Shopify: Is it Right for You? An Expert Bookkeeper's Opinion

As an e-commerce store owner, you know that managing your sales and keeping track of expenses and bookkeeping is important. However, it’s also very time-consuming. You might have heard of Shopify and wondered if it’s worth paying for. But did you know that it’s not just a platform for selling products online? It’s also a full-service solution that integrates payments, accounts and inventory with your accounting software whether you’re using Xero, QuickBooks or MYOB. In this blog post, we’ll help you decide whether it’s right for you by taking a closer look at what Shopify can do and how it integrates with different software.

Is Shopify Legit?

Absolutely, Shopify is as legit as it gets! With over 4.4 million live Shopify stores globally, Shopify has proven itself to be a reliable and trustworthy software for online stores. It is particularly known for its secure payments and user-friendly interface.

Shopify is a fantastic option for businesses wanting to keep track of their income and expenses. It automates syncing of sales data, expenses, and invoices. This allows you to spend more time growing your business instead of getting bogged down by administrative tasks. Designed for scalability, Shopify enables your business to expand without the need for a complete system overhaul. It tracks everything from goods sold to shipping fees, making it easy to monitor profit margins and operational costs.

Integrating Shopify with your accounting software not only saves time but also reduces the risk of errors. In this comparison, we will take a closer look at how the three most popular accounting software options in Australia – Xero, MYOB, and QuickBooks – integrate with Shopify. 

Want personalised advice on accounting software? We’re here to help. Call 1300 728 875 or fill out a contact form so we can discuss how we can best serve you. 

Shopify Xero Integration

Best for:

Small to medium-sized businesses with a strong focus on automation and user-friendly interfaces.

Strengths:

• Xero is widely regarded as one of the most popular accounting solutions for small businesses in Australia.
• The Xero integration with Shopify is seamless, allowing automatic syncing of transactions, sales, and financial reports.
• Xero excels at creating balance sheets, tracking liabilities, and automating tax reporting, which can be particularly useful during tax season.
• The platform simplifies the reconciliation process, ensuring accuracy in managing your cash flow.
• Xero also integrates with other tools like payment gateways and inventory management apps.

Shopify MYOB Integration

Best for: 

Australian businesses with more complex accounting needs, particularly those in industries that require detailed tracking of financials, inventory, and cash flow.

Strengths:

• MYOB has strong integration capabilities with Shopify through third-party apps, providing features for syncing sales, transactions, invoices, and expenses.
• It’s particularly effective at managing inventory, complex accounting tasks, and generating detailed financial reports like profit and loss and balance sheets.
• MYOB's cash flow management tools and customisable reports make it highly suitable for businesses that need to track detailed financial information.
• The platform also helps with tax compliance, automating the preparation of BAS statements, and other tax-related tasks.

Shopify QuickBooks Integration

Best for: 

Small to medium-sized businesses looking for software that’s easy to use with strong customer support.

Strengths:

• QuickBooks offers a straightforward integration with Shopify, enabling you to automatically sync transactions, track sales, and manage expenses.
• The platform excels at invoicing, creating customisable financial reports, and managing cash flow.
• QuickBooks’ integration helps with tax preparation, making sure all your accounts are in order when it's time to file your taxes.
• It is user-friendly, particularly for those who may not have a deep understanding of accounting and reconciliation tasks.

Streamlining Inventory Management with Shopify 

Shopify’s built-in inventory management system seamlessly integrates with your store, making it easy to track stock levels for each SKU. You can quickly add inventory and categorise items by type or season. Managing stock levels and updating product listings is straightforward. Your inventory will automatically reflect current stock levels to prevent overselling and transaction errors.

For businesses with more complex inventory needs, there are advanced inventory management apps available on the Shopify App Store that cater to specific requirements. These apps can enhance your inventory tracking capabilities with features like automated alerts for low stock levels, detailed reporting, and multi-channel management. 

More Shopify Features

As a Shopify user, you’ll have access to:

• Customisation options through its themes and templates, allowing you to modify colours, fonts, and layouts. For those with coding skills, it allows HTML and CSS editing.
• Over 8,000 apps, offering a wide range of extra functionalities via the Shopify App Store.
• Multi-channel selling, allowing you to reach customers across various platforms, including social media and online marketplaces. 
• Multiple payment options, including Shopify Payments, PayPal, and Stripe. 
• Built-in marketing features, such as analytics, SEO tools, email marketing capabilities, and social media integration.
• Customers who use different currencies and languages, with 175 countries currently using Shopify.

Shopify Pricing in Australia

An Overview of Shopify Reviews in Australia

Australian users generally report positive experiences with Shopify, particularly praising its ease of use and responsive customer support. Many find the platform intuitive, allowing them to set up and manage their online stores without extensive technical knowledge. Many customers particularly value the 24/7 customer support, available via live chat and email.

However, some have expressed frustration over the lack of phone support for lower-tier plans, which contrasts with competitors that still offer this option. 

Learn more: Shopify website

Shopify Alternatives

There are several Shopify alternatives available, each offering its own set of features, pricing structures, and integrations with accounting software.  

1. WooCommerce

• WooCommerce is a highly flexible and customisable e-commerce plugin for WordPress. 
• As an open-source platform, it offers a wide range of plugins and extensions, making it ideal for businesses looking for a scalable and adaptable solution. 
• WooCommerce integrates well with accounting software such as Xero and QuickBooks, allowing you to sync your sales, track revenue, and manage expenses efficiently. 
• Its affordability and flexibility make WooCommerce a top alternative for small to medium-sized businesses, especially those already familiar with WordPress.

Learn more: WooCommerce website

2. BigCommerce

• BigCommerce offers strong integrations with accounting software and has advanced tools for managing transactions, reports, and revenue. 
• BigCommerce’s scalability makes it suitable for larger businesses or those expecting significant growth.
• The platform also provides comprehensive SEO tools, detailed reporting, and multi-channel selling capabilities.

Learn more: BigCommerce website

3. Magento

• Magento is an open-source platform that provides a high level of customisation and flexibility. 
• While it requires more technical expertise to set up and manage, it is well-suited for larger businesses with complex requirements. 
• Magento’s open-source nature means you can tailor it to your specific business needs and integrate it with a wide variety of accounting software. 
• With Magento, you can easily track sales, generate financial reports, and manage transactions at a large scale.
• The platform also excels at handling detailed reconciliation and invoices.

Learn more: Magento website

4. Squarespace

• Squarespace is known for its design-focused approach, offering aesthetically pleasing templates and an easy-to-use interface.
• It is particularly popular with small businesses and entrepreneurs.
• Although Squarespace offers fewer integrations compared to other platforms, it still allows you to manage basic transactions, payments, and invoices.

Learn more: Squarespace website

Each alternative has its own strengths and may be more suitable for you depending on your specific business needs and technical expertise.

Is Shopify Worth It?

Shopify is generally considered worth the investment. It simplifies online selling without the need for technical expertise. However Shopify does have some drawbacks, such as transaction fees and limited customisation options. It's essential for businesses to assess their specific needs and budget to determine if Shopify is the right fit for them.

Not sure which way to go? Feel free to get in touch with our team at Darcy Bookkeeping or call us on 1300 728 875. We specialise in knowledge on popular accounting software options available in Australia and can assist you in getting everything set up seamlessly.

Read more: Accounting software

Still wrapping your head around accounting software? Here’s a beginners’ guide:

• An Overview of Cloud Accounting and Bookkeeping
• How to Choose Accounting Software
• How to Automate Your Business Bookkeeping Processes