The Best Accounting Software For Shopify

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SimplyCost Screenshot

SimplyCost

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SimplyCost is a Shopify app that allows business owners to add cost prices and profit tracking to their Shopify store. Profitability is calculated automatically and put into user-friendly report formats. Profit reports can be broken down by month, day, product type, vendor, order, and more. These reports allow you to get a better idea of the performance of a particular store or product. Automated Profit Calculation; Cost of Goods Sold (COGS) Calculation; Expense Tracking; and Reporting.
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Starting Price
$5/month
QuickBooks Online Screenshot

QuickBooks Online

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QuickBooks Online is the most popular financial software on the market. This cloud-based accounting solution enables tracking of sales and expenses, generating estimates, customer management, and seamless collaboration with external accountants.
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Starting Price
$30/month
Client OS
Web
Deployment
Cloud Hosted
Profiteer Screenshot

Profiteer

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Profiteer is a plugin that helps businesses manage cost prices of their Shopify stores. The inventory and cost prices are all stored within Profiteer. Track Profits and Sales Margins; Cost Price View; Automatic Currency Conversion; Sales Recording; and Cost of Goods Sold (COGS) Calculation. The Basic Plan starts at $15/month. A plan for large inventories is also available for $30/month. This plan is marketed towards merchants with over 25,000 SKUs. A free, 3-day trial is available.
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Starting Price
$15/month
Xero Screenshot

Xero

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A contender against QuickBooks Online, Xero is a popular solution for its user-friendly interface, affordability, and unlimited users per subscription. It’s a cloud-based, double-entry accounting software that offers bank reconciliation, financial reporting, and basic invoicing and billing.
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Starting Price
$13/month
Client OS
Web
Deployment
Cloud Hosted
Shopify POS Screenshot

Shopify POS

Shopify POS is an iPad application that lets you sell your Shopify store’s products in a physical, retail setting. It’s quick and easy: browse your store’s catalog, pick a customer’s products, swipe their credit card, and print their receipt or send it through email. Shopify Reports let you track customers, payments and sales made both online and in-store. See which products are selling, and which ones aren’t. Detailed analytics give you a better understanding of how your sales vary
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Starting Price
$29/month
Client OS
iOS, Android
Zoho CRM Screenshot

Zoho CRM

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Zoho CRM is a customer relationship management software catering to most business sizes and types. Key features include lead tracking, business intelligence, AI-powered predictions and recommendations, and sales performance analytics. It offers flexibility in customization and integration capabilities, along with a mobile app.
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Starting Price
$14/user/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
FreshBooks Screenshot

FreshBooks

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FreshBooks is well-recognized in the accounting world and stands as a competitor to QuickBooks Online. It’s a simple cloud accounting software that allows you to invoice clients, track expenses, and accept payments.
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Starting Price
$15/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
AccountEdge Screenshot

AccountEdge

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AccountEdge is a small business accounting software that helps business owners organize, process, and report on their financial information so they can focus on their business. Its feature set includes accounting, integrated payroll, sales and purchases, contact management, inventory tracking, time billing, and more. There are separate pricing plans for Mac and Windows users, though the monthly subscription for the first license is still $15. A 30-day free trial is available; no credit card is required.
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Starting Price
$15/month
Client OS
Windows, macOS
Deployment
On-Premises
ZapERP Screenshot

ZapERP

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ZapERP is Multi-channel inventory software with powerful stock management & order fulfillment. It control your inventory, manage orders, manage multiple warehouses. It also has features like Purchase, Sales, Barcode scanning, Packaging, Shipping.It Integrates with multiple e-commerce channels like Shopify, Amazon, WooCommerce, Accounting software like QuickBooks , Xero , and CRM Software like MailChimp. @youtube Powerful mobile app — on iOS and Android; Manage inventory across multiple channels,
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Starting Price
$9/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
Bizowie Cloud ERP Screenshot

Bizowie Cloud ERP

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Bizowie Cloud ERP is a comprehensive, cloud-based business management suite offering real-time insights, customizable reports, and KPIs to help businesses optimize their operations.
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Client OS
Web
Deployment
Cloud Hosted
Craftybase Screenshot
Craftybase is an inventory and bookkeeping solution for handmade sellers. This solution helps small businesses price their products, track expenses, and monitor product and material stocks. It is able to manage and track inventory of materials and finished products, offering real-time insights and detailed reporting capabilities. Craftybase provides integration with sales platforms and marketplaces like Etsy, Shopify, Amazon, and more.
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Starting Price
$39/month
Client OS
Web
Deployment
Cloud Hosted
Sage 50cloud Accounting Screenshot

