Shopify is the most convenient sales platform for sellers who wish to open an online store. It allows the sellers to build a brand with unique designs and layouts supported by Shopify. Brands experiencing growth in their Shopify business often face challenges in managing high-volume transactions. A slight mistake in any financial transaction can lead to a significant loss, which can be prevented with cloud-based accounting and enterprise resource planning (ERP) software. NetSuite ERP is the best-in-class e-commerce accounting software for SMEs and start-ups. It is a SaaS (Software as a Service) based platform that functions towards automating workflows with e-commerce accounting. There is a lot to know about Shopify NetSuite integration, which you will discover in the following sections.
Automating Shopify Store Accounting with NetSuite
As mentioned earlier, NetSuite integration is the best ERP solution for Shopify accounting automation for a Shopify store through reduced manual data entry in Shopify accounting. Sellers can optimize Shopify's financial operations with NetSuite. Also, it can manage various accounting functions as listed below:
Customer Data Handling
Customer data is the most sensitive information held by a Shopify store. NetSuite ERP can manage Shopify's customer data in a secure and well-organized way. Its security is the most critical concern, as any displacement can have a huge impact on the brand's image. NetSuite can handle all the data like a breeze, keeping it in a safe space.
Payment
Shopify sellers have to handle thousands of payments every day through multiple payment methods. With NetSuite integration, all the bills, payments, and related data insights can be managed to increase collections and get the required data insights to track and reduce outstanding sales.
Account Reconciliation
With the massive number of transactions done on the Shopify store, account reconciliation has become a task. NetSuite accounting system automatically reconciles accounts payable and receivable, bank, credit card, prepaid, inventory, accruals, fixed assets, intercompany transactions, and other balance sheet accounts. Hence, Shopify has fixed seamless order and payment reconciliation. The e-commerce accounting software provides scalable integration between Shopify and a finance tool that helps ease out the day-to-day tasks.
Tax Compliance
Managing taxes can be both difficult and overwhelming. NetSuite is the way out, and it will assist with the management of domestic and global taxes. Also, it will generate detailed reports, analyzing transactions sequentially. The NetSuite connector can also handle local taxes like GST and VAT, which the Shopify seller might be obliged to pay in the regional sales.
Multiple Currency Management
Selling globally through Shopify comes with the obligation to handle different currencies and their conversion regularly. NetSuite can solve this problem as well by managing the conversions and sending the money straight to the account in converted form. Sellers have to sync Shopify sales, orders, and refunds in NetSuite to manage as many currencies as they require.
Benefits of Integrating Shopify with an Accounting System
Integrating Shopify with accounting software comes with multiple levels of benefits, such as time-saving, easy data flow, optimized cost, and enhanced customer experience. Boosting eCommerce accounting accuracy with NetSuite makes business operations streamlined in the given ways:
1. Automatic Order Transfer
Orders, once received, get transferred automatically after integrating Shopify with the accounting software. NetSuite integrator also syncs customer data to process orders further. This initiates the order quicker than manual methods, making the process fast overall.
2. Real-time Transaction Sync
Syncing Shopify's transaction data becomes easy with cloud-based ERPs like NetSuite. It syncs the transaction details, including fees, coupons, and refunds, for the best results, allowing complete automation and making the process less prone to errors.
3. Revenue Recognition
Revenue recognition allows the sellers to understand the patterns of sales and the results of their input into the business. NetSuite also provides revenue recognition based on current order fulfillment, so the sellers can have an expansive view of their sales and plan out for future implementation.
4. Financial Reporting
Financial reports, data, and their analytical insights give a much better view of the revenue, profits, and sales. Getting the reports together would need a defined resource and a lot of time, and the report might not even be accurate. NetSuite gives an accurate financial report to e-commerce businesses.
5. Automated Sales and Tax Calculations
Sales and tax calculations are the most essential things for any business. It depicts the profitability and stability of the company in the long run. Also, it helps the business run without any legal hurdles that errors in taxation can cause.
6. Improved Inventory Valuation
Inventory valuation is as essential as inventory management. The valuation of inventory helps sellers decide the profits and sales value of the products. NetSuite also gives the sellers an idea of inventory valuation so that they can conduct a precise analysis of the revenue.
How to integrate NetSuite with Shopify for Accounting?
After learning about the splendid benefits of working with NetSuite Shopify sync for real-time financial tracking, you must be willing to integrate it as soon as possible. Here’s how you can do it in four simple steps with Robust NetSuite Integrator for Shopify:
Step 1: Install Robust NetSuite Integrator from the Shopify App Store and sign up by providing your name and email.
Step 2: Create a secure password for account creation and verify your email to activate your account.
Step 3: Integrate your Shopify store with the Robust NetSuite Integrator App after completing the configuration process.
Step 4: You can also customize the settings to meet your requirements and get the desired results.
With these simple steps, you have cracked your way to NetSuite Shopