Here we are going to talk about our best picks for WooCommerce accounting software and plugins that will help get your financials in tip-top shape.
WooCommerce Accounting Software
1. QuickBooks
QuickBooks is one of the most well-known web-based financial management and accounting software applications. While they serve freelancers and medium-sized businesses, they are best suited for startups and small businesses. They have a desktop version (QuickBooks Desktop) and an online version (QuickBooks Online). Their solutions are inexpensive, simple, and adaptable. They offer several tiers of service.
Their base offerings include:
- Real-time customizable dashboards
- Automatically sort transactions and view them in real-time
- Send custom invoices and quotes
- Income and expense tracking with customizable categories
- Track incoming or outgoing VAT
- Generate VAT reports for tax filing
- Accountant and limited employee and user access
- Collaborative features such as report sharing and auto-syncing
Higher tier plans include the abovementioned features, plus additional features such as project tracking, insights, and reporting, inventory management, budget management, automation, project tracking, dedicated teams, exclusive applications, and more.
2. Xero
Xero is another well-known cloud-based accounting software for your daily business needs. It connects small businesses to their suite of tools and financial advisors. This way, these businesses can get their financials on the right track and become better managed and more profitable.
Similar to QuickBooks, this tool is ideal for small and new businesses. They employ standard double-entry accounting and bookkeeping. This software that integrates with WooCommerce is notable for being simple to use. They do away with accounting terminology that can confound the typical person.
The offerings of Xero include:
- Dashboard – access all your data in one place, at any time
- Expense management tools
- Project and job tracker software – track costs and profitability
- Contact management features – customer and supplier data
- Inventory tracking software
- Invoicing software
- Purchase order software
- Xero Analytics to track metrics
- Reporting features
Xero gives you all you need to:
- Monitor cash flow and accounts payable
- Pay bills on time
- Connect and reconcile bank feeds daily
- Make fast, online payments
- Maintain basic pay records
- Store files and capture data automatically
- Instantly create and send quotes
- Automatically calculate sales tax
- Track fixed assets
- Collaborate with your accountant
3. Wave
Wave is an all-in-one solution for small business owners’ money management requirements. Double-entry accounting, invoicing, and US-only banking software are all part of their suite. These are all available free of charge. They also offer paid services such as payroll software, payment processing, and specialized bookkeeping. Do you require assistance or someone to whom you can delegate your work? Gain access to a team of specialists in bookkeeping, accounting, and payroll for your eCommerce store.
What is included with Wave’s WooCommerce accounting software?
- Smart dashboard – an intuitive dashboard where you can organize your income, expenses, payments, and invoices
- Data Security – connect your accounts instantly and securely with PCI Level-1 certification.
- Invoicing – create and send invoices
- Payments – accept online payments
- Automatic receipt input
- Income and expense tracking – monitor your cash flow
- Accounting reports – run comparison reports on a monthly and yearly basis and evaluate your standing, gain insights, and find potential trends in your spending
- Advisors – get connected with an accounting and bookkeeping expert
4. FreshBooks
FreshBooks is a piece of accounting software designed for small and medium-sized businesses, freelancers, and accountants. Their adaptable solutions evolve with your need. Their double-entry accounting ensures that your information is precise, and that all your files and data are organized and tax compliant. They also have collaborative tools allowing you to work with your team in one place. They have both desktop and mobile accessibility.
With FreshBooks, you can:
- Access a customizable Chart of Accounts
- Access customizable expense categories
- Collaborate with your accountant – give access to them and up to 10 team members access for managing, journal entry updates, and even tax management
- Benefit from automated Bank Reconciliation
- Access a FreshBooks support team
- Track your time on projects and generate invoices
- Create and send professional invoices
- Track expenses, spending, and profitability
- Run in-depth reports and gain actionable insights
5. Zoho Books
Zoho is a suite of applications that assist business operations. Their software includes CRM solutions, remote collaboration tools, sales and marketing tools, customer service solutions, finance solutions, and more than 50 other apps to optimize business management.
Zoho Books is their finance branch that offers end-to-end accounting, automation, and general financial management. This includes WooCommerce accounting software solutions. Zoho Books integrates with eCommerce platforms and frees them to focus on their core business while they take care of the accounting work.
With Zoho Books, you can:
- Set up and reconcile your bank accounts
- Collaborate with your accountant or teammates and provide access to your data, documents, and reports.
- Track and manage your inventory
- Manage accounts payable by creating and sending purchase orders, tracking payments made, uploading receipts, and more
- Manage accounts receivable by creating invoices, sending payment reminders to reduce chasing payments, providing customers with payment options, and more
- Import transactions automatically, sort them, and reconcile them for tax time
- Manage your contacts and access customer and supplier data in one place
- Track time, manage multiple projects
- Access, schedule, and customize 70+ business reports
- Perform accounting on the go through their mobile app
WooCommerce Accounting Plugins
1. WP ERP Plugin
WP ERP, or WordPress Enterprise Resource Planning, is a system that allows you to manage your business and WordPress site in one place. They help the business handle their data with more simplicity and accuracy. WP ERP integrates for seamless WooCommerce accounting plugins functionality. It syncs data between the platforms like order details, customer data, and accounting data. Make managing your orders, contacts, and subscriptions easier.
What you can do with WP ERP:
- Double-entry journalling
- Calculate sales data
- Calculate sales tax automatically
- Create invoices and receive payments quickly
- Take payments from popular payment gateways
- Create estimates for future quotes
- Create purchase orders and vouchers
- Download invoices for localized storage and sharing
- Track expenses and transactions
- Pay vendors directly
- Reimburse employees for out-of-pocket spending
- Manage your inventory and generate inventory reports automatically
- Create customer and vendor accounts with advanced data fields including website, email address, etc.
