Not all bookkeeping is created equal.
There are multiple accounting options out there to help you manage your books - spanning from a DIY excel for an early stage online seller to a full-time accountant or bookkeeper for larger businesses. It's important to find the right bookkeeping alternative for your online business.
When assessing if a bookkeeping solution is right for you, ask yourself if the option being considered can check off the boxes you are looking for when considering:
- The size of your ecommerce store,
- Their experience with similar ecommerce businesses (for example, what do they know about Shopify accounting),
- The complexity of your transactions and operations,
- The ultimate goal for your business (e.g., plan to sell it to an Amazon aggregator, keeping it as a side hustle, etc.),
- How you feel about working with them.
After speaking with many ecommerce owners, we found the most common bookkeeping options include:
- DIY bookkeeping using an accounting software like Quickbooks or Xero,
- Bookkeeping automation using a bookkeeping SaaS like Finaloop, or
- Hiring a traditional bookkeeper.
There is one thing that most will agree on - whichever option you choose, it's a necessary evil to really understand the health of your business. Being an entrepreneur is not without its challenges.
Since there is no Tinder equivalent to find the accountant of your dreams, you can take our short quiz to help you decide which option is the best fit for you.
Finaloop is a technology company providing automated end-to-end accounting service to ecommerce businesses. Our system connects to your apps, syncs all your data, and reconciles your books in real-time, replacing your bookkeeper. We offer reconciled books available 24/7, tax-saving insights, and a single place for all your financial data.
The information provided on this website does not, and is not intended to, constitute legal advice. All information, content, and materials available on this site are for general informational purposes only. Readers are advised to consult with their attorney or accountant with any questions or concerns.