The ‘Technology’ Pillar of ecommerce

The need for an ecommerce accounting software arises as the requirement for accessing real-time financial data, syncing sales and orders from multiple channels, bank reconciliation, purchase orders and expense management, multi-currency pricing, tax management, bill payments, manage inventory, control costs, and employee salary among others would otherwise be a nightmarish task for the organization.

Integrating the right ecommerce accounting software solution helps online sellers align data from multiple online channel accounts and keep their business financial records in sync.

Any accounting software that you would be considering for your ecommerce business should ideally be checked off with the following primary criteria: Functionality, Integrations, Price point, and Customer support.

⦁ The features to look out for in your choice should tick off these boxes:
⦁ Easy-to-use navigation
⦁ Multi-currency pricing
⦁ Tax bundling
⦁ Payroll software
⦁ Bank reconciliation
⦁ Cloud-based system
⦁ Banking integration
⦁ Support and on-going training
⦁ Scalability and flexibility

Some of the leading eCommerce accounting software currently available in the market are:
⦁ Xero
⦁ QuickBooks Online
⦁ Sage
⦁ FreeAgent
⦁ Wave Accounting
⦁ Tally.ERP 9
⦁ Alignbooks
⦁ Zoho Books

On continuing our journey into understanding the ‘Five Pillars of Ecommerce’, next we shall look into ‘Marketing’, yet another interesting aspect of eCommerce. Until then, stay safe, stay blessed, and wishing all of you the season’s best.

Please note: None of the software listed in this article was done to give them any particular rating or recommendation order. Neither the author nor the magazine endorses or is benefitted in any way by reference to any of the softwares. User discretion is warranted.