For most sellers, e-commerce accounting is an exciting new platform for vast marketing opportunities. Thanks to technology, businesses can now bid manual financial data management goodbye. Data storage, access, and processing are now faster and more flexible than ever.
However, e-commerce accounting brings new challenges too. Difficulty in handling financial data is still present. If you use the wrong tool or use the right one incorrectly, you're at risk of financial trouble. If there's something you should be putting a close eye on, it's tax compliance.
Regardless of having a physical store or not, taxes are compulsory. Moreover, the variety makes it challenging: each state or country has different tax laws. Since e-commerce allows you to expand target selling locations, you'll have to pay meticulous attention to the tax requirements and comply.
It is a challenging aspect of e-commerce, but you can overcome it with a clear understanding of tax considerations. This article focuses on tax compliance and harmonized sales tax (HST). So if you're selling to Canada, this is the perfect time to learn about it.
The tax rules made a drastic turn since the South Dakota v. Wayfair, Inc. in 2018. The law allows states to require e-commerce sellers for sales tax collection and remittance.
In addition, states implemented a nexus based on the level of sales or transaction. Nexus links a state and a business that involves sales tax registration, collection, and remittance.
Since tax collection and remittance are no longer dependent on physical footprint, e-commerce sellers have to catch up with the ever-changing state policies. Unfortunately, the laws per state differ, so e-commerce businesses have a hard time adjusting.
In addition to this overwhelming shift, the pandemic also pushed sellers to rely more on digital presence to keep the business running. As a result, businesses reevaluate and implement operational changes to keep the opportunities coming.
Canadian sales taxes are primarily divided into the federal sales tax (GST) and the provincial sales tax (PST). This is the traditional tax system, and many Canadian provinces today still use it.
However, due to the differences in the sales tax rates of each province, the HST was introduced. GST and PST rates are combined into one standard rate (HST) across the Canadian regions.
Some new to HST might be searching for "Harmonized sales tax meaning” to get a gist of what it's all about. Here's what you need to know.
HST is a retail consumption/consumer tax imposed at the point of sale. The Canada Revenue Agency collects it and remits the remaining amount to the involved provinces. A consumption tax is levied on a purchase and comes in different forms (e.g., tariffs, excise, and sales taxes).
As mentioned earlier, not all provinces in Canada collect HST. Many of them still use the traditional system, and only five provinces currently follow the harmonized sales tax act. These provinces are (including their total tax rate):
Depending on what your province collects, you must register your business for a GST/HST account. Once you do, you'll be given effective dates (monthly, quarterly, and annually) to start sales tax collection and report.
An important note: You only need to register if you no longer qualify as a small supplier. For example, you haven't sold more than $30,000 worth of products and services in the past four quarters.
It's not easy for Canadian businesses to sell to another territory. You must follow the rate from where your business resides, but you also have to distribute the charge per the rate of the shipping destination.
For example, you have an Ontario business (harmonized sales tax in Ontario is 13%), and you ship to Manitoba. In that case, you must charge 5% GST from Ontario and 7% from Manitoba as part of its retail sales tax requirements.
Meanwhile, if the destination is outside Canada, none of the three taxes are applicable for transaction charges.
Now that you understand the basics of tax compliance, it's time to learn how to ride the wave without sinking into a heap of financial trouble. It's not easy, but what matters most is that you know where you stand. Here's a quick checklist for you:
If you're serious about growing your business, sales tax compliance is a significant matter you should focus on. Avoid getting an unexpected sales tax bill with Unloop! In partnership with Taxjar (a tax compliance company), we keep your sales tax intact with the following action plans.
We provide sales tax preparation services for Canadian businesses. Monitor the ins and outs of sales tax from provinces you owe, speed up the cash flow, and ensure you are properly registered in each province.
If you want a reliable bookkeeping and accounting partner for your business, consult us today!
Small business owners, like you, face many decisions when establishing their accounting needs. In addition to that, you need to decide to invest in online accounting software for small businesses and if you want a cloud-based or desktop solution. Managing your small business requires deep knowledge of all the ins and outs of accounting and finance. So, while planning the strategies and approaches for your business operations is important, securing the best accounting software for small businesses gives you more advantages.
It is also important for you to carefully evaluate the costs of each option so that you can find the best accounting solution fitting your budget. By doing this, you will better grasp the features and functionalities that will meet your business needs in the long term. You and other small business owners can make this decision more easily by researching the best free accounting software for small businesses ranked among the most reliable ones over the years.
Accounting software is a computer program designed to assist accounting professionals in recording, analyzing, and reporting financial transactions of a firm or business. In addition, accounting software has an array of useful tools such as bill payment, payroll, invoicing, and more.
Record keeping has been around for centuries, marking the beginning of trade transactions. The first accounting records were written on clay tablets back in 3300 and 2000 BCE. It was in the 13th century when medieval Europe started a money economy that trading became obsolete. Since then, merchants have counted on bookkeeping to record and oversee the multiple transactions capitalized by bank loans. As industries progressed, refining accounting procedures became a need to avoid errors, improve accuracy, and prevent losses in company profits.
Later in the 1960s, industries developed electronic data interchange (EDI) to standardize various transactions between merchants and customers. Decades passed, and the advancing technology made accounting software come to brighter light. Quickbooks was then launched in 1998, dominating the market for day-in-day-out bookkeeping. Now, over 4.5 million businesses, big and small, use Quickbooks. It has been the most popular and most successful accounting program around the globe.
Growing businesses can benefit from accounting software by using various tools, recording the company's cash flow, and enhancing inventory management. Whether you are a big-name company or a small business, having an accounting tool is a great plus to your processes.
The accounting software differs from one firm to another. Large businesses may choose to use customized, complex accounting software, while small companies often choose off-the-shelf accounting software. Regardless of the nature of your business, accounting software makes accounting calculations and financial reporting easier for accountants. In addition, accounting software helps retrieve old accounting data faster, a helpful feature for both internal and external audits.
Having a vast amount of data can be tedious to go through, which is why businesses opt for accounting software. Tracking complex transactions is only a few fill-outs and clicks away.
