As a business owner, it can be quite difficult to manage your own venture without the help of an accountant.
While many business owners have no problem rolling out their business plan on a daily basis, not all of them are knowledgeable in the somewhat complicated process of accounting! It’s one thing to know about your profits and losses, but when it comes to tax computations, any owner may need a helping hand in figuring the particulars out. This is why an accountant is very important to have in a company—they are the ones who will handle all the numbers and the computations, all of which are a standard part of the business.
Luckily, there is such a thing as accounting software nowadays—a software that will handle all of the computations for you, the same way that actual accountants will most likely process them within an office. An accounting software has multiple functionalities that would assist you in every step of the way. Not to be outdone by other business apps or software, their functions do translate to real-world processes, going as far as bill payments and payroll.
“Is there any trustworthy accounting software that I should know of?”
Yes, there is.
For small businesses, Xero would be a perfect match for all your accounting needs. Originally based in New Zealand, it is a cloud-based ECommerce accounting software that would help you crunch the numbers in no time.
The term ‘cloud-based technically means that it is an always-online software, so there would be no need to panic if ever your computer were to experience any form of breakdown during a regular workday. All of your business computations are intact and backed up on the internet, and may be accessed again through another computer as long as you have the correct log-in details.
Now, aside from accounting software, we’re pretty sure that you’re currently using an ECommerce platform as well. If you aren’t, let us explain what an ECommerce platform is.
Basically, it is a website that enables you to sell your products or services online. Think of it as a portal—an online market where you may present all of the things that your business has to offer.
The thing about ECommerce platforms is that you can sell almost everything on them, be it plants, shoes, sports equipment, or even groceries. Now, when we say that “you can sell almost everything on them,” we mean to emphasise the word “almost” as well. ECommerce platforms also have to adhere to the rules, so illegal items (per Australian law) would not be allowed.
“Can I set up my accounting software with the ECommerce platform?”
Yes, that is definitely possible.
Various accounting software have different ways to sync with ECommerce platforms, but none of them are as easy as Xero, which you can readily connect to your Shopify account (once you decide to get one).
The Shopify and Xero setup process is all a part of the preliminary registration procedure. Once you sign up for Shopify, you will be asked to input your Xero log-in details as well! Just choose which specific company you’d want to link to Shopify, then click ‘Allow Access.’
And that’s it—you’re all set to go!
Unlike decades ago, you (as the owner of your small business) are now given all the necessary tools to further manage your venture from the point of view of an accountant. Even if you do not have any prior knowledge about the numbers, as long as you have a basic understanding of how they can affect your overall sales, you’re on your way to learning more about the ins and outs of your business. Both accounting software and ECommerce platforms made it easier for start-up companies to get a grasp of their market, and through them, managing a venture has never been easier.
If you want to get a deeper perspective into running your own business, we at The ECommerce Accountant would be more than happy to guide you. We are the best ECommerce accountants in the Gold Coast that can help you understand the basics of business accounting. Get in touch with us today to find out more about our services!