- Connect new customers to vendors automatically
- Automate post-sale emails and invoices
- Sync cash and bank accounts
- Banking management
- Generate financial reports automatically such as ledgers, trial balance sheets, sales tax, etc.
2. Odoo for WooCommerce
This tool offers a suite of ERP open-source business apps involving eCommerce, CRM, accounting, and more. Odoo for WooCommerce is one of the best WooCommerce accounting plugins that integrates with your store and allows you to make, change, and sync invoicing, inventory, and more. Their objective is to provide software that is both comprehensive and user-friendly. They believe in the importance of providing their clients with software that is simple to use, fully integrated, and feature-rich.
What you get with Odoo for WooCommerce:
- Accounting on both accrual and cash basis
- Bank feeds are automatically synchronized
- Invoice management and customization features
- Invoice digitization with AI
- See and interact with your data all in one place with their dashboard
- As many general and dynamic reports as you want
- Compliant tax reports
- Multiple analytic plans
- Comparisons reports
- A customer portal making customer payment easier and faster
- Batch payment capability
- Multi-currency capability
- Asset models
- Fiscal localized accounting – accounting that automatically takes country requirements into consideration
- Create project tasks from sales orders
3. Finpose Plugin
Finpose is another of the WooCommerce accounting plugins that allow business owners to track and manage their eCommerce store financials directly from WordPress. This is an easy-to-use software that is fully integrated with your WooCommerce store. Get a complete view of your financials at any time and access all the tools you need for better financial management.
Finpose’s “8 Modules” or tools include:
- Inventory and stock management – sync unit costs with WooCommerce stock counts, track COGS,
- Track spending and expenses – create and organize into customer categories
- Tax reporting – track monthly payments and balances, track tax receivables and payable
- Reports and Analysis – P&L statements, comparisons, etc.
- Sync Accounts – banks, payments, transactions, cards, track balances
- Dashboard – view all the important metrics and data like AOV, spending, spending categories, profit, etc.
- Order management – filter results by status, method of payment, or date and view customer, subtotal, tax information, and more
- Vendor management – purchase order creation and automatic spending record updates, track vendor balances
Additionally, Finpose also has dedicated support for any hurdles you may have along the way.
4. MYOB Integration
MYOB AccountRight is a suite of accounting tools that allow you to manage stock, create invoices, manage taxes, and other necessary areas of financial management. Distinct from other WooCommerce accounting plugins, MYOB was created for dropshipping store owners, digital download stores, and small eCommerce stores.
This plugin easily integrates with eCommerce stores based in Australia and New Zealand. With MYOB, businesses can spend more time on their business and less time managing data from handling their WooCommerce store.
The main offerings of the MYOB plugin include:
- A central place for data (expenses, taxes, costs, etc.) – one source of truth for accurate data
- Automatically syncing data between MYOB and WooCommerce
- Automatic invoice creation – fully-itemized invoices
- Choice of manual or automatic invoice handling
- Inventory tracking and management – use invoice count to manage stock, extensive stock-sync support
- Powerful customer data and management – automatic customer record creation, tracking purchases
- Sales Analysis – use customer data to charge the next business decision
- Tax codes
- One year of premium support upon sign-up – get help through the setup to the management itself
5. NetSuite Integration for WooCommerce
NetSuite provides web-based software solutions and is a leader in ERP (enterprise resource planning). Part of their “suite” is cloud accounting, which allows you to take more control over your finances.
Because NetSuite accounting is part of a larger collection of tools, it connects with them effortlessly. This gives you access to tools relating to order management, customer management, HR, and more. NetSuite also integrates with eCommerce stores.
What you can do with NetSuite’s WooCommerce accounting plugin:
- Record and reconcile transactions
- Manage taxes and close books
- Generate accurate, insightful, real-time financial reports
- Manage accounts payable
- Manage and automate accounts receivable and other repetitive tasks
- Get real-time access to accurate data and a single source of truth
- Access the NetSuite Financial dashboard and view cash flow and multiple report options
- Tax and financial regulatory compliance management
- Fixed Assets management
- Payment management
- Access NetSuite through mobile
- Collaborate with your accountant via the SuiteAccountants program
What Is EcomBalance?
EcomBalance is a monthly bookkeeping service specialized for eCommerce companies selling on Amazon, Shopify, Ebay, Etsy, WooCommerce, & other eCommerce channels.
We take monthly bookkeeping off your plate and deliver you your financial statements by the 15th or 20th of each month.
You’ll have your Profit and Loss Statement, Balance Sheet, and Cash Flow Statement ready for analysis each month so you and your business partners can make better business decisions.
Interested in learning more? Schedule a call with our CEO, Nathan Hirsch.
And here’s some free resources:
- Monthly Finance Meeting Agenda
- 9 Steps to Master Your Ecommerce Bookkeeping Checklist
- The Ultimate Guide on Finding an Ecommerce Virtual Bookkeeping Service
- What Is a Profit and Loss Statement?
- How to Read & Interpret a Cash Flow Statement
- How to Read a Balance Sheet & Truly Understand It
Final Thoughts on WooCommerce Accounting Software and Plugins
We’ve only scratched the surface of these WooCommerce accounting software and plugins. If you’re interested in any of these, we encourage you to go and check them out. Maybe you’d also like to check out our personalized bookkeeping services for your WooCommerce store.
