner's nightmare. Computers are prone to viruses. When files are affected, they can be corrupted and destroyed. Even worse, there is no chance for them to be retrieved.
Hard copies are also threatened with destruction and loss, with accidents and document recovery after disasters potentially leading to further losses.
Fortunately, QuickBooks's cloud-based feature allows data storage on outside servers. You can safely store all digitized documents and important files in the cloud, providing a reliable backup and protection against data loss.
You must keep an eye on other updates as a business owner, like sales taxes, price changes, inventory updates, and data updates. All these changes can occur automatically within the QuickBooks system.
Automatic updates are the best benefits you'll get with QuickBooks. The latest versions of the software can instantly be downloaded, so you'll always be up-to-date.
The tools and software you use should fulfill their purpose of protecting your business operations and fine-tuning your performance. With QuickBooks as your cloud-computing accounting software, you can achieve the best of both worlds.
Struggling to use your accounting tools? Leave it to Unloop! Our team is knowledgeable in QuickBooks and other bookkeeping and accounting software. Allow us to guide you through the process and optimize your financial management.
Book a call now! Elevate the efficiency of your business to new heights.
Inventory ensures your business operations run smoothly and you meet the demands of your customers. Understanding how inventory in accounting works will help business owners like yourself effectively manage stock and overcome potential challenges.
Let's discuss this facet further to help you understand how much inventory matters in your company’s rise to success.
In accounting, inventory consists of items at different production stages and assets for your business. Effect inventory accounting helps businesses to efficiently create, market, and ship products.
Additionally, it shields companies from product shortages and transportation delays. Inventory is considered a major asset for businesses and should not be taken for granted.
When a product is sold from the inventory, its cost is reflected in the cost of goods sold (CoGS) in the income statement. There are three ways to calculate inventory value:
There is more to inventory than just a stock of goods. Understanding its types will also help you make sound financial and business decisions. Here are the three main types of inventory.
Raw materials are involved in the first step of product manufacturing. These stock items are yet to be used for creation and are categorized into two:
Work in progress, or WIP, is an inventory of partially finished goods still in line for completion. This category refers to raw materials, overhead costs, and labor of products in the different stages of production.
From the name itself, finished goods are products that have completed manufacturing. They may also refer to stock bought by a company in its final form and not yet sold to customers.
When a finished product is sold, it is no longer considered inventory; it is classified as merchandise.
In accounting, the cost of sales of finished goods is categorized under the short-term assets section of the balance sheet.
Understanding inventory basics is simple, but managing it is another thing. Managing involves coordinating the supply chains and overseeing product purchases. You should also maintain inventory levels and control sales to meet customer demands.
Inventory management can give you a clearer picture of the cash flow. However, this task can be challenging even for small businesses. Besides inventory costs, here are some challenges inventory management may pose and their solutions.
One of the most common problems of inventory management is inconsistent tracking. The lack of control fails to give you the full picture of inventory levels, leading to problems such as overstocking or stockouts. These issues result in huge financial losses and operational inefficiencies.
Solution: Track all your items properly so you know which inventory items to sort, consistently manufacture, and slow down on. Developing and investing in modernizing your warehouse processes will help track inventory better.
Cloud inventory management solutions and other software options can automate real-time tasks like tracking and monitoring your inventory count.
Success in inventory management and ecommerce success partly depends on your merchants, so choose wisely. Your business will be severely affected when your suppliers fail to deliver the required inventory, leading to stockouts or delayed order fulfillment. Likewise, if they provide products with subpar quality, your business and brand reputation will suffer.
Inventory processes include picking up or receiving the goods, transportation, packing, and sending them to the buyer. If these procedures are unorganized and inefficient, you may encounter delays in order fulfillment and unnecessary operational costs.
Solution: The best option to assess and improve your inventory process is through experimentation. Figure out which inventory process techniques work best with your production, fulfillment, and business needs by trying every option possible and optimizing the processes you are currently using.
Unforeseen incidents can always mess up your inventory management. Even if you don't experience frequent problems, never assume you won't encounter one. Always have a contingency plan if things go wrong.
Solution: For instance, what will be the best solution when experiencing delays in your actual inventory? You can order in advance or try decoupling inventory (setting aside extra materials) so that when delays happen, they do not entirely stop your operations.