One of the topmost priorities of a small business owner is to keep track of the money coming in and out. Thus, it is critical to have the most suitable accounting software for your nature of business. You will need a program to help you with your daily accounting tasks, such as recording payments, invoicing customers, tracking expenses, and reconciling transactions. Furthermore, the program can provide you with insight into your company's financial health by allowing you to generate reports that help you analyze your business performance from various perspectives.
Because of technology, accounting software improves bookkeeping and financial transactions for all businesses. Here are things you should look for when choosing the right accounting software for you:
Storing data online has become the norm. With the ever-evolving technology, easy access to accounting software has been made possible. So, what is cloud-based accounting software?
Cloud-based accounting software stores your data online, making it accessible anytime and anywhere. You can retrieve, add, update, or remove data from your accounts through the cloud servers, making the process easier and more efficient for everyone in the bookkeeping and finance department and the overall business in general. In addition, cloud-based accounting software allows you to add more people to have common access to your accounts, such as your company's bookkeeper or accountant.
The desktop accounting software, on the other hand, stores your data offline. This type works by directly installing the accounting software onto the accountant's personal computer at work. Hence, their access to viewing, adding, updating, and retrieving data, is only within the unit where the software is installed. Thus, no one else can access data except for the accountant or bookkeeper.
First thing you should ask— how many people should have access to the company's accounts? Find out what exactly it is your accountants need to accomplish their tasks. If you have a large number of employees in your accounting team, you should consider having accounting software that is simultaneously accessed and able to handle unlimited users. Doing so can help save time, space, and effort to retrieve or add data and submit financial reports on time.
Before purchasing the best accounting software for your small business, you must be certain about investing in it in the long term. Cloud-based accounting software is not that expensive and comes with monthly license fees. Take note that the cost of the software will vary on factors, such as the functionality packages and the number of users. Although you might grow out of the accounting package over time, especially when your business expands, it is still cheaper to upgrade the system than to have it replaced.
The main purpose of getting an accounting software package is to check what reports are available to use. For example, some accounting software has an innovative report writing feature, which helps accountants save time and effort compared to working on it from scratch. Of course, once you familiarize the processes in the system, you can always write a custom report.
Small businesses don’t stay small forever. If you are planning on making a major step into expanding your business, you must consider user security functions. Depending on your specified users, you have to sort out who can see and do which information. This key factor is far beyond just read-and-write security. You might also want to consider role-based security if you have a wider array of people using the accounting software. If not overseen, unauthorized users might have access to crucial information, which they can divulge for their own profit or to ruin your business processes.
Although various accounting software packages appear to have the same features, you must choose the most suitable one for your business. You also have to write down the core functionalities you need to run a smooth operation in your small business. Whether you want to raise your purchase orders, stock raw materials, or manage on-hand and incoming products, the accounting software you choose must have these features. For example, you must be keen on finding an accounting software option with features such as expense tracking, inventory tracking, invoicing, payroll, and double-entry accounting.
You must also know the industry in which your business operates. That way, you can accomplish the industry-specific requirements to keep your business operations running smoothly. For example, you might need accounting software integrated with e-commerce software if running an e-commerce business.
The features of an accounting software option may differ from that of others. Hence, you must see through the perks and advantages of the accounting software package you consider purchasing. For example, while others have unlimited invoices and financial reports, some offer less for a lower price. Furthermore, you will know what business accounting software best suits your business. Finally, considering the benefits of the accounting software you chose will make each accounting task easily executed, giving your business operations the upper hand.
Above all, you should determine if the accounting software is easy to use and navigate through. By doing that, accounting transactions will only be a matter of a few moments, making it time-saving and more efficient for your accountants. Some of the lists of accounting software have a more technical touch than others.
You can try out the demo version of the accounting software you have picked and see if you are getting the processes just right before buying the software package.
As a small business owner, you have a wide selection of accounting software options in this innovative, high-technology era. After determining what your business needs, you will know which software package to go for. Here are some of the accounting software you would want to consider buying.
Quickbooks Pro is a modern accounting solution that caters to small and mid-sized customers. Its features include an easy-to-use interface, track income and expense, maximize tax deductions, manage and pay bills, and more. The price range for the monthly license fee starts from $12.50 to $90.
Sage 50cloud is an accounting software installed in the cloud. Sage 50cloud makes all the data files safe and accessible on the cloud at all times. Along with Sage 50cloud hosting services, all authorized users can simultaneously work on the same file and collaborate with accountants to get tasks done more efficiently. Here are the prices of each accounting software package:
Wave Accounting is a seamless accounting software integrated with payroll, invoicing, inventory tracking, payment processing, and receipt scanning. Aside from Wave providing free financial services to small businesses, Wave also delivers the best free accounting software and services to freelancers.
The takeaway of this article is to guide you through choosing the best small business accounting software. There is no need to rush in buying accounting software, especially when you are yet to finalize your business processes. Accounting systems such as Quickbooks, Sage, and Wave may seem to look alike in terms of operations, but their functionalities differ from one to another. If you need expert bookkeeping assistance, you can contact Unloop and get started today!
QuickBooks Online (QBO) and Xero—these two accounting applications dominate the business world because of their convenient accounting features. Get one of them instead of hiring an accountant, and you will save a lot of money, especially if you own a small business.
QuickBooks and Xero have so many things to offer, and they can really make a difference in bookkeeping. However, you only have to select one between QBO and Xero.
This article will provide you a better understanding of Xero accounting vs. QuickBooks Online. Moreover, you will see their differences and if one of them suits your business needs.
Gather your team and familiarize yourselves with the valuable services QBO and Xero have to offer!
Accounting is the systematic and detailed documentation of financial information for the reference of stakeholders and shareholders. Its primary goal is to keep and report the cash flows, financial transactions, and performance of a business or organization.
The latest financial records and historical data that accounting generates help business owners and financial experts assess the performance of your business. Accounting allows the management to decide on expansion measures or improve operational performance depending on the recorded data.
Accounting also aids external users such as creditors and investors in decision-making. Through accounting, creditors can analyze the risk of lending resources to a business. Meanwhile, investors can foresee the outcomes when they buy shares.
Proper accounting guarantees accurate documentation of assets and liabilities for legal purposes. The US IRS is a tax authority that utilizes standard accounting statements to evaluate the reported net income and gross revenue of a business. Thus, you must accurately compute your taxes. Fortunately, accounting applications are available for faster and more accurate tax computation and bookkeeping.