Sage 50cloud Accounting

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Sage 50c is accounting software that includes functions such as accounts payable and receivable, general ledger reporting, and inventory management. Additionally, the solution offers features like sales tax reporting, automated W2s, and precise tax calculations for employee withholdings.
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Starting Price
$439/user/year
Client OS
Windows
Deployment
On-Premises
Versa Cloud ERP Screenshot

Versa Cloud ERP

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(4)
Versa Cloud ERP is an ERP software that simplifies operations across accounting, inventory, distribution, and manufacturing. Its capabilities span from purchase-to-pay and quote-to-cash processes, to document management, payroll, and advanced business analytics. The software incorporates B2B and B2C sales portals, project accounting, and customer relationship management (CRM) modules. It supports third-party integrations for payroll, sales tax, shipping, logistics, and eCommerce platforms.
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Starting Price
$630/client/month
Client OS
Web
Deployment
Cloud Hosted
A2X Screenshot

A2X

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(3)
A2X for Amazon is an automated accounting system for Amazon FBA sellers. A2X works with: QuickBooks ; Amazon; Shopify; and Xero to provide easy Amazon marketplace accounting.. A2X helps manage your sales, fees, cost of goods sold, and FBA inventory. It can automatically grab your Amazon settlement transactions and post them to your existing accounting system . Automatic import of Amazon settlements; Generates a summary of revenue, expenses, and other transactions; Summarize sales by SKU, product
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Starting Price
$19/month
Client OS
Web
Deployment
Cloud Hosted
Webgility Screenshot

Webgility

Webgility is a multichanel ecommerce software providing automated accounting and inventory management. Webgility is targeted towards retailers using QuickBooks and NetSuite , as well as Shopify, Amazon, and Magento. The accounting automation portion of Webgility provides hands-free data entry so you can automatically post, track, and sync all orders, expenses, fees, and shipping costs directly into your accounting software. You can also post purchase orders and invoices for larger retailers
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Starting Price
$79/month
Client OS
Windows, Web
Deployment
Cloud or On-Premises
Bench Screenshot

Bench

Bench is a subscription accounting service that connects organizational financial data with a team of professional bookkeepers. Typically used by small businesses with 10 or fewer employees. Bench accounting software tracks financials and partners with a team of bookkeepers to do the books. Every month, the Bench bookkeeping team turns data into tax-ready financial statements. This helps monitor business financial health, allows for the download of financial statements, and allows the ability to
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Client OS
iOS, Web
Deployment
Cloud Hosted
TaxCloud Screenshot

TaxCloud

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(3)
TaxCloud is a sales tax management & compliance for online retailers. TaxCloud provides the sales tax calculation for every address in the US, file returns & remit proceeds in all states, provides audit response and indemnification to clients. Both services include a free, state paid option and a fee based, merchant paid option. Sales tax calculation; Check-out via API or batch upload; Filing & remittance services; and Audit response and indemnification. TaxCloud has two pricing options
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Starting Price
$9/month
Client OS
Web
Deployment
Cloud Hosted
NetSuite ERP Screenshot

NetSuite ERP

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(25)
Oracle’s NetSuite is well-known in the ERP world for its customization and scalability. It’s a multi-tenant ERP software supporting finance, operations, sales, service, and HR needs.
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Starting Price
$99/user/month
Client OS
Web
Deployment
Cloud Hosted
Wave Screenshot

Wave

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The Wave app is a highly popular accounting solution among freelancers and small businesses. It’s a free cloud-hosted software that allows you to track income and expenses, perform bank reconciliation, capture and organize receipts, and create custom invoices.
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Client OS
iOS, Android, Web
Deployment
Cloud Hosted
ZipBooks Screenshot

ZipBooks

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(1)
ZipBooks is a simple accounting software that offers a completely free-to-use plan along with two paid monthly subscriptions. The solution lets users send professional invoices, accept payment via credit cards or Paypal, and handle automated billing. The paid plans manage bookkeeping with bank reconciliation, create reports, and monitor business performance. Other features include expense management, recurring invoices, project management, and custom report generation.
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Starting Price
$15/month
Client OS
Web
Deployment
Cloud Hosted

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Buyer’s Guide

Accounting Software for Shopify Audit

What is Accounting Software for Shopify?

Accounting software for Shopify store owners helps businesses manage the financial side of their eCommerce business. Linking an accounting solution with the Shopify platform allows you to manage cash flow, track sales taxes, invoice customers and manage your online inventory.

The most common ways small business owners manage their Shopify businesses are through standalone accounting systems or dedicated financial apps from the Shopify app store. Keeping financial data in Excel won’t cut it if you’re processing many orders every month. Whether you’re a brand new startup or a small business expanding to online sales, you need accounting tools capable of breaking down sales tax by state and tracking cost of goods sold (COGS) so you can focus on growing.

Shopify Basics

First, Shopify is an eCommerce platform which helps you:

  • Find and buy a domain name
  • Organize marketing campaigns
  • Promote products and services on social media (Facebook, Google)

Before you select an accounting software, you first need to look into whether Shopify is right for your business. The platform’s Basic Plan is available to retailers for $29 per month, though additional pricing plans with extra functionality are available for $79 and $299 per month. Shopify is accessible via desktop or through mobile apps for iOS and Android. Customer support is available 24/7 to provide assistance when necessary.

Want more options? Compare the Shopify platform to WooCommerce, Etsy, Wix, or Squarespace in our 2021 comparison guide for more information on eCommerce accounting software options.

Setting up Shopify exporting to Xero
Set up Shopify exporting to Xero with Xero Integration by Bold.

Features of Accounting Software for Shopify

Feature Description
Core Accounting Includes general ledger with accounts payable and receivable; expense tracking and revenue forecasting. View balance sheets detailing sales and profitability by item, customer, and date. Handle advanced features like bank reconciliation when necessary.
Payment Processing Accept payments directly from the Shopify eCommerce storefront. Payments can be made through Shopify or from a third-party payment provider like PayPal. Depending on the exact platform plan, credit cards, gift cards, and bank account transfers can be used.
Inventory Management Inventory levels are updated in real-time when a sale is made in your online store. Automatically send purchase orders to vendors when inventory levels are running low.
Sales Tax Manage sales tax rates by state for each sale to ensure compliance with local and federal rules.
Invoicing Create and send invoices for customizable products on your Shopify store.

Benefits of Accounting Software for Shopify

Accounting software for Shopify allows you to keep better track of your company’s finances and reduce time doing manual data entry by syncing eCommerce sales into one system and automating the reporting process. Some benefits of using accounting software for Shopify stores include:

Tracking Cost of Goods Sold (COGS)

Accounting software allows Shopify sellers to track the cost of goods sold or COGS. An accounting system automates the calculation of the gross profit of each item sold through a Shopify store. Expenses from materials, labor, fees, and other business overhead costs are all taken into consideration when calculating COGS. All of your sales data from Shopify will be exported to your accounting solution, so you can easily compare sales and costs without manual data entry. Being able to clearly see your gross profit will allow you to get better insights into profitability and business productivity.

Tracking COGS also helps with inventory management and forecasting sales. To start, unsold products in the inventory are counted as an asset. When an item is sold, the cost of the item is taken from the asset value and applied against the revenue from that particular sale. Manually inputting each sale can keep you from focusing on other elements of fulfillment. Fortunately, accounting software helps you determine the profit from the sale automatically by providing this inventory management.

Cost of Goods Sold Dashboard with the Profiteer App
Cost of Goods Sold Dashboard with the Profiteer App.

Improved Reporting Capabilities

Integrated accounting software for Shopify lets you run more detailed reports on financials, customers, inventory, vendors, employees, taxes, and more. These reports will give you a more detailed view of overall business performance than only using Shopify. Detailed templates allow you to customize the categorization of data you collect and how it is presented to you.

Shopify alone has limited reporting capabilities depending on the plan you purchased. For example, Shopify Lite only has an overview dashboard and finance reports for payments and taxes. Shopify Plus can create more detailed reports for finances, customer behavior, and marketing.

Additionally, automated business accounting software reduces the likelihood of human error when compiling reports on sales. If your small business can’t afford to have a dedicated employee or third-party auditor double-check all financial data, accounting software can provide peace of mind by preventing mistakes and offering tools for internal audits.

Best Accounting Software for Shopify Store Owners

Basic accounting software helps businesses manage financials to ensure profitability and long-term growth. More specific programs make it possible to expand to online sales with ease. While Shopify itself helps with order processing on the eCommerce side of your business, you need a dependable accounting system to manage cash flow. Third-party accounting software built for integration with a Shopify store also helps manage sales tax by location to ensure you’re paying the right amount of taxes wherever your sales occur.

Keep in mind these accounting solutions may require the use of additional software in order to import your Shopify sales data. Connector apps are available through Shopify directly or a third-party that allows you to sync data from Shopify to your accounting solution with the proper permissions.

Some popular accounting solutions for Shopify include:

1 QuickBooks Online

QuickBooks Online integration with Shopify allows order and refund data to be automatically imported into QuickBooks. Order data will also include sales tax data, allowing you to see how much sales tax was paid and still owed. QuickBooks will also record expenses including Shopify fees. When a sale is made in Shopify, item quantities are automatically updated in QuickBooks. This allows you to keep real-time records of on-hand inventory.