If you have too much inventory on hold (making your sales stagnant), put them up for sale at a discounted price or include them in some of your product bundles to avoid the accumulation of obsolete inventory.
Cooperation among employees is a common problem of the inventory management team. It will be harder for a business to spot issues if the teams involved in inventory are not exchanging vital information.
With no proper exchange of information, employees will not know their tasks, how to progress, and the status of their work, which can result in disrupted workflow in the inventory warehouse.
Proper communication and collaboration are critical to a successful and efficient inventory process.
Solution: You can address the communication problem by placing a system that connects all your teams for easier exchange of information.
Product planning can affect your sales estimates and production timing as it determines how much inventory you'll need to meet future demands. Without it, there is a risk of overproduction or underproduction. These situations can lead to excess and dead inventory or stockouts.
Additionally, a lack of production planning may lead to additional production costs to make up for last-minute or rush orders and to avoid delays, such as additional shipping costs.
Solution: Getting product planning right is crucial. Every month, businesses should have a report on their product results to plan for their targets in the next month, spot potential problems, and brainstorm solutions.
Inventory valuation is essential for businesses to price their items and get an overview of their company's financial health. Managing inventory also involves accounting, which can make the task more challenging.
Fortunately for business owners like yourself, Unloop can help you with the accounting part of your inventory management.
We offer different services, such as
Let us handle your finances so you can focus on managing your inventory. Talk to an expert and book a call with us today!
To run a business properly, understanding your finances is a must. Although you have professionals that can seamlessly handle business finances, as business owners, it is crucial to oversee your business. Liability is one of the most important aspects of a business.
In this article, we'll further discuss liabilities in accounting so you can stay on top of your day-to-day business operations.
The money due by a company to a person or another entity is referred to in accounting as liabilities. In simpler terms, these are your company's debts regardless of when they are due. Moreover, liabilities may be things with a comparable worth.
Liabilities can help businesses manage their business operations and speed up value creation. But, when handled improperly, they can harm firms significantly and, occasionally, permanently.
Several items cover business liabilities. These can be wages you need to pay your employees, unpaid taxes, or due mortgage payables. In general, liabilities are divided into two broad categories: short-term and long-term.
We'll discuss each category and provide examples to help business owners understand them better.
Short-term liabilities are also called current liabilities. These are liabilities that your business needs to pay within a year, hence “short term”. These include taxes payables, vendor invoices, and wages payables.
Here are examples of current liabilities.
Long-term liabilities are also coined as non-current liabilities. From the name itself, these are business liabilities you are expected to pay in 12 months or more. Bonds payable or long-term debt is one example and are usually the largest of these liabilities.
Here are other examples of long-term liabilities.
An expense is a business's operational cost incurred to produce income. An expense is primarily distinguished from liabilities by how it relates to your company's revenue. Expenses and revenues are declared on income statements, while assets and liabilities appear on the balance sheet.
Furthermore, expenses can be paid quickly with cash, whereas delaying payment would make the expense a liability.
|Operating cost to generate revenue||Debt and dues owed by a business|
|Related to the company’s revenue||Amount a business owns currently or in the future|
|Shown on incomes statements||Shown on balance sheets|
Examining how you pay for everything for your organization will help you comprehend business liabilities in a clear manner. You borrow money or use cash from a checking account to make purchases. Using a credit card is a form of borrowing, just like any other kind.
Your balance sheet depicts your company's financial health at the completion of each accounting period, listing all of your liabilities. Throughout time, liabilities may be fulfilled by the transfer of funds, products, or services.
You must list all your liabilities and add them up to get your total liabilities. A simple accounting method can be used to determine whether your books are balanced.
Liabilities + Equity = Assets
Your total liabilities and equity must match the total assets for your business to be considered balanced.
You can't talk about liabilities without knowing your business assets. Assets are items with value that a company owns. Here are some prime examples of business assets.
Managing a company's financial obligations can be confusing, especially for small businesses. Fortunately for beginners like you, Unloop can help you sort out your finances. Our bookkeeping services will keep your business in the loop for your finances. Our services include:
We also offer other accounting services such as forecasting, accounts payable, payroll, and taxes. Stop worrying about your finances and let the experts handle it. Book a call with us today!
The payroll process is not as easy as releasing payments to your employees. You have to collect their time cards, note deductions and reimbursements, and handle their tax obligations. Fortunately for business owners, payroll systems exist to make the process simpler.