Accounting applications can generate three key statements from your financial records.
Intuit Inc. is an American company known for its financial software such as TurboTax, Mint, and QuickBooks. It launched QuickBooks in 2002. After three years, QuickBooks became a popular accounting software in the United States, holding a 74% share in the market.
Like any product, QuickBooks has had glitches before. Fortunately, the talented accountants, programmers, and developers behind this software dedicated their time and talent to fixing all the earlier versions of QuickBooks. To this day, these professionals keep QuickBooks improving.
Intuit unveiled QBO from the offline version and gave it a major optimization in 2013. With QBO, a user can now upload financial records from the desktop version for faster and round-the-clock accessibility. In 2019, QBO reached a whopping 4.5 million subscribers worldwide.
QBO provides flexibility, scalability, and functionality. It is also customizable to suit your accounting needs. With QBO, you can perform double-entry accounting, which allows you to have sophisticated record-keeping and comprehensive report generation.
You can integrate QBO into hundreds of third-party applications, making information sharing easier. QuickBooks is also very popular, and many business owners and financial experts are using it. It means that you can consult a large pool of experts and online resources if you need help. Furthermore, invoicing, billing, and purchasing are easier with QuickBooks.
You can subscribe to QBO at a regular price of $25 per month, and you can upgrade the subscription depending on your needs. However, every plan has its limitations, and you will have to spend some time learning more about QBO.
The package features can also help you decide if you will subscribe to QBO. The basic package, Simple Start, allows one user and two accounting firms. However, as your business grows, you can upgrade your subscription to cover a wider scope of your business needs.
You may choose to upgrade to the following packages:
|QuickBooks Plan||Price per Month||Number of Users Allowed|
|Essential||$50||Three users and two accounting firms|
|Plus||$80||Five users and two accounting firms|
|Advanced||$180||25 users and three accounting firms|
Simple Start, Essentials, and Plus allow a maximum of 250 financial accounts while the Advanced has unlimited. You can easily share your financial records on QBO with your accountants via email at no additional charge.
QBO is user-friendly. However, you still need to allot some time to familiarize yourself with the software and its functionality.
The general navigation on the left side of the software is collapsible. It contains the setup and connection to your bank and credit card accounts. QBO connects to your bank accounts and automatically downloads and sorts different transactions for you once you provide your bank details.
On the right side is a gear icon that leads you to the settings and chart of accounts. The search parameter, meanwhile, allows you to find existing transactions. Below the search bar, you can see the most recent ones you created. It also has a quick Create button that gives you the list of all transactions you can create with QBO.
When you go to the homepage of the application, you will see a dashboard that gives you a quick analysis of your income, expenses, bank balances, profit and loss, and sales.
Xero is a New Zealand-based company and one of the fastest-growing software in the market. A two-time holder of the title “World's Most Innovative Growth Company” by Forbes, Xero is popular cloud-based accounting software for start-up businesses, with over 2.7 million subscribers worldwide.
Xero intends to make accounting simple for small businesses and conserve time. Like QuickBooks, Xero omits the need to manually enter financial data for different bank transactions. Instead, the software allows you to easily create invoices and pay bills in just a few clicks.
With its customizable dashboard, you can upload snapshots of modules you want to access right away. The dashboard also permits you to have a bird's eye view of all its accounting functions.
Xero, however, does not offer live phone support.
Xero allows unlimited users in all of its packages and has inventory management. When using Xero, you can include your accountant as a user and designate the permissions you want them to have. We suggest that you assign the accountant with Advisor permission to allow access to advanced accounting tools.
You can also generate full reporting no matter what subscription you paid for. It also has automated bill and receipt documentation and allows double-entry accounting.
Offering a bottomless space for accounts is a major advantage of Xero against its competitors. However, its entry-level plan ($11 per month) is limited in terms of billing and invoicing, and it only allows a maximum of 699 accounts to keep the pages loading without interruption. When the accounts exceed 999, you have to add data manually.
You can have a 30-day trial with Xero to see if this accounting tool is the one for your business. As your business grows, you can upgrade your plan from Early to Growing and Established for $32 and $62 per month, respectively.
The software is intuitive, but if you need help navigating it, you can find online courses on Xero’s website.
When you go to the application, you can see the Bills You Need to Pay and Pay sections on the right side, and you can either show or hide different modules. Meanwhile, you can add bank details and design invoices under the Sales module and record purchases and manage checks under the Accounts section.
You can also easily manage payroll with Xero. All you have to do is to provide your company information and your payout schedule. Then, enter all your employees' information and set up your tax requirements. Finally, select the account you will use to pay your employees. From there, you can manage your payroll using timesheets and scheduled payroll runs.
Generating financial reports is also easy on Xero. You can do it by going to Reports at the top of the menu, and then you can choose from several options. For example, by selecting All Reports, you can have quick access to all the different kinds of reports you may want to generate. You can also get business performance and balance sheet reports.
Now that you have an overview of QBO and Xero features, you must decide which one dominates each criterion for the best accounting application.
Comparing the pricing of Xero vs. QuickBooks Online, Xero is way cheaper than QBO, considering the unlimited users Xero can accommodate.
QBO is the dominant one in terms of invoicing because it can support unlimited invoice generation. In contrast, Xero allows only 20 invoices.
Reports are critical, and QBO bested Xero when it comes to the generation of complex reports. QBO also offers more detailed reports as you upgrade your subscription.
QBO is more popular with over 5.1 million users today compared to the 2.7 million subscribers Xero has.
QBO and Xero are tied when it comes to the user interface. Both applications are easy to use, and users can easily see results from the dashboard.
Bank reconciliation is an important aspect of an accounting tool. Both QBO and Xero have an easy process when connecting to banks without compromising the security of their clients.
QBO remains superior when it comes to claiming expenses, transaction tracking tags, customer service, mileage, and time tracking compared to Xero. QBO permits users to claim expenses across all of its subscriptions. Meanwhile, Xero offers that feature on its highest-tier package. Xero also allows users to generate two active tracking categories. In contrast, QBO allows 40.
Xero proves to be better in fixed asset and inventory management than QBO. The fixed asset management feature is available in all plans of Xero. Meanwhile, QBO encourages its users to download a third-party add-on or set up an asset account manually.
