Managing finances is crucial for any Shopify store owner aiming to grow their business and optimize profitability. Shopify accounting apps play a pivotal role in automating accounting tasks, generating custom reports, and providing financial insights that can help you make data-driven decisions. Below, we’ll explore the best Shopify accounting apps that will help you stay on top of your financial management in 2024.
Shopify stores generate an average of $5,583 in revenue per month, amounting to about $66,996 annually.(source)
Why You Need the Best Shopify Financial Reports & Accounting Apps
Running a Shopify store requires you to stay on top of your finances, from tracking sales and expenses to managing sales tax and profit margins. Shopify accounting apps offer powerful features to automate these tasks, allowing you to focus on growing your business. Whether you’re looking for detailed financial reports, custom report service, or seamless integration with cloud-based accounting software, these apps are designed specifically for Shopify store owners.
Criteria for Selecting the Best Shopify Accounting Apps
- User-Friendly Interface:
- Ease of use is vital, especially for store owners who aren’t accounting experts.
- Customization and Automation:
- Look for apps that allow you to create custom reports and automate reports to save time and effort.
- Integration with Accounting Software:
- Ensure the app can integrate with popular accounting software like QuickBooks, Xero, and others.
- Pricing:
- Consider the cost relative to the value provided, particularly for small to medium-sized stores.
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Top 9 Shopify Financial Reports & Accounting Apps
1. Report Toaster
- Key Features:
- Real-time data access with over 120 pre-built report templates.
- Customizable reporting and analytics with multi-store reporting capabilities.
- Export reports in multiple formats like PDF, CSV, and Excel.
- Schedule automated report delivery via email, SMS, or Slack.
- Multi-column sorting and filtering, allowing for detailed custom reports.
- Pros:
- Highly customizable with a user-friendly interface.
- Excellent for multi-store data comparison.
- Strong customer support with extensive documentation.
- Cons:
- Advanced features may require a learning curve for beginners.
- Premium features can be costly for smaller stores.
- Ratings:
- ⭐️⭐️⭐️⭐️⭐️ (5/5)
- User Reviews:
- “The app is incredibly versatile and easy to use. It has transformed how we handle reporting for our stores.”
2. Mipler: Advanced Reports
- Key Features:
- Comprehensive financial reports including sales, inventory, and customer insights.
- Seamless integration with Google Sheets for easy data manipulation.
- Free custom report service to help tailor reports to your needs.
- Automate reports by scheduling them to be sent to your email.
- Pros:
- Detailed and customizable reporting capabilities.
- Integrates well with other tools, especially Google Sheets.
- Offers a free plan with basic features.
- Cons:
- Can be expensive for larger stores with advanced needs.
- Interface may be overwhelming for those new to Shopify analytics.
- Ratings:
- ⭐️⭐️⭐️⭐️⭐️ (4.9/5)
- User Reviews:
- “Mipler has been a game-changer for our reporting needs. The ability to customize reports is exactly what we were looking for.”
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3. QuickBooks Bridge
- Key Features:
- Automatic synchronization of sales data with QuickBooks.
- Options for individual order sync or summary sync, making reconciliation easy.
- Handles sales tax configuration seamlessly.
- Integrates with multiple Shopify stores, perfect for scaling businesses.
- Pros:
- Simple and straightforward setup.
- Helps in reducing manual entry errors with automatic syncing.
- Works well with both QuickBooks Online and Desktop versions.
- Cons:
- Limited customization options compared to other apps.
- Support can be slow at times.
- Ratings:
- ⭐️⭐️⭐️⭐️⭐️ (4.9/5)
- User Reviews:
- “QuickBooks Bridge made our accounting so much easier. It seamlessly syncs our Shopify orders with QuickBooks.”
4. Lifetimely LTV & Profit
- Key Features:
- In-depth customer lifetime value (LTV) and profitability analysis.
- Real-time profit and loss (P&L) reports that auto-update based on sales data.
- Integration with major ad platforms like Google, Facebook, and Pinterest.
- Cohort analysis to help focus on the most profitable customer segments.
- Pros:
- Comprehensive customer profitability insights.
- Real-time data updates for up-to-date financial tracking.
- Easy to set up and start using immediately.
- Cons:
- Price can be high for smaller businesses.
- Some features may not be necessary for all users.
- Ratings:
- ⭐️⭐️⭐️⭐️⭐️ (5/5)
- User Reviews:
- “Lifetimely provides invaluable insights into customer behavior and profitability. It’s worth every penny.”
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5. EZ Exporter
- Key Features:
- Customizable data export reports to various formats like CSV, Excel, and PDF.
- Schedule automated exports to destinations like Google Drive, FTP, and Dropbox.