There are several payroll software options you can choose from, and each have different features that can help with the payroll process. But which ones are worth investing in? We'll list some of the best features of a payroll system businesses should utilize.
One of the essential features of payroll software is a time-tracking feature. Most businesses pay their employees based on the hours they work. So keeping accurate track of the time your people work will allow you to pay them properly.
Furthermore, automated time tracking eliminates the error from the manual process. It also gives the payroll team the confidence that the recorded time is valid since no one outside the administration can alter the time in the system.
Every minute spent running a business is precious, so don't waste it on a payroll system that's hard to set up and too technical to understand. Before investing in payroll software, always look for the setup options.
Here are some things you should check.
It would also help to see customer reviews to assess if the software suits your needs. Furthermore, take advantage of payroll systems with free trial features. This way, you can closely examine the software, from installation to its features.
One of the reasons why you should get payroll management software is to make the tax filing process more convenient. The HR and accounting departments know that handling taxes in payroll is one of the most tedious tasks, and this payroll feature will streamline your payroll processes further.
In general, you want a payroll system that can calculate, file, collect, and deposit payroll taxes on your business's behalf. Here are other payroll system features to look for regarding taxes.
If your business includes reimbursable employee expenses, then this payroll feature is a must-have. These payroll solutions can automate expense reports and payment processes. This will save business owners time and ensure that reimbursements are paid on a schedule.
The expense management feature also provides document management so you can store all receipts and proofs of reimbursement to ensure you release the correct payment to your employees. You can access them easily when you need to check them.
One of the most crucial features of payroll is direct deposit. Gone are the days when businesses paid through cash and cheques. Direct deposit is quicker and easier to process, which takes a load of work from the payroll team.
Here are some configurations your direct deposit feature should have.
Make sure also to check the additional fees that come with direct deposits. Fees may vary depending on the payroll provider. The lower the fees, the better it is for your business.
The reporting feature is a must-have payroll software feature for automated payroll software options. The last thing you want to do when you need information is to look through a mountain of paper and assemble them to create a report. It's time-consuming and impractical. Find a software that will help you generate different reports.
Here are some necessary reports your payroll software should provide.
You also can check for breakdowns. For example, can you make reports for individual employees? Can you make summary reports? The more reports the software can generate, the easier it will be for business owners like you.
Two benefits come with self-service functions. First, it allows your employees access to change necessary payroll data like bank account numbers and addresses. Second, it allows your employees to see their available leave credits and access reports such as W2 and pay slips.
Although this feature allows employees access, they cannot change anything, such as time and pay rate.
Payroll processing consists of several tasks. It would be helpful to integrate other software into your payroll system. Integration will streamline the whole payroll process and make it seamless and accurate.
Here are some integrations you should consider.
Make sure to explore different payroll providers. Others will ask for fees to integrate other software with theirs. Some software options can also do all the accounting tasks with a more expensive subscription plan, but they are worth considering.
Even with the surge of different business software, many business owners are still reluctant to get a subscription. It may look like an unnecessary expense for a small business, but investing in software greatly benefits your business operations.
What are the advantages of a payroll software?
If the payroll process is too much for you, let professionals handle it. Unloop offers ecommerce and small business payroll services for stress-free payroll processing. Here's what we can do for your business.
Managing payroll is part of running a business. As your business grows, the more employees you need, and the more you need to pay. At one point or another, getting software or a professional service is a viable choice. We hope these outstanding features help you choose a suitable payroll software for your business’s needs.
If you need professional help, Unloop offers other accounting services such as bookkeeping, accounts payable, forecasting, and taxes. Talk to our experts and book a discovery call with us today.
So you’ve started a small online business. You are now among the millions who have braved the ecommerce world. Since ecommerce is so complex, and the sheer volume of transactions can be intimidating, your accounting may need help to keep up with your online store. This is where choosing the best accounting software can be worth it.
Accounting software programs can do more than track the inflow and outflow of cash. You’ll be amazed at how they can be a one-stop shop for many of your digital needs, making them worthy of every penny you invest.
So, what’s the best small business accounting software for you? Find out all the answers here in this guide. But first, let’s talk about everything you need to know about ecommerce accounting.
Ecommerce is a worldwide business. In fact, Statista already presented compelling data, showing its global reach and exponential growth. Just think of the transactions that make up this figure—massive.
