Shopify Accounting
Managing sales, inventory, fulfillment, and finances with software that improves inventory control while offering great Shopify accounting features is often an expensive and time-consuming endeavor. SOS Inventory easily overcomes both challenges with its affordable price point and quick implementation process.
Shopify offers a few inventory management features, but the financial aspect of the business is limited to calculating sales and tax. Any other cost tied to the product must be managed outside of Shopify. If you’re like most small business owners, you’re using QuickBooks Online for all your accounting and handling other inventory functions on spreadsheets. And so you’ve added the much-needed accounting component but still come up short on managing your inventory.
To tell the full story of costs, sales, overhead, etc. for a realistic picture of your business’ performance, SOS Inventory goes beyond what both Shopify and QuickBooks Online can do on their own individually. When each department of your business is operating independently, your inventory quantities and costs will vary in different workflow stages. If you are a manufacturer, distributor, wholesaler, or retailer, you can track every step your product takes from the time materials arrive at your door through delivery to your customer.
SOS Inventory adds greater transparency to your entire operation as it communicates bidirectionally with QuickBooks Online to align all costs, generate invoices, pay vendors, and generate reports. Within SOS Inventory, users can gain keen insights into any aspect of their inventory with detailed, customizable reports.
Primary Benefits of Using Software for Your Shopify Accounting Needs
Using software like SOS Inventory is highly advantageous for your Shopify accounting app needs since you’ll be able to avoid the common accounting mistakes that lead to inaccurate financials. Along with the added convenience, you’ll also benefit from:
- Avoiding tax letters and hefty fines
- Gaining a more informed understanding of your PO terms, repayment schedules, and inventory numbers
- Performing detailed forecasts of your company’s cash flow
- Making better decisions before taking out a loan or seeking investors
- Obtaining precise lifetime value and customer acquisition measurements
- Knowing which sales channels and products are providing you with the best revenues and profits
- Building a more profitable business
- Identifying potential issues before they turn into sizable problems that hurt total revenues
- Knowing profit numbers for every SKU and product
When you implement Shopify accounting software features, make sure that you view metrics and reports regularly. The main reports that you should read through include:
- Profit and loss statement – Allows you to view all expenses and revenues
- Cash flow forecast – Gives you the ability to model your company’s future cash flow
- Inventory forecast – Allows you to identify the products that are selling through quickly, which will tell you when it’s time to reorder
- Balance sheet – Gives you an in-depth view of your company’s total liabilities and assets
Inventory Management for Shopify
SOS Inventory integration with Shopify gives businesses greater backend control, saves labor costs, reduces waste, and helps businesses achieve that perfect balance between having enough inventory to meet demand without carrying more than can be sold. This equilibrium is key to profitability as most businesses spend most of their cash flow on inventory.
SOS Inventory will generate purchase orders as product is needed to fill orders and send that information up to QuickBooks Online for easy payment to vendors.
SOS Inventory will give you tracking capabilities not possible with Shopify or QuickBooks Online such as lot and serial number tracking to quickly trace forward and backward movement of product. From the time your business scans product or raw materials with a barcode scanner to enter details, the tracking begins and then follows each product through to the finished product stage, out the door and to your customer’s doorstep. You’ll know what costs you’ve accumulated at each workflow stage, how much inventory you have on hand in real-time, and have accurate data across every location whether in production, at a warehouse or in route to a distributor.
Some of SOS Inventory’s convenient Shopify accounting features include:
- Create partial invoices when only part of the order has been fulfilled.
- Process returns to vendors.
- Generate purchase orders to multiple vendors for one product.
- Create items receipts.
- Partial receiving
- Generate purchase orders based on reorder points.
- Handle sales tax
- Import sales orders and receipts.
- Process multiple currencies.
Keep your inventory up to date and Shopify accounting reports and records in order with the only cloud-based software that handles every aspect of your operations. All Shopify inventory management tasks are easier with SOS. Get started with SOS Inventory today for free.
