The 5 Best Accounting Software for eBay Sellers in 2021

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The 5 Best Accounting Software for eBay Sellers in 2021.

It’s time to upgrade to accounting software if your eBay sales have outgrown your spreadsheet program. Xero, QuickBooks, and GoDaddy are among the top software solutions for eBay sellers, according to Business.org.

eBay merchants juggle a lot of figures, from inventory management to sales tax tracking. Furthermore, if you earn more than $400 per year selling on eBay, you are considered a small-business owner for tax purposes, which means you must disclose your business’ revenues and losses, which can be difficult to do without meticulous, IRS-friendly record keeping. The good news is that you are not required to keep the books on your own. It’s something that accounting software for eBay sellers may help you with.

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The best accounting software for eBay sellers

Xero: Best overall

Inventory, sales tax, and company expenditure monitoring are all included in every Xero package. Its easy-to-understand reports help you figure out how much money you make and keep you on track for timely tax filing.

The majority of accounting software companies demand an additional fee for inventory management. Xero, on the other hand, incorporates inventory monitoring with every plan, including the $11 Early plan. For eBay sellers who don’t want to deal with the difficulty of choosing a third-party inventory management system, Xero is a better option than QuickBooks.

Aside from its low beginning price and comprehensive inventory monitoring, what else does Xero have going for it? There are a lot of them, including the following seller-friendly features:

  • Financial statements, such as profit and loss statements (necessary for tax filing)
  • Acceptance of online payments
  • 800+ apps are integrated, including A2X for eBay.

However, Xero isn’t for everyone. The Early plan of Xero allows you to create only 20 invoices and five bills per month. If that limit is too low for you, the Growing plan ($32 per month) is required. And if you’re selling things internationally, you’re out of luck: only the most expensive plan supports many currencies.

Wave: Most affordable

Wave’s accounting software is available for free for the rest of your life. Wave, unlike free spreadsheet software, maintains track of quarterly taxes, generates informative financial reports, and syncs with your bank accounts for simple, accurate bookkeeping.

Wave Accounting is your option if Google Sheets can’t handle your increasingly complex finances and you don’t want to pay for software. Wave, like Google Sheets, is completely free (and both options are cheaper than Excel, which costs a monthly fee). It performs many more jobs than spreadsheet-only software, including the following:

  • Creating profit and loss statements
  • Keeping track of your cash flow
  • Bills and invoices that have not been paid are being reminded to you.

Wave, on the other hand, does not contain inventory management. It doesn’t link with as many ecommerce or inventory programs as Xero, QuickBooks, or FreshBooks, so you’ll have to manually input more financial data to keep your accounts up to date.

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GoDaddy Online Bookkeeping: Best for basics

GoDaddy’s straightforward accounting software is aimed at eBay and Amazon sellers. Basic bookkeeping is included in the simplest plan, while the $9.99/month plan instantly links with Amazon, eBay, and PayPal.

Do you only require simple bookkeeping? GoDaddy Online Bookkeeping is available for $4.99 and takes care of the following chores for you:

  • Acceptance of online payments
  • Invoice generation is simple.
  • Creating financial reports (profit and loss)

We realize that isn’t much, but when we say “basics,” we mean “basics.” If bulkier accounting solutions like Xero and Wave seem too complicated, GoDaddy’s automatic bookkeeping and easy dashboard can assist you in managing your finances without adding unnecessary steps.

Unfortunately, you’ll have to pay $9.99 per month for GoDaddy’s bookkeeping software to link with your eBay or Amazon seller account. This plan is a good value because it includes tax forms and more detailed financial reports. However, since Xero offers these capabilities (and more) for just one dollar more, we believe GoDaddy’s $4.99 basic plan is still the best bargain.

QuickBooks Online: Best user experience

QuickBooks Online is one of the best software alternatives for sellers who want to stay on top of taxes and run their business from anywhere in the world, thanks to a standout mobile app and reliable tax advice.

QuickBooks Online, like Xero, syncs seamlessly with your eBay account, as well as dozens of other ecommerce programs. It also has a superb mobile accounting app that does all of the same functions as the browser-based program. You can accomplish these accounting chores no matter where you go (as long as you’re using your favorite web-enabled device):

  • Tracking your mileage
  • Estimation of taxes per three months
  • Tracking income, expenses, and cash flow

QuickBooks’ comprehensive capabilities, however, come at a premium cost. It’s the most expensive on our list, at $25 per month. Inventory management is only available on the $70 per month Plus plan. You’ll also require OneSaas by QuickBooks to sync your QuickBooks and eBay accounts, which costs an extra $19 per month.

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Zoho Books: Best automation

The smallest Zoho Books subscription has more automation than many other leading software suppliers. It tries to save you as much time as possible by automating workflow and sending out regular bills.

The features of Zoho Books are equivalent to those of more expensive competitors such as QuickBooks and FreshBooks:

  • Bank reconciliation is done automatically.
  • Recurring invoices on a schedule
  • Financial planning and budgeting

Each Zoho plan also comes with automated workflows, or customizable automations, that help you save time on the job. (For example, you can have Zoho email you an alert if a sale exceeds a certain threshold.) Workflows aren’t as beneficial to individual eBay sellers as they are to larger sales teams, but they’re a unique enough feature to highlight and for you to investigate.

However, Zoho Books, like most providers, has some limits. For starters, Zoho does not offer a global payroll solution, and its accounting software does not interact with prominent payroll providers such as Gusto. Inventory management, for example, is a separate plan from Zoho Books. You can use Zoho Inventory’s free plan if you only fulfill 50 orders each month. Otherwise, you’ll have to sign up for its $59 monthly plan (which is $79 if paid on a month-to-month basis.) Fortunately, Zoho Inventory excels at handling eBay inventory—definitely it’s worth the money.

The 5 Best Accounting Software for eBay Sellers in 2021.

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