5 eCommerce Platforms that Work With Your Accounting
With almost 1 in 7 transactions completed online - it's no surprise that entrepreneurs are looking toward eCommerce to get their business up and running.
There is no question that eCommerce plays a vital role in the world of business, but that doesn't mean all companies entering the eCommerce space will succeed. As more companies jump into the water - space becomes limited meaning some will eventually fail.
Running a successful eCommerce company is all about finding creative ways to increase your bottom line. Your bottom line includes both revenues and expenses, and there are many different approaches to manage your finances.
One of the best ways to improve your cash flow is to improve inventory management. Start by decreasing the amount of inventory you have on hand at any time or look to switching to a different inventory flow system. (FIFO or LIFO) Remember, for any of these decisions to be effective - they need to have an impact.
The eCommerce platform you choose should reflect your inventory goals and be conducive to financial forecasting. Being able to predict future revenues and expenses will allow you to prepare for unexpected financial surprises. Again, all of these things will be much easier if you have a supportive accounting platform to work with along the way.
Best eCommerce Platforms for Accounting
Wix - Built originally as a platform for creating websites, Wix makes setting up an eCommerce site pretty straightforward. The platform is user-friendly, has hosting built-in, and is optimized for mobile use. Plans start as low as $25 - and is perfect for those who plan on shipping global. Wix offers an advanced order tracking system that allows you to keep an eye on inventory and account records. There are also a plethora of pre-designed templates available to get your store up and running smoothly.
BigCommerce - With plans to meet everyone's budget, BigCommerce is one of the most accessible platforms to use and offers a wide range of features, including payment processing and cart abandonment built-in. BigCommerce has hundreds of accounting, marketing, and inventory management systems build for different business niches. BigCommerce also makes it easy to modify the appearance of your store as needed.
Shopify - There are several different versions of Shopify available ranging in price and function. Shopify offers free hosting and makes it easy to get started. With over 100 different themes with user-friendly interfaces, you will be able to personalize your site to suit your needs. Shopify boasts advanced site analytics, which allows you to quantify how much you are paying per click on customer acquisition. With all that Shopify has to offer, it's no wonder it's one of the most popular platforms out there.
WooCommerce - As a WordPress plugin, WooCommerce is free and open to new users. This platform is perfect for businesses that are looking to work with multiple payment gateways, such as PayPal or COD. The offered reporting is easy to read and built for quickly monitoring inventory levels, sales, and store efficiency. WooCommerce also provides the option to engage in marketing campaigns, discounts, and other special offers.
Magento - If you are looking for an innovative platform that offers an array of accounting, selling, and design options, Magento is the one for you. With Magento Open Source, a business can download the software for free and then seek out its own hosting solution. The platform offers several unique features and allows for customer segmentation. Working with Magento will allow you to create better financial forecasts and focus on the parts of your business that make the most money.
A functioning eCommerce store is the best way to meet your long-term financial goals. There are so many different platforms to choose from, and each has pros and cons attached to them. Review what each platform has to offer, such as accounting, marketing campaigns, and various other features to choose a selling platform that matches your business needs.
Interested in learning how you can integrate your eCommerce platform with your accounting. Reach out and let us know you’re interested in outsourcing your accounting, and let us develop a plan that is tailor-made for you.