Shopify is the third-largest e-commerce platform in the United States and accounts for $319 billion of global economic activity.
Shopify provides small business owners with the infrastructure they need to run their online stores. But, Shopify is not a “marketplace facilitator”, meaning that, unlike eBay or Amazon, it does not need to collect or remit sales tax for sellers. As a US seller, it is your responsibility to remit sales tax to the state. Choosing the right accounting software for your Shopify business can aid a smoother tax filing process. We examine what Shopify integration with Xero will look like and how you can get further assistance.
How Xero Integration Shopify Can Help You
Xero Integrations with Shopify can help you in numerous ways. Xero allows you to import all of your financial data from Shopify with just a couple of quick clicks, thus ensuring that there are no data errors. From there, you can easily export that data to any accounting software or use it to create invoices that you can bill others with quickly.
When it comes to financial management, Xero fills in the spaces that Shopify doesn’t do. By moving your financial data over, you can easily create data analytics that can allow you to determine how much money you are making and what products are selling the best. You can also use the program to run tax calculations, send quotes to customers, and reconcile any bank transactions.
The greatest benefit is the fact that a Shopify/Xero integration saves you the time of having the sort transactions manually. It can thus also save you money in tax penalties, thanks to the fact that your records will be more accurate.
Shopify integration with Xero Functions
- Shopify comes with marketing tools, like creating logos, developing slogans, creating business cards, developing gift card templates, and even helping you come up with a business name.
- Shopify comes with internet research functions, like registering your new domain and looking up registration data for existing websites.
- Included in Shopify functions are back-end financial help, including creating invoices and managing paystubs.
- We are eCommerce accountants and we have found Xero to be one of the Best eCommerce Accounting Software options.
- Shopify is one of the leading eCommerce platforms right now, so we offer our clients Shopify accounting support.
Overcoming the Challenges Facing Many Businesses
When it comes to managing your small business, there are many challenges. Chief among them? Human error. Think about it. How many times have you missed a number in the order or transposed numbers, resulting in hours of lost time, or even worse, lost money and dissatisfied customers?
As a small business owner, the demands on your time and attention are nearly endless. That’s why getting reliable assistance is key to the financial management of your business. At Fusion CPA, we do accounting software integration and bookkeeping cleanup when onboarding new clients. This ensures that your accounting processes are streamlined going forward.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.