Moreover, the inventory management feature of QBO is available only on its high-tier plan. In contrast, Xero makes it available to all of its plans.
Xero is good, and you can give it a try if you want. Aside from offering a 30-day trial, Xero offers more budget-friendly plans compared to QBO. Its functions are also almost the same as other accounting software. However, Xero has limitations that QBO overcomes.
Your vision as a business owner is to expand your business and build a better future and help your community by creating more jobs. If that is your goal, the only choice is to select the best, QuickBooks Online, vs. Xero.
Based on the information we have about Xero and QBO, the latter dominates most criteria and can still dominate the areas where Xero has the edge through optimization. Though QBO is more expensive than Xero, it guarantees you satisfaction and easier accounting.
Accurate financial reports are why you need accounting software, and QBO has proven to be the leading accounting tool for generating complex reports. You have no reason to settle for less if you have big dreams for your business.
QBO will never be a popular accounting tool among business owners and financial experts if it does not satisfy their business needs. You can also easily find QBO experts to help you along the way.
If you are still looking for the best accounting tool, choose QBO. Alternatively, you can work with accounting experts who use it, such as Unloop. QuickBooks is part of the financial stack we set up for our clients.
Contact us today at 877-421-7270 to learn more about our accounting and bookkeeping services.
What is A2X? It is an application that automates precise eCommerce accounting for many online retailers around the world. A2X guarantees that your financial data are accurate in whatever marketplace you’re operating, like Amazon, Shopify, Etsy, eBay, or Walmart.
A2X was designed according to the standard and practices of leading eCommerce financial experts. This third-party application promises accuracy, and its developers believe that every business should experience stress-free accounting. A2X accommodates small retailers, major market players, and anyone who deals with cash flow.
There are many reasons why you need to choose A2X for Amazon accounting. Being used and highly recommended by the most trusted accountants, A2X is proven to solve bookkeeping issues. Aside from that, there are many factors why A2X is ahead of its competitors. Let’s take a look at some of them:
A2X is a very straightforward application, and you can use it with ease. Intuit, the developer of Quickbooks, approves A2X as an integration application for Amazon marketplace and Quickbooks Online account.
For you to be able to integrate Amazon to QBO, you have to visit QuickBooks App Store. When you are already on the site, search for the keyword “Amazon.” Then, a list of integration applications will be available. A2X is part of that list—click on it and learn more about the application.
After selecting A2X, take in all the information provided because these will give you an overview of the application. Then, if you are satisfied with its capabilities and it certainly fits your business needs, click the “Learn More” button on the upper right side of the page. You will be redirected to the A2X web page.
Once you are on the A2X landing page, you can select a role on the upper part, whether you are an eCommerce seller or accountant. After you choose a role, click “Try A2X for free.” It will lead you to another page where you have to select if you are using Google, Intuit for QBO, or Xero for your accounting software.
After you choose the account you are using, provide login credentials for validation. Once verified, you can create your A2X account by providing your name, contact number, role, and business name. Finally, once you've successfully completed this step, you are now good to integrate your Amazon account and QBO. A good integration allows you to map all your data from QBO to A2X.
With A2X, you can also do automation and other commands to generate financial reports that give you comprehensive data about your business status.
Accounting is not easy, and it is even more complicated when you have a business. If you are not a pro in bookkeeping, you can always connect your Amazon account to QBO. And if you are an accountant, using QBO makes your accounting process easier. There’s more, with A2X, you can easily manage your Amazon business by integrating it to QBO.
Integrate QBO and Amazon now using A2X and say hi to better and easier business accounting.
These days, we’re seeing a lot of software offering different business solutions that make entrepreneurs’ lives easier. Nonetheless, it is still best to research first about the product and check reviews to ensure that you are signing up for the right service. It would also help if you considered many factors such as your business priorities, budget, and the different features the software offers.
This article will tackle two of the most talked-about accounting software in business, Peachtree—also known as Sage 50cloud—and Quickbooks. Naturally, these two must be on top of your choices, so let us help you decide by showing you a Peachtree VS Quickbooks comparison and weighing which of them is the best.
You’ll enjoy these four key services in both Quickbooks and Sage Peachtree.
Make sense of all the details your bookkeeper has logged in and generate reports of your business income and expenses through Quickbooks and Peachtree accounting. You can rely on both software to store and create accurate reports quicker compared to manual accounting. Softwares and apps make the task very simple and less complex, there are certain other apps available like photeeq, freshbooks, zoho books.. If you have important documents in another software, you can integrate them easily to Quickbooks or Peachtree as both software are integration-abled. As a result, there is no need to open several books and excel sheets to check data because everything you need is in one place. In addition, you can access real-time business data remotely and generate reports from the latest numbers.
Cloud-based technology is developers' way to secure data. Before, you 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.
Through cloud-based accounting, the manager of the company has control over who can access business information. In most cases, the company bookkeeper, accountant, and finance teams are the only people granted access. Then, you can customize this command to the software. All of you will see the same information no matter where you access Quickbooks or Peachtree.
There are plenty of benefits you can reap with accurate time tracking and project management. Among them are the following:
A business owner like you must look for these convenient features in an accounting software—both Peachtree and Quickbooks offer them.
Everything these days is automated, so if you bump into software that does not offer the automation expectations you have, just strike it off your list. When it comes to receiving and sending payments, generating invoices, storing receipts, and sorting all these transactions into categories for accounting, both Quickbooks and Peachtree accounting software got you covered.
So, get ready to link your payment, receiving accounts, your bank account, and credit card to Peachtree and Quickbooks so the software can track all direct deposits and spendings right away. Wherever you are, when you receive notification of payment or request to pay, you can process them instantly as long as there is the internet.
On the other hand, here are the four key differences that may decide whether you’ll choose either Peachtree or Quickbooks. Let’s take a look!
A prime difference between the two is bookkeeping services. Quickbooks has a team of expert bookkeepers clients can consult with at least two times a week to check how their business is sailing. Also, once you sign up for Quickbooks, backtracking the current year’s expenses and income becomes a breeze as these are considered top priorities. This step is done to ensure that you’ll have a clean annual review of your business by the end of the year. It also helps in tax paying. This function, however, is not offered by Sage, although you can track income and expenses the moment you use the software.
