If your store is built on the Magento platform, it gives you the privilege of adding many choices of Magento accounting extension according to your accounting needs.
Here are some of the top-rated Magento 2 accounting extensions to help you easily and efficiently manage your POS and accounting system.
Accounting Basics for a Successful Ecommerce Business
Before getting an out of the box Magento accounting extension for your site, you need to understand your accounting systems.
You can operate the system through 4 key steps:
STEP 1: Get yourself accounting software
Don’t try to piece it all together using excel or a calculator. Instead, you should install an extension from the marketplace.
STEP 2: Track your cash flows
You’d rather have a separate bank account for your business to see this is to watch your cash flow easily.
STEP 3: Calculate all other expenses
Next, you need to understand how much everything else is costing you.
Note that fixed expenses aren’t factored into your gross margin, they do affect your profit and your cash flow, though.
STEP 4: Set up the proper tax rates for customers
If you sell a lot of different products and services to a lot of people around the world, you may want to consult a professional at this point.
Thankfully, your e-commerce software is smart enough to take care of most of this for you. And here they come!!!
3 Best Magento 2 Accounting Extensions
#1. Fooman Connect: Xero License Purchase – $699
Fooman Connect by Fooman is a magento accounting extension that allows you to integrate the Magento store with Xero. With this extension, you can export Magento orders, items, customer data, credit notes to Xero.
- Automatically export orders, credit notes, customer data, and sold items from Magento to Xero
- Decide which order status will trigger the export
- Automatically match the invoices to customer records in Xero
- Track sales of Magento store in Xero
#2. Magento 2 Accounting Extension by Magesales – $149
Quickbooks Online Integration by Magesales is a Magento accounting extension that can help you manage your business finances. It is because the accounting software enables you to keep track of stock status, transactions, and cash flow.
- Provide exact transferred accounting information
- Synchronize and update products, orders, and invoices
- Keep track of transactions, cash flow to manage business finances
- Check the prices for all plans offered
QuickBooks Connector by Webkul is a Magento 2 accounting extension that allows you to create store orders’ sales receipts. Through this extension, you can choose to automatically or manually sync the orders.
- Sync orders from your store to the Quickbooks automatically
- Allow synchronizing Magento 2 store’s orders manually
- Sync the information like the name of the customer, email, billing address, order date, etc.
- Set the time to create Sales Receipt in Quickbooks
Running an ecommerce website with or without a physical counterpart can be quite overwhelming, especially with a disorganized accounting and POS systems. Thus we provided some of the best suggestions which can hopefully help you in choosing the right and Magento accounting extension.
We are always willing to help you with all our Magento extension reviews and assist you in getting the best out of Magento and increase your revenue.