How To Use Xero Accounting Software For Your Ecommerce Business
- October 27, 2022
Managing an ecommerce business is not an easy task, particularly when you are just starting out. While trying to get your business model up and running, your site working as it should be and generating enough site traffic to make a profit, your business finances can easily go overlooked.
For a simple and efficient way to manage the finances of your ecommerce business, cloud-software, like Xero, comes in handy. Designed to keep track of all the numbers and provide financial insights to business owners, Xero is a popular cloud-based accounting software that is now being widely used across the globe by ecommerce business owners.
Keep track of your financial position
With a smart dashboard feature, ecommerce business owners and managers can keep all important financial data and information in one place. Allowing you to keep on top of your cash flow and review reports generated by Xero’s built-in analytics tools. This is a great time saving solution that helps cut down the many hours traditionally spent trawling through banking statements, invoices and more. For business owners, there is nothing more valuable than time, with Xero, you can save yourself the time on finances and better spend this growing your ecommerce business!
Pay bills on time everytime
To ensure a great relationship with your partners and suppliers, Xero will help you to ensure all bills are paid on time. The software has a feature designed to give you a clear overview of what payments are due, and schedule payments so these are made on time and without delay. Plus, you’ll be able to go back and view these whenever you may need to.
Merge with your Shopify site
Shopify nearly has a market share of 11%, making it one of the most popular ecommerce web design platforms in the world. Conveniently, Shopify and Xero can be merged allowing for a seamless transfer of data between the two platforms. By combining your Shopify site and its accounting functions with Xero you can achieve a greater overview of your business performance, your Shopify sales, transfers and more.
Various currencies for international sites
For ecommerce sites operating in several countries, Xero accounting software allows you to manage and accept invoices and online payments in a wide range of currencies. This includes globally used currencies such as the USD, GBP, EUR, INR and more. Helping to simplify multi-currency accounting and managing this in one easy-to-use platform.
For help migrating your finances to Xero, get in touch with our Xero accountant specialists who will offer their guidance, ensuring you get the most out of Xero for your ecommerce business.