So my store just reopened recently and we've made a decent amount of money in sales and know I need a way to keep good track of all our income/expenses, preferably using a cloud bookkeeping software opposed to manually tracking these things using Excel.
We're a very much SMALL business with 2-3 partners and 0 payroll employees. Managing clients/invoicing isn't really a feature we need or would want to pay for since most of our income comes from online retail sales.
The main features I needed were:
- Being able to import transaction history from Shopify + New Transactions as sales/receipts
- Basic expense tracking features & reporting
- Being able to budget expenses
- Bank account integration
Preferable features were:
- Advanced report generation – accounting reports e.g. Balance Sheets, Income Statments
- Cash flow statements
- Inventory managment
- Expense reporting based on categories
I've taken a look so far at:
The first three aren't really tailored for e-commerce, sure you can make it work; but it doesn't feel right IMO. And neither have integrations with Shopify meaning I have to do manual data transfer which is just as time consuming for me as using Excel or Google Sheets.
Wave was pretty decent but it's unable to pull in transaction history on Shopify, only new transactions and I had difficulty integrating with my bank.
Does anyone have suggestions for what software to use, for this specific use case? Or what bookkeeping software do you use if you're in a similar predicament?
Any help will be appreciated!