- Advanced filtering and calculated fields for precise data exports.
- Integration with third-party tools for extended analysis.
- Pros:
- Extremely flexible with high levels of customization.
- Automates tedious export tasks, saving time and reducing errors.
- Supports multiple export formats and destinations.
- Cons:
- Can be complex to configure initially.
- Premium pricing may not be suitable for very small stores.
- Ratings:
- ⭐️⭐️⭐️⭐️⭐️ (4.8/5)
- User Reviews:
- “EZ Exporter has simplified our reporting process immensely. The flexibility it offers is unmatched.”
6. Xporter Data Export & Reports
- Key Features:
- Precise custom reports creation with advanced formatting and filtering options.
- Automated data transfer via email, FTP, or SFTP.
- Access to hidden Shopify data such as metafields and line item properties.
- Extensive support for complex calculations and data manipulation.
- Pros:
- Excellent for advanced users needing specific data exports.
- Supports a wide range of export formats.
- Highly customizable with support for advanced reporting needs.
- Cons:
- Steeper learning curve compared to other apps.
- Advanced features might be overkill for simpler reporting needs.
- Ratings:
- ⭐️⭐️⭐️⭐️⭐️ (4.9/5)
- User Reviews:
- “Xporter is powerful and flexible, perfect for our custom reporting requirements.”
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7. Better Reports
- Key Features:
- Highly customizable reporting and analytics with support for various data sources.
- Multi-store reporting capabilities and integration with third-party tools.
- Automate reports with scheduled deliveries via email.
- Advanced filtering and sorting options for detailed custom reports.
- Pros:
- User-friendly and intuitive, making it easy to set up and start using.
- Comprehensive reporting features suitable for both small and large stores.
- Strong customer support and extensive documentation.
- Cons:
- May require some time to fully understand and utilize all features.
- Can be expensive depending on the store’s needs.
- Ratings:
- ⭐️⭐️⭐️⭐️⭐️ (5/5)
- User Reviews:
- “Better Reports has drastically improved our ability to track and analyze our data. The support team is also incredibly helpful.”
8. TrueProfit
- Key Features:
- Real-time profit tracking and detailed cost analysis, including shipping and ad costs.
- Integration with major ad platforms like Facebook and Google Ads.
- Automatic updates and daily snapshots for accurate profitability tracking.
- Comprehensive insights into product and customer profitability.
- Pros:
- Provides real-time insights, ensuring up-to-date financial tracking.
- Easy to set up with minimal configuration needed.
- Helps to identify the most and least profitable products quickly.
- Cons:
- Limited customization in the basic plan.
- Lacks some advanced reporting features found in other apps.
- Ratings:
- ⭐️⭐️⭐️⭐️ (4.8/5)
- User Reviews:
- “TrueProfit gives us the real-time financial insights we need to make quick, informed decisions.”
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9. Delirious Profit
- Key Features:
- Budget-friendly profit tracking with integration into Shopify’s native analytics.
- Tracks revenue, cost, and profit margin on a per-product basis.
- Simple and intuitive interface designed for small businesses.
- Syncs seamlessly with Shopify’s order and inventory data.
- Pros:
- Very affordable compared to other options.
- Simple to use, ideal for small to medium-sized stores.
- Provides clear and concise financial insights.
- Cons:
- Lacks advanced features like detailed customer analytics.
- Not suitable for stores needing deep integration with third-party tools.
- Ratings:
- ⭐️⭐️⭐️⭐️ (4.2/5)
- User Reviews:
- “Delirious Profit is perfect for small stores that need basic profit tracking without the high costs.”
How to Choose the Best Shopify Accounting App
Choosing the right Shopify accounting app depends on several factors specific to your business needs. Here’s a guide to help you make an informed decision:
1. Define Your Accounting Needs
- Size of Your Store: Consider the scale of your Shopify store. Small businesses may need basic financial reporting, while larger stores might require more advanced features like multi-store management and detailed analytics.
- Types of Reports: Identify the types of reports you need, such as profit and loss statements, sales tax reports, or custom reports for specific metrics.
- Automation Requirements: Evaluate the level of automation you need. Some apps offer full automation for tasks like data syncing, report generation, and scheduling, which can save you a lot of time.
2. Integration Capabilities
- Accounting Software Compatibility: Ensure the app integrates smoothly with your existing accounting software, such as QuickBooks, Xero, or other cloud-based accounting platforms.
- Multi-Store Support: If you operate multiple Shopify stores, choose an app that supports multi-store reporting and data aggregation.
- Third-Party Integrations: Check if the app integrates with other tools you use, like email marketing platforms or inventory management systems.
