Did you know that 82% of businesses fail due to poor cash flow management? Being on top of your finances is crucial to success as a Shopify store owner. Accounting software can be considered an end-to-end solution that streamlines organizing and managing cash flow, taxes, inventory, and financial reports.

Accounting software is an important tool for running an effective Shopify store. With accounting apps, you can optimize financial tasks, learn better cash flow management, or even stay tax compliant while focusing on business scalability through automation. That’s why in this blog, we compiled the best accounting software for Shopify.

Why Do You Need Shopify Accounting Software?

Managing finances manually can be overwhelming and prone to mistakes. You must handle various tasks, from tracking sales and inventory to paying taxes.

While Shopify offers finance reports, they only provide a basic overview of sales and expenses, often lacking the depth needed for comprehensive financial analysis.

Using accounting apps can significantly simplify and accelerate financial tasks, helping you avoid errors and focus on data-driven decisions. These apps manage your entire accounting process, making it faster and error-free while providing a transparent view of your store's financial health.

What to Consider When Choosing the Most-Fitting Accounting Software for Shopify?

• Customer Reviews: Social proof is everything! 🌟 Check what other Shopify store owners say about the app. Are there common problems or glowing recommendations?
• Features and Functionality: The app should meet your store's needs. 🛠️ For example, does it support invoicing, financial reporting, and tax calculations?
• Integration with Inventory Management: A good accounting app seamlessly integrates with your inventory system, enhancing overall efficiency. It automates data transfer and eliminate entry errors causing from manual solutions like Excel. 📈 This integration is crucial because it allows for real-time tracking of stock levels, sales, and financials, ensuring that your inventory counts are accurate and up-to-date.

📌 For example, Fabrikatör's QuickBooks integration transforms how Shopify businesses manage their inventory and finances, offering a comprehensive solution that bridges the gap between accounting and inventory management. By leveraging this integration, businesses can achieve a new level of control and efficiency, ensuring that every aspect of their operation is synchronized and optimized.

• Price: Look for an app that balances value and cost. 💰 Spending too much on an app that doesn't meet your needs can hurt your business.
• Ease of Use: Choose a platform with an intuitive interface that your team can use easily without spending hours training. 👩‍🏫

If you’re looking for Shopify accounting apps matching this criteria, here is a list of best Shopify accounting software.

Top Shopify Accounting Software

Here's a look at some of the best options for accounting software for Shopify stores:

QuickBooks Online

QuickBooks might be first name in our mind when its accounting, right? It’s no surprise when considering its success in accounting. QuickBooks offers a Shopify-compatible solution tailored for small to mid-sized businesses across diverse industries and needs.

Among all the options available, QuickBooks stands out with its robust features. You can effortlessly monitor your invoicing, bank balances, cost of goods sold, profits and losses, cash flow, vendor bills, and much more.

💸 The price of QuickBooks starts from €19 per month and increases as features and user access expand.

📌 You can integrate QuickBooks with Fabrikatör to synchronize the inventory and finances of your Shopify store. This integration helps you set up automatic alerts to avoid running out of stock, gives you a clear view of all your inventory in one place, and simplifies how you manage sales orders and invoices. It works smoothly by automatically updating your financial records whenever you make changes to your inventory, making everything more efficient and organized.

Xero

Xero’s platform offers various features, customizable financial reports, and over 800 integrations suitable for businesses of all sizes. You can easily manage everything from your smartphone or tablet using its user-friendly mobile app.

One standout aspect of Xero is its allowance for unlimited users on every plan, which is quite rare in the accounting software space. This means you can add team members, bookkeepers, accountants, or tax professionals as needed, ensuring effective management of payments, accounts, and inventory.

💸 The price of Xero starts from $29 per month.

FreshBooks

FreshBooks is a reliable accounting solution for Shopify, ideal for small business owners and startups. Its user-friendly design makes it easy for anyone to navigate. You can fully automate invoicing, set up recurring invoices, send payment reminders, and apply late fees, ensuring you get paid on time. Plus, FreshBooks provides detailed financial reports, giving you insights into profitability and empowering you to make informed business decisions.

💸 The price of FreshBooks starts at €15 per month.

Zoho Books

Zoho Books is an all-in-one online accounting solution tailored for small to medium-sized businesses, featuring functionalities like invoicing, expense tracking, and inventory management.

However, using Zoho Books requires you to manually download data from Shopify, differentiate revenue by country and tax rate, and classify expenses accordingly. This manual approach can be complicated and error-prone, potentially leading to greater costs than opting for a solution like Xero.

💸 Zoho Books pricing starts at $0 per month for a basic plan, with options going up to €60 per month for advanced features.

Finaloop

Finaloop is a Shopify accounting software for eCommerce that provides real-time bookkeeping and inventory management. It offers features like Profit & Loss, Cash Flow, and Balance Sheet reports, along with inventory synchronization that calculates Cost of Goods Sold (COGS) in real time. The app tracks inventory using FIFO unit tracking and allows users to catch up on their financial history, whether their books are disorganized or non-existent.

💸 Pricing starts at $65 per month for the Starter plan and goes up to $395 per month for the Business plan, depending on your annual sales. Learn more here.

📌 It's important to note that many accounting software options do not integrate directly with Shopify. You might need to explore app connectors in the Shopify App Store for integration.

Fabrikatör: Most Reliable Shopify Inventory Management Solution

Managing inventory is just as crucial as accounting, especially when you use an efficient inventory management solution like Fabrikatör alongside one the best accounting software; this makes your Shopify store more efficient overall.

Fabrikatör works seamlessly with QuickBooks, making managing finances and inventory easy, especially for growing Shopify stores. It optimize your inventory operations and support your growth. Such integration minimizes errors, enhances data accuracy, and provides a comprehensive view of your finances and stock levels. Would you like to learn more details about Fabrikatör’s advanced inventory planning and QuickBooks integration? You can see it in action only in 30 minutes.

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