Sage focuses on small and medium enterprises, while Quickbooks provides bookkeeping and accounting assistance to freelancers. Just like the services regular businesses get, a freelancer can also track income and expenses through Quickbooks. As a freelancer, you still have tax responsibilities, and monitoring the money that comes in and out of your business in detail will help you comply with the tax laws and payments easily. You do not need to hire seasonal accountants who compute the tax for you, as Quickbooks already has that function.
Peachtree has a service focused on human resource (HR) management, which is essential once you've grown your business and already manage several employees. There are four main services you’ll get from Peachtree:
Aside from accounting, the software also takes into account human relationships and employee management. This function is especially helpful if you have a remote team that rarely sees one another. Through the HR features of the accounting software program, employees' and customers' engagement are assured—any inquiries and concerns are all taken care of.
Accounting and bookkeeping are needed in all business types and sizes. Aside from offering general assistance, Peachtree provides industry-specific accounting, especially for construction and real estate. This feature is a double-edged sword. Still, the focus on the niche may inhibit opening doors to the wide variety of businesses out there needing financial management, bookkeeping, and accounting assistance.
Quickbooks offers general bookkeeping and accounting services. Their services are for freelancers and small and medium businesses, but no specific industry is mentioned.
There you go! These are the similarities and differences of the two top-rated software for your bookkeeping and accounting needs. If we have to choose, we recommend that you use Quickbooks over Peachtree because of its complete offers and non-industry-specific assistance.
Quickbooks is also the software we use here at Unloop. We also use A2X and Hubdoc to ensure your business finances are handled properly and in full detail. If you are interested in a team that will handle all the accounting for you, feel free to send us a message. We’d love to hear from you!
Whenever you are out in the market searching for the best product, you must undergo a couple of steps to ensure that you’re making the right purchase. First thing, find out what people are saying about the product—look at the customer reviews on the product page, and expand your research even further by googling its pros and cons, watching how-to videos, and even following the brand on different social media platforms.
If you’re doing the same thing to search for the best accounting tool for your business, you are on the right page—a Xero VS Quickbooks Online article. We hope that after reading this, you can weigh the different advantages and disadvantages and decide, once and for all, which software is best for your business.
Let’s begin checking the main services you will get when you sign up for Quickbooks accounting software.
First among the services you will enjoy with Quickbooks is bookkeeping. When you sign up, you will be partnered with an expert bookkeeper who will help you backtrack all your income and expenses for the year. You just need to provide the right documents, and your business finances will be updated and ready for tax season.
Through these bookkeeping services, you can also ensure that all the transactions and the money coming in and out of your business are all tracked and categorized accordingly. Receipts and invoices will be kept in one place, and you'll have data readily available for reporting and data analysis.
Next is an accounting service, where you make sense of all the data you collected, put them into graphs, and prepare them for reporting. With Quickbooks, you can customize and get the following reports and more:
Because you have all the data stored in one software, you can run these reports instantly and as often as possible. As a result, you can make decisions and adjust game plans right away and based on data.
You can integrate to Quickbooks the time tracking software you are using so that you can easily generate your employees’ payroll. The highlight for the payroll services is that it also includes tax and sales tax calculation, filing, and payment by Quickbooks. Computation accuracy is assured, and Quickbooks even vows to pay $25,000 if there are any mistakes in tax computation. These steps are all possible because of software automation.
By the end of every cutoff, your company accountant would need to check the details. You just need to click the approve button for the payment to be sent to your employees.
The advantage of bank account connection is the convenience of tracking the money coming in and out of your account. The software will also automatically categorize these transactions. You can easily raise a red flag for unaccounted transactions.
Payments are made easier as the invoice you send to your customers already has “Pay Now” buttons, which makes the payment process convenient, cashless, and digital. You can also create and schedule recurring invoices, send them to your clients, and receive payments automatically.
Quickbooks is designed for freelancers and small businesses, but it adjusts as you grow your business. If you’re in the planning stages of building a business in the eCommerce world, you can integrate your inventory to Quickbooks from different platforms:
You can utilize multiple tools for your eCommerce business, but it would help if you integrate all these into a single software. In addition, doing so will organize your data and money and ensure convenience.
Moving on, let’s talk about the services being offered by Xero, the equally recognized software for accounting.
You can rely on Xero accounting to generate reports based on all the data you’ve stored in the system. The reports are all customizable, from the dragging and dropping of columns, formula creation to determining which area of your business you want to keep track of.
Whether you have weekly, monthly, quarterly, or yearly reviews, you can generate reports instantly with up-to-date information. All these reports are stored in the system as historical data, which you will find useful for case studies for your present decision-making. In addition, you can import and convert reports to PDF or spreadsheets documents.
Some bills and expenses are generated consistently, while some are paid only a few times or one time only. No matter what type of transactions you have, Xero has solutions for you.
All the money going out of your account will be tracked by the system and tagged as expenses.
Utilize the bank connections capability of Xero to receive and give out payments easily. You can also integrate the following payment methods:
The invoice you send will have a “Pay now” button, so your clients can send payment instantly. If you have regular customers, you can also schedule acquisition of payments via bank-to-bank transactions or direct debits to ensure all fees will not pass due dates. The charges you get will be tracked and categorized as income, while the payments you make will fall under expenses. Reporting will be made easier with data tracked right away.
Whether you have a business with in-house employees or remote workers, the project and time tracking features of Xero can be extremely helpful. You’ll see project progress and the work rendered by your employees. When payroll generation comes, it will be easy to create invoices and compute salaries based on the time rendered. You can also check the cost for each project and use all the data collected to foresee future spendings with the same project.
Since Xero allows integrations, you can use Trello project management software for projects and collaborations and integrate it with Xero.
Xero offers two data analytics versions Xero Analytics and Xero Analytics Plus. This accounting feature allows you to track your cash flow and check the financial status of your business because the data tracked are given sense through reports. If you upgrade to Analytics Plus, your decision-making will be made easier with AI simulations for specific financial decisions. Run your plans A-Z in the Xero Analytics plus first to see whether your venture will be profitable and to check what adjustments you need to make to work on your plans' weak spots proactively.
After seeing the two accounting software services, it’s now time to know when it is best to use Xero accounting software vs. Quickbooks and vice versa.