3. User-Friendliness
- Ease of Use: Choose an app with a user-friendly interface, especially if you’re not a financial expert. Look for apps with intuitive dashboards and simple navigation.
- Customer Support: Reliable customer support is crucial, particularly if you’re new to accounting software. Some apps offer extensive help documentation, live chat, and even custom report services to assist you.
4. Cost vs. Value
- Pricing Plans: Consider the cost of the app and whether it offers a free trial period. Many apps provide tiered pricing based on features, so select a plan that fits your budget and business size.
- Return on Investment: Think about how the app will improve your financial management. Even if an app is more expensive, it might pay off by providing better financial insights and saving you time.
5. Customer Reviews and Ratings
- User Feedback: Research user reviews and ratings to understand the experiences of other Shopify merchants. This can give you insights into the app’s performance, reliability, and any potential drawbacks.
Benefits of Using a Shopify Financial Reports App
Using a Shopify financial reports app offers several benefits that can help streamline your financial management and improve decision-making:
1. Improved Financial Visibility
- Real-Time Data: These apps provide real-time financial data, giving you up-to-date insights into your store’s performance. This helps you make timely decisions that can positively impact your business.
- Detailed Financial Reports: Access to detailed reports like profit and loss statements, sales tax summaries, and customer lifetime value analysis helps you understand your store’s financial health in-depth.
2. Automation of Accounting Tasks
- Time Savings: Automating routine accounting tasks like data entry, report generation, and syncing with accounting software reduces manual work and minimizes errors.
- Scheduled Reporting: Many apps allow you to schedule reports, so you receive critical financial data automatically at your preferred intervals.
3. Enhanced Decision-Making
- Data-Driven Insights: With comprehensive analytics and custom reports, you can analyze trends, identify profitable products, and optimize pricing strategies based on solid data.
- Benchmarking: Some apps offer industry benchmarks that allow you to compare your store’s performance against similar businesses, helping you stay competitive.
4. Compliance and Tax Management
- Accurate Sales Tax Reporting: Apps often include features that help you manage and report sales tax accurately, ensuring compliance with local and international regulations.
- Audit-Ready Reports: Automatically generated reports are typically audit-ready, reducing the hassle when tax season comes around.
5. Scalability and Flexibility
- Scalable Solutions: Whether you’re a small business or an enterprise-level store, these apps often offer scalable solutions that grow with your business.
- Customizable Reports: The ability to create customized reports means you can tailor financial data to meet the specific needs of your business.
FAQs
Can I use multiple Shopify accounting apps simultaneously?
Yes, you can use multiple Shopify accounting apps at the same time, especially if they offer complementary features. For example, you might use one app for automated data export and another for in-depth profit analysis. However, ensure that the apps integrate well with each other and your existing accounting system to avoid data conflicts.
What are the best free Shopify accounting apps?
Some Shopify accounting apps offer free plans or trials, such as Report Toaster and Mipler: Advanced Reports. These free versions often come with basic features that are ideal for small businesses or those just starting out. Be sure to check the limitations of free plans and consider upgrading if you need more advanced functionalities.
How do these apps integrate with QuickBooks or Xero?
Most Shopify accounting apps provide seamless integration with popular cloud-based accounting software like QuickBooks and Xero. For instance, QuickBooks Bridge automatically syncs your Shopify sales data with QuickBooks, ensuring your financial records are always up to date. Integration typically involves setting up API connections, which is usually straightforward with step-by-step guidance provided by the app.
How can I automate financial reporting with these apps?
Many Shopify accounting apps offer features to automate reports. You can schedule reports to be generated and delivered to your email, Google Drive, or other platforms at regular intervals. Apps like EZ Exporter and Better Reports allow you to set specific criteria for these reports, ensuring you get the exact data you need, when you need it.
Are these apps suitable for all Shopify plans?
Yes, these apps are generally suitable for all Shopify plans, but the extent of their features may vary depending on your plan. Some apps offer more advanced features that may be more beneficial for stores on Shopify’s higher-tier plans, such as Shopify Plus. Always check the app’s requirements and features to ensure they align with your Shopify plan.
Conclusion
Selecting the right Shopify accounting app is essential for maintaining accurate financial records, optimizing your business performance, and ensuring compliance with tax regulations. Whether you’re a small store just starting out or a large enterprise, these apps provide the tools you need to manage your finances efficiently. By automating routine tasks, generating detailed reports, and offering real-time insights, these apps allow you to focus more on growing your business and less on the nitty-gritty of accounting.
Start by identifying your specific needs, exploring the free trials, and choosing the app that best fits your business. The right app can make a significant difference in how you manage and scale your Shopify store, ultimately leading to better financial health and business success.