Given the wide reach, ecommerce accounting differs because there is so much more to account for. Take a look at some of them.
An online business can sell anywhere in the world through an ecommerce platform and exemplary shipping service. But to be able to sell legally, there must always be a sales tax attached to each sale.
Ecommerce accounting requires sales tax calculation for different tax policies. For example:
|Amazon can handle your taxes through Amazon Tax Exemption Program (ATEP) for sales in the US.|
But you'll still have to collect and remit your sales taxes in Canada.
On top of that, the US and Canadian sales tax rates are completely different, with tax returns filed each year. Tax management is daunting, requiring careful attention and consideration.
Another thing that separates ecommerce from regular businesses is the vast inventory. Inventory tracking is no easy task for anybody, especially for small-scale startups. You need to have many products on-hand and ready to meet demand at a moment’s notice.
There will also be an inevitable addition to your accounting load, especially if you’re a business that ships to customers in different timezones. Add to that the sheer volume of items you’ll have to check on—where they are stored, how many are ready for shipping, how many are damaged or lost—and regularly reconcile in your records.
If you sell products or services worldwide, expect to see thousands of business transactions daily. That means various modes of payments, currencies, bank accounts, taxes, and so on.
Tracking each transaction will take copious amounts of time and energy. You might miss out on some financial data, which, for a global business, you cannot allow to happen.
While it's possible to do your accounting manually, tracing every ecommerce transaction can make even the best accountants dizzy. Giving your accounting specialist some much-needed assistance, like online accounting software, is recommended.
In addition to maximizing your time and resources, here are eight reasons accounting software is worth it for your small ecommerce business.
A bookkeeper can rely on accounting software to record transactions. Through it, they can take note of all business transactions involving money. They can ensure that income and expenses from different channels, like bank and credit cards or online payment gateways, are all accounted for.
Because of the high-tech tools available today, a bookkeeper’s task of typing data is slowly disappearing. Data from different sources can be connected to a central accounting system. There are also optical character recognition tools that minimize manual data entry.
Invoicing is an essential part of bookkeeping and accounts receivable management. Through software, you can conveniently send payment reminders to customers—all online. Simply schedule the sending date and time and let the software handle its transmission. If customers forget to pay, sending a nudge can also be done on the software.
Invoicing from an accounting tool also makes payment easier for customers as each invoice includes a “Pay Now” button. Customers can click on it for online payment. All money coming from this channel will automatically be recorded in the books.
The money you collect from customers and use to pay suppliers and expenses are all recorded in your business bank account. Through accounting software’s bank connection feature, you can have visibility on these transactions, and they will also be categorized into income and expenses in the books.
Bank reconciliation becomes a seamless process, as you can easily compare the details recorded in your books with the transactions listed in your bank statement. With this, you’ll be able to correct any mistakes and raise red flags on fraudulent deals.
Business planning and forecasting are vital as they allow you to see how your business will go in a projected period. It may not be 100% accurate, but you can still get the closest possible financial situation your business will see in the future.
Many accounting software has a feature that allows you to develop a business financial forecast in just a few clicks. Acquiring past and present numbers won’t be a problem as they are all recorded in the books.
Once you have the forecasted data, you can create plans based on numbers and even simulate results using the software. You can follow a strategy that gives you the best results from there.
The younger your business is, the more often you should generate financial reports. You must regularly check its financial health to adjust your strategies. Good financial reporting contains the following:
|Balance Sheet||Quickly check your assets, liabilities, and equity using this report.|
|Income Statement||Also known as the Profit and Loss Statement or Statement of Revenue and Expenses. This report shows your business's profit and how income and expenses impact it.|
|Cash Flow Statement||This report illustrates how money flows in and out of your business, showing your earnings and expenditures.|
|Statement of Owner’s Equity||For sole proprietors, this report displays earnings or profit and retained earnings. For corporations, it is referred to as Shareholder’s Equity.|
When you know these reports, you and your accountant can run and analyze them.
As mentioned earlier, inventory is a part of your company assets. You don’t want your customers disappointed because products are out of stock. This is where accounting software comes into play.
Accounting software isn’t only for numbers; it’s for your items too. When you can monitor your inventory, you’ll know which items fly off the shelves and which don’t move. You can also use the information to create plans to duplicate your successes and sell slow products.