As of 2019, Quickbooks announced that they already have 4.5 million customers. Meanwhile, Xero only had 1.82 million subscribers in 2019, according to their website. These numbers show that Quickbooks is the more widely used and trusted accounting app.
Quickbooks is designed for freelancers and small businesses, but its reporting and data tracking capabilities adjust as your business grows. If you look into the four plans offered by Quickbooks, you will see the increase of data being tracked—enough to cover the increased needs of your bigger business.
You don't need to worry about tracking the miles you take for business-related trips, as the Quickbooks mileage app will do it for you. The best thing is that you can enjoy this service even with the software’s basic plan. Doing so will give you peace of mind when tax season and IRS audit comes.
Although both software has customer service available, Quickbooks has it better because of phone and online support availability. If you want 24/7 customer service, the Quickbooks Advanced Plan also offers this. Whereas Xero provides 24/7 online support, but none for mobile.
Proportionate to the growth of your business is the increase in the number of invoices you need to create. You can count on Quickbooks' unlimited invoice creation for this in any plan type you sign up for. It is unlike Xero’s limited invoice offers of 20 invoices for its Early Plan.
Claim expenses begin the moment you start your business, so you need to track them as soon as possible. It's a great thing Quickbooks offers claim expenses from the basic plan to the more advanced offers. Xero also provides claim expenses, but only under its Established plan.
As your business continues to grow, so should your Quickbooks plan. There are four plans you can choose from, and as the plan advances, so do its reporting and data tracking capabilities. For Xero, only a few services are added as the plan progresses.
In accounting, it is important to categorize all the data in the software, and with Quickbooks, you can create up to 40 categories. Your assets, liabilities, and equity can be broken down further into more classes to help you generate the reports you need.
The advantage of using cloud accounting software like Xero and Quickbooks is the ability to control who can access business financial data. If you need software that does not limit the number of users, Xero is the one for you with its Established plan allowing unlimited users for the software.
In the same way, Xero also allows more accounts than Quickbooks. If you manage many businesses, you can track all the accounts with a single software. You can make up to 699 accounts using Xero. In comparison, Quickbooks can only create up to 250 accounts.
Xero has more than 1,000 applications you can integrate into its system to keep all your financial data in one software. This is higher compared to Quickbooks, with only 650 integrations. Some of the applications you can integrate with Xero are Trello, Gusto Payroll, and other payment software.
Do you own properties or assets like land, buildings, factories, furniture, or equipment? Quickbooks or Xero can account for even these details in your business. However, Xero makes it more accessible to users under all accounting plans.
After giving you the details of what Xero and Quickbooks software offer and what features the two software are better at doing than the other, which one do you think suits your business best?
The answer depends on your current business needs and how you foresee your business growing.
Business needs: Consider the size of your business. Are you a freelancer, a startup, or a small business? Xero is software intended for bigger firms. As you can see, the software allows an unlimited number of users and creates more accounts. However, if you are a freelancer or a small business, Quickbooks offers much more efficient data tracking and reporting.
Growth of your business: Quickbooks' reporting and tracking capability are better when it comes to assisting a growing business. It offers even more features as you scale your plan from Simple Start to Advanced. Xero, too, makes its features accessible gradually from Early to Established plans, but the differences are not that much as compared to the increased services by Quickbooks.
Knowing which one is better depends on you and your business goals.
Here at Unloop, we particularly use Quickbooks because it is the most widely used software by accountants. It perfectly caters to our clients, who are mostly freelancers and are still starting with their business.
If you need assistance on your business accounting and are looking into using Quickbooks, we’d be glad to help. Skip the hassle of learning the ropes on your own with our team of financial experts. If you’d like to learn more about our accounting services, please feel free to call us at 877-421-7270. We’d be most happy to assist you.
You currently live the self-employed accounting life: you have professional freedom, schedule independence, remote workstation, and task variety. If you can manage all of your company's financial tasks on your own, kudos to your hardworking spirit!
Self-employed accounting does have amazing benefits, but it may not be the right choice for you in the long run. It can be risky, especially if you're growing a business on Amazon.
Amazon is a huge marketplace with a complex fee system. For a beginner, it might be hard to understand at first, and when the business is growing, the amount of accounting work can blow up. As a result, it will be difficult for a one-person operation to accomplish all of these tasks.
However, technology has now made it possible to acquire excellent accounting software for Amazon sellers. A couple of accounting applications are great to use for your Amazon business, but this article focuses on one of today's best tools. Read below to find out more about the awesome and helpful features of QuickBooks for Amazon sellers.
One of today’s most prominent software for small to medium-sized businesses, QuickBooks is an accounting management software that primarily helps in conducting accurate and efficient bookkeeping and accounting. Its functions include payroll, bill payment and management, financial report generation, tax preparation, and other business-related financial transactions.
Here are seven QuickBooks features that can be handy for Amazon accounting.
QuickBooks' inventory feature allows you to quickly and accurately track every single item you buy or sell. You get a real-time update and access on the following:
Additionally, you can import or sync data from your Excel sheets with Shopify, Amazon, or Etsy.
QuickBooks allows you to keep sales and tax records in sync regardless of the payment method. Once you input a sales tax into an invoice, the software automatically takes care of the rate calculation.
In addition, the software applies an accurate rate to your transactions in consideration of the tax differences by state, product category, and sale location. Lastly, you can generate a Sales Tax Liability Report to keep an organized tracking of taxable and nontaxable sales.
With QuickBooks, calculation, filing, and payment of federal and state payroll taxes are effortless and automated. You only need to conduct the required initial setup, and then the automated operation is all good to go.
When you need to work on something significant, you will receive quick notifications. Additionally, the software features the Tax Penalty Protection, which helps you avoid filing errors and tax penalty fees.
Amazon is already a challenging marketplace for your accounting system. What if you also need to track product listings, orders, and other related data across multiple platforms?
QuickBooks has your back with its multichannel commerce feature!
The software lets you track omnichannel inventory and fulfillment in one place, which helps in accounting for Amazon FBA sellers. Thanks to Amazon Seller Central–QuickBooks integration, you can rest assured that expanding your e-commerce platforms won't give you an accounting headache.
Amazon accounting is a complex system, so you have to manage user permission properly and ensure that the right people have access to essential data. With QuickBooks, you can customize user roles in your team for up to 25 members.