Price: QuickBooks Online starts at $15 per month for the Simple Start Plan. This plan includes income and expense management, receipt organization, invoicing, basic reporting, and sales and sales tax tracking. Other plans are available for time tracking, inventory management, and adding multiple users or freelancers.

QuickBooks Sync by Bold
QuickBooks Sync by Bold allows you to manage QuickBooks accounts, payment fees, tax settings, and more.

2 Xero

Xero is an online accounting software that is popular among small and growing businesses. Using a connector app, the sales orders from Shopify are automatically exported to Xero daily. You can also automate invoicing, record payments, and update customer contact information when a sale is made.

Price: Xero’s Early Plan starts at $9 per month and is marketed towards very small businesses. This plan allows you to send 5 invoices, enter 5 bills, and reconcile 20 bank transactions. Other plans are available for growing startups and established businesses.

3 Zoho Books

Integrating Zoho Books and Shopify allows you to pull order and customer information from Shopify into Zoho Books. eCommerce businesses can see order dates, order numbers, amount due, payment status, and shipping status.

Price: The Basic plan for Zoho Books starts at $9 per month for each organization and includes an initial 50 contacts (customers and vendors), one user and one bookkeeper, and five automated workflows. If you need to store more contacts or have more users, other plans are available.

Importing orders from Shopify to Zoho Books.
Importing orders from Shopify to Zoho Books.

Third-Party Connector Apps for Shopify Accounting Software

Connector apps are available that automate data transfer between two or more different systems. These applications are useful for accounting systems that don’t already integrate with Shopify. The system allows you to automatically pull data including products, payments, and taxes, so you don’t have to rely on manual data entry.

Some popular connector apps include:

1 Zapier

Zapier assists with connecting web apps and software with each other to improve workflows. Through Zapier, Shopify can be integrated with a variety of other solutions for accounting, time tracking, and more.

Price: A free version of Zapier is available for individuals and professionals just starting out. This version only allows integration between accounting systems like Wave, FreshBooks, and Zoho Books. Paid plans give you access to Premium apps including QuickBooks Online, Amazon Seller Central, Xero, and more. The paid plans start at $20 per month (when billed annually).

A video demonstration of how to use Zapier to sync data with Shopify

2 OneSaas

OpenSaas allows you to connect different solutions to manage basic accounting, billing and invoicing, eCommerce, CRM, inventory management, and more. With OneSaas, you can connect Shopify to accounting software like QuickBooks Online, Xero, Sage Accounting, FreshBooks, and Zoho.

Price: The basic, Business Starter Plan, starts at $19 per month (billed annually). This plan allows you to connect 2 apps and is marketed towards low volume and new businesses. More plans are available if you need to integrate more apps.

Shopify Apps for Accounting Services

Shopify has a number of accounting apps available on the Shopify App Store. Depending on the solution, these apps can track revenue and expenses, generate financial reports, and automate sales tax rate calculating. These apps are developed by third-parties specifically for use with Shopify.

Popular Shopify apps for financial management include:

1 Profiteer

Profiteer is a Shopify App developed by Resistor Software for managing COGS. Cost prices for each variant of your products can be stored within the system. You will then be able to see profit margins for every product in each order. Reports will show total eCommerce sales, total POS sales, and profit margins. The reports can also break down sales by the best selling products.

Price: Profiteer starts at $15 per month for the Basic Plan. Other plans are available for Shopify stores with a large inventory exceeding 25,000 SKUs. The large inventory plans start at $30 per month.

According to user reviews on the Shopify App store, Profiteer is great for measuring profitability. A common pain point among users of Profiteer is that set up can be time-consuming if you have many products and variants.

2 SimplyCost

SimplyCost is a Shopify accounting app from Zapfor Apps that allows business owners to add cost prices and track profits. SimplyCost automatically calculates sales profits and takes taxes, refunds, shipping, and other discounts into consideration. Performance reports can be run with SimplyCost. These reports show you the performance of each store as well as each product. The reports can be broken down by day, product type, vendor, sales channel, and more.

Price: SimplyCost is $4.99 per month. A 14-day free trial is available.

Users on the Shopify App store like SimplyCost for the profit and costs tracking functionality, as well as user-friendly reports. Some users noted that you can’t easily switch between different Shopify store sites, making it a hassle to manage multiple stores.

The SimplyCost Dashboard
The SimplyCost Dashboard shows a snapshot of your net sales, COGS, profits, and top products.