Efficient bookkeeping is crucial for Shopify sellers to maintain accurate financial records and make informed business decisions. When it comes to integrating Shopify with popular accounting systems like Xero and QuickBooks Online, two prominent solutions stand out: A2X and Bold. In this blog post, we’ll provide an overview of these integrations, highlight their features, and discuss their pros and cons. Whether you’re a small seller or a high-volume business, we’ll help you choose the right integration to streamline your bookkeeping process.
Understanding How A2X and Bold Work:
To transfer sales data from your selling platform to your bookkeeping system, you need a reliable integration. Bold was initially well-received as it aimed to bridge the data gap between Shopify and accounting systems. It transfers transaction data from Shopify to your bookkeeping system, enabling sales analysis and reporting. However, Bold’s daily transaction method can become overwhelming for growing businesses or high-volume sellers, as importing each transaction separately makes reconciliation challenging.
In 2019, A2X, renowned for its precise Amazon store accounting software, launched its Shopify version. A2X excels in accuracy and provides a solution designed specifically for Shopify sellers. It offers automatic imports of Shopify settlements, which summarize revenue, expenses, and other essential details. Each settlement generates an invoice and journal entry, ensuring easy matching of sales to expenses and pay-outs. A2X’s focus on settlement reporting allows businesses to obtain an accurate financial picture without getting lost in the minutiae of individual transactions.
Comparing A2X and Bold:
Both A2X and Bold have their own set of features and considerations to keep in mind:
A2X Pros:
- Global tax support
- Detailed financial reporting
- Automatic daily transaction exporting
- Customizable sales summaries
- Accurate gross margins
A2X Cons:
- Higher pricing for high-volume sellers
- Limited additional services compared to Bold
Bold Pros:
- Transactional model allows for detailed analysis
- Global tax support and additional services
- Automatic inventory tracking
Bold Cons:
- Prone to frequent errors
- High cost for smaller sellers
- Heavy demand on time and resources for high-volume sellers
Choosing Your Integration:
For smaller sellers who prefer a transactional approach and enjoy analyzing each individual transaction, Bold may be a suitable choice. It allows them to delve into the intricacies of their business by categorizing every transaction and understanding expenses, taxes, and shipping costs.
However, for businesses operating at high sales volumes or looking to scale efficiently, A2X offers significant advantages. Its settlement-based reporting provides a clear overview of the company’s financial health, accounting for various factors like fees, refunds, and taxes. A2X seamlessly integrates with Shopify, QuickBooks Online, and Xero, making it an ideal choice for those seeking to streamline their bookkeeping process and reduce time spent on manual tasks.
Conclusion:
When it comes to integrating your Shopify store with your preferred accounting system, A2X and Bold are two popular options to consider. While Bold offers a transactional approach and additional services, A2X stands out for its precision, accurate financial reporting, and seamless integration capabilities. Depending on your business’s needs and size, you can make an informed decision and choose the integration that best aligns with your goals.
If you’re ready to optimize your Shopify bookkeeping with A2X, Outpost.work is here to assist you. Our experts can help you set up the integration and provide training to ensure a smooth transition. Reach out to us at info@outpost.work to get started!