Taxes are inevitable, but you can make them manageable. On top of calculation and collection, the best accounting software can handle tax remittance. You can integrate the data from these tools into your accounting system for tracking purposes.
Calculating your tax base and rate becomes easier regarding income tax returns, given the recorded income and expenses in the books. With the most comprehensive accounting software, tax season will be a breeze.
Ecommerce functions online. Data security and protection are indeed vital features you’ll look for in small business accounting programs. Luckily, online financial accounts are protected with cloud-based features.
Traditional accounting using Excel sheets stores books on computers. Still, cloud-based software has more advanced security features and can store information in the cloud. The cloud encrypts data, ensuring hackers and unauthorized individuals cannot access your accounting data. Corruption of data is also less likely.
Most cloud-based software have multiple users and role-based access, meaning only individuals you authorize can access the books.
Besides bookkeeping, inventory, cloud, and tax management, consider examining these features when selecting the most suitable accounting software solution for your business.
Any small business owner should have an accounts receivable feature in their software, given that payments are often made remotely with various payment schemes.
An accounts receivable lets you know how much money to expect and how much you can use to repurchase stock. It also tells you how much your business is shelling out weekly or monthly.
For example: If you're in the retail business, you may have scheduled shipments to replenish your inventory. Accounts payable notes this in advance for you to continue or change, depending on your decision.
Direct integration is also a crucial feature to look for in accounting software. It allows smooth alignment with the ecommerce platforms you've chosen for selling your products. The software can efficiently capture and organize all relevant accounting data by directly integrating with your online stores.
It also ensures that your accounting records are automatically updated in real time, reducing the risk of errors. With direct integration, you'll have an easier time keeping a thorough and accurate overview of your financial performance.
A mobile app functionality is a great feature to add to your accounting software. With everyone on the go nowadays, having a mobile app handy allows you and your staff to update your accounting whenever and wherever.
Being a startup, you can always pick the small business accounting software that can currently satisfy your financial management needs. But you must also choose the one that can scale to more advanced features as you grow your venture.
Here are popular accounting software ideal for ecommerce startups.
The most popular small business accounting software. It has all the features you need. When you sign up for a plan, it’ll backtrack all your financial transactions and do live bookkeeping moving forward.
Xero is another accounting software that will surely ring a bell. Designed with businesses of all sizes in mind, Xero offers wide accounting features to streamline accounting processes and empower users with real-time financial insights.
Like QuickBooks, it also operates on the cloud. It can be accessed on mobile devices as long as there is an internet connection.
For every small business owner, the ultimate goal is growth. If you envision managing a larger workforce and handling a growing client base, you can count on Sage.This tool has HR and CRM features that will be very helpful in managing your growing workforce.
These functionalities can effectively centralize and manage customer data, which is a big help for ecommerce sellers. This way, you can nurture stronger client relationships, track interactions, and identify opportunities for growth and upselling.
Many accounting software for small businesses pride themselves on being simple and user-friendly, and FreshBooks is one of them. The platform has been designed with the non-accountant in mind, offering intuitive features and a clean interface. Managing financial tasks is easy, making it accessible for entrepreneurs and small business owners.
Wave Accounting is another addition to the user-friendly list. Its tagline flaunts that the tool was not made for accountants but for business owners themselves. Hence, its features are perfect for individuals with little bookkeeping and accounting knowledge. If you don’t have much time to learn the ropes of financial management, Wave Accounting is an excellent start.
Wave Accounting has:
You won’t be disappointed with Zoho Books. This free accounting software has superb customer service to help you establish and maintain your accounting and bookkeeping system.
Zoho Books has:
Now that you have all the essential information about top-notch bookkeeping software, you can check out which satisfies your business needs most to get the best.
If managing your startup's books proves daunting, Unloop is here to alleviate your burden. As one of the premier financial teams in North America, Unloop offers ecommerce services to go along with precise and detailed accounting.
Let’s discuss our offers further. Book a call now!
Unloop is the first and only accounting firm exclusively servicing ecommerce and inventory businesses in the US and Canada. With the power of people and technology, our team dives deep into COGS and inventory accounting.. You are paired with a dedicated bookkeeping team that prepares accurate financial statements, financial forecasts, and can also pay bills or run payroll for you. Come tax time, everything is organized and ready to go, so you don't need to worry. Book a call with an ecommerce accountant today to learn more.