In addition, specific access levels protect sensitive information and only share them with appropriate users. This feature saves you time figuring out who to give access to particular documents, offers data security, and provides seamless collaboration among team members.
QuickBooks gives you one place to store your business payments for managing the cash flow. You can do business banking using a Cash account and forecast cash flow 30–90 days ahead of planning.
Additionally, the software ensures consistent and on-time payments. You can pay directly in QuickBooks via bank transfer, debit card, or credit card for deferring payments.
With this QuickBooks feature, you can track your projects and analyze their profitability. You get access to easily understandable reports and dashboards showing real-time tracking of labor costs, income, expenses, and insights. As a result, it helps you find a way to control costs, know which projects to put more effort into, and maximize the profitability of your business.
Here's more good news for Amazon sellers: seamless accounting is now possible with the integration of QuickBooks and Amazon! Take some weight off your shoulders with the powerful features this integration offers.
Through this incredible integration, you can see your business's growing accounting work as an opportunity rather than a difficult challenge. You don’t need to worry about handling larger amounts of work—these features will make the job easier for you and your accountant.
As an Amazon seller, you must understand that managing your finances isn't a brief, occasional task. Rather, it's ongoing work that runs throughout the whole year.
The only way to determine whether your business is making a profit or not is through monitoring sales, assets, expenses, and other financial aspects of your business. Tracking and analyzing these numbers can get complicated over time, so why not use QuickBooks to assist you with Amazon accounting?
Our bookkeeping services here at Unloop include QuickBooks integration. Upon your subscription, we will integrate QuickBooks, Hubdoc, and A2X to complete your books. If you want to know more about what we can do to help grow your business, contact us. Tell us about your business, and we’ll draw up a plan to automate your e-commerce bookkeeping.
Intuit Inc. is a US-based financial software company. It is responsible for the development of QuickBooks, which remains one of the most popular software used by business owners and accountants. QuickBooks is easier to use compared to other accounting software and has lots of features that fit your business needs.
With the launching of QuickBooks Online (QBO) and powered by its major optimization in 2013, QBO has gained more subscribers and reached 4.5 million users around the globe as of 2019. Having QBO makes your Amazon Seller account or Amazon Business integration possible for easier bookkeeping and faster generation of your financial reports.
Keep reading to find out how to integrate QBO into Amazon.
A settlement statement is an essential document that contains the terms and conditions of a business settlement. One of the challenges a merchant faces on Amazon is the accurate recording of sales. Amazon’s settlement statement contains many variables like income, refunds, debt, guarantee claims, disputes, adjustments, reserves, carryovers, and sales taxes.
Luckily, QuickBooks is capable of storing all this information. You can use QuickBooks offline and online. If you are using QuickBooks Desktop, remember that you can migrate it to QBO if you are planning to integrate QBO and Amazon.
You need to consider some factors for the integration. First, you need to know if you are capable of mapping all of the income, deductions, and fees you want to utilize in QBO. Second, find out if your integration is compatible with multiple seller accounts. These factors are vital so that you can see where your money is coming in, where it’s heading, and if you are profitable.
You only need to follow a few simple steps for Quickbooks Online Amazon integration.
Visiting apps.com, a website created by Intuit, is the first. Then, you have to type in the keyword “Amazon” on the search bar located on the upper right side of the site. Once you validate the keyword by pressing ENTER, the site will show you the list of applications approved by Intuit for the integration.
Select the application that you desire, and there you have it! All you have to do is to fill out the necessary information to initiate the integration.
Intuit has approved several applications for Quickbooks Amazon integration. You may review and evaluate each application if its features are the right fit for your business needs.
Here are the things that will help you select the right application to help you in your evaluation.
If you want to save more time, Amazon experts highly recommend A2X for integration. This application also supports QuickBooks Amazon Seller integration.
How does A2X work? It connects directly to your Amazon platform and detects every transaction that takes place. It also downloads transactional information and analyzes various data types, be they taxes, sales, refunds, reserves, sales, and gift cards that constitute a bank deposit.
A2X eliminates manual data entry, and it has superb features.
Integrating QBO into your Amazon Seller account makes bookkeeping easier and faster. Moreover, this integration can help avoid some errors that could slow or shut down your business.
If you are interested in learning more about QuickBooks, feel free to reach out! QuickBooks is one of our recommended financial software for Amazon sellers, so we can answer your questions about it.
Suppose you are a Toronto business that opens up an eCommerce store. You realized how exciting the opportunity is: putting up your products in a potentially lucrative space, making them available 24/7 and accessible to customers worldwide. Ecommerce marketing is already a significant part of effective branding strategies, so you wanted to build and grow a strong online presence.
Building an eCommerce store doesn't come for free. You need to shell out a fee in return for something profitable. From purchasing domain names to dealing with bookkeeping duties, you will need to prepare a solid financial system to work these things out. Once your store gets launched online, you need efficient bookkeeping solutions to manage your finances. Ensuring your expenses are tracked, recorded, and sufficient is one of the fundamentals of bookkeeping.
Bookkeeping is a significant task. However, it also takes up a lot of your time, so you might not have enough room for other aspects of your eCommerce business. What's worse, you might overlook other matters that can massively affect your business. So, before things get out of hand, we recommend hiring bookkeeping services. Unloop will walk you through eCommerce bookkeeping essentials and how our services can be of great help—whether you're doing bookkeeping in Toronto, bookkeeping in Canada, or bookkeeping in the U.S.
With eCommerce bookkeeping, you usually have a computer screen to view and work on all financial data. It might seem easier since you have everything stored in one device, but that is only possible if you handle bookkeeping correctly. Here's an overview of things you should focus on in eCommerce bookkeeping.
Managing inventory is necessary to find out your online store's sales. Installing a tracker in your eCommerce platform makes this job easy, but it gets complicated once you start selling in multiple online marketplaces like Amazon. In addition, the tracker from your eCommerce website won't include external sales records.
Foreign currencies are a challenge to an eCommerce business. While platforms make international selling and shipping easy, they are complicated to work on books. The difference in conversion rates such as gross sales, merchant fees, and other related factors can cause an error in account reconciliation. You need accurate information on the conversation rate your platform uses in converting currencies to reconcile foreign sales successfully.
Miscellaneous fees aren't easy to track. Ecommerce platforms have different fee structures, so some are manually manageable while others are more accessible with automation. Usually, you would be charged a monthly fee for the listing, transactions, advertising, fulfillment, and more. However, some platforms don't provide a detailed breakdown of these costs, so planning your budget can be difficult.
A product return is an inevitable part of eCommerce, so you need an excellent strategy to reduce its negative impact on your accounting procedures. Returns prompt required adjustments to the inventory, which mess up your books. You must have an agreeable return policy that ensures returns are recorded, verified, and processed well.
Data entry is extremely time-consuming, and the amount of information you need to record manually grows when your business does. Items like seller fees, shipping fees, and local sales taxes can be overwhelming and vulnerable to errors. Using an automated accounting software or outsourcing to a bookkeeping team makes things a lot easier for you.
We understand the challenges you face with eCommerce bookkeeping. Technology isn't always quick and easy to learn, but you want to minimize bookkeeping mistakes and not waste too much time learning the fundamentals. With Unloop's bookkeeping services, you can operate eCommerce accounting smoothly and steadily.
Unloop is as invested in the business as you do. We handle bookkeeping and income sales taxes efficiently in collaboration with partner accounting firms. We ensure that your small business is growing and let you know how you can develop it further.
We are committed to helping you grow your business, which is reflected in our provision of financial reports. We make sure that you are receiving consistent and accurate financial statements to minimize the risks of data error and incorrect sources of financial information.
As your business partner, we understand the need for affordable and high-quality bookkeeping services. If you're a small business bookkeeping in Toronto, there's no need to worry about having a tight budget. Unloop is dedicated to providing low-cost bookkeeping services with a high value.
Our team is highly skilled when it comes to the latest and most efficient bookkeeping and accounting software. We use top-performing tools to complete your books: Quickbooks, A2X, and Hubdoc are fantastic inclusions from Unloop's bookkeeping plan!
Adapting to a world where everyone does most things online, Unloop offers remote services and 24/7 customer support. With this setup, you can save costs with remote outsourcing, stay safe amidst the pandemic, and acquire efficient bookkeeping services in Toronto. We also work with businesses located in other parts of Canada and the U.S.
Ecommerce is a big game-changer in the business world. Retailers can save costs for physical location and workforce because of technology's capabilities. But as good as it gets, there are always challenges to face. Financial management is one of these, so you need an experienced team to rely on bookkeeping and accounting duties.
Looking for a bookkeeping team is made easy with an online search. Without leaving your couch, you can search using relevant terms, such as bookkeeping services Toronto or small business bookkeeping services Toronto. You might find many options, but many don't always equal good news. You need to review each company to see which meets your needs. If you think Unloop matches the ideal bookkeeper you would like to work with, consider trying out our services for one month, which is free! Get to know more about our team's capabilities in helping you grow your eCommerce business.
Save business time with the powerful combination of the largest eCommerce retailer and best accounting software in the world! Last year, there's news about Amazon Business and Quickbooks integration to provide seamless accounting solutions for small businesses. From purchase details to cost breakdowns for every transaction, the Amazon Quickbooks integration eliminates the time-consuming manual tasks and makes bookkeeping and accounting easier and more efficient.
If you're a business owner, this integration will help you to track and organize expenses at any time of the day. In addition, it will give you more time to work on other business aspects. Since the calculations provided are more straightforward than before, you can estimate profitability easily. If you're an accountant, these tools will help you manage and analyze financial data better.
So, are you ready to get started with Quickbooks and Amazon Seller integration? Here's a quick guide on the basic requirements and benefits of using the tools.
Before you link Amazon to Quickbooks, there are a few essential points you have to know. These points will determine if you are ready to get started or if there are some adjustments you still need to make to acquire eligibility for this service.
This integration is primarily available for sellers with an Amazon Business account—you need to use the Amazon Business Purchases app to connect with Quickbooks. The good thing is, signing up for an Amazon Business Account is free! Additionally, there are no sign-up or annual fees to pay for unless you opt for Business Prime Shipping.
Some software allows seller accounts to link with Quickbooks. Still, the personal purchase records you have with a seller account could mix up your documents on business expenses. Therefore, starting with an Amazon Business Account is better because it focuses solely on business purchases.
If you already have a Business account, the next thing you need is to log in to your Quickbooks account with a company admin or primary admin access level. From there, here are the procedures you need to start connecting the two:
Now you know how to get started with Quickbooks online and Amazon integration. In that case, let's proceed with the ways they can help make bookkeeping and accounting easy for your team.
Amazon Quickbooks is the optimum inventory management tool you can use today. You only need to provide a master list of inventory and sync your products to all your Amazon warehouses and sales channels. Once you complete these processes, Quickbooks will automatically notify you if your inventory needs adjustments for the following:
Quickbooks' cloud-based technology makes it easy for you to store data securely and have it readily available for your access anytime and on any device! For example, suppose you are on a vacation or business trip and suddenly need access to your transactions. In that case, a simple login is all you need to get full access to the data.
One of the best things about Amazon is its international scale, which helps sellers reach a larger customer base. Still, it can get complicated to handle, especially for small businesses bookkeeping and accounting. But with the integration of Amazon and Quickbooks, it will be a lot easier for your team to work on transactions from multiple currencies. Additionally, the tool automatically adjusts your reports to implement changes, accounts exchange rates, and allows real-time tracking of expenses.
Fast and easy accounting are the top advantages of Amazon and Quickbooks—the primary reasons why businesses need to incorporate them in their systems. They automatically record, track, and calculate transactions. So whether it's a sales tax, sale, refund, order, import, or reconciliation, you can rely on these tools to make accurate and real-time updates. Additionally, the reports are made simple to understand the cash flow and make relevant business decisions.
Amazon and Quickbooks are an incredible collaboration of tools businesses can use to leverage marketing to a global base and handle accounting tasks fast, easily, and efficiently. A growing customer market and accounting work can be too much to take. Save yourself from all the chaos with this smart integration; these tools will solve that problem and bring your productivity to another level.
Quickbooks is part of Unloop's bookkeeping services. If you choose us as your business partner, we will purchase Quickbooks, Hubdoc, and A2X to complete your books successfully. You can also try our services within a month for free to know more about what we are capable of in helping you grow your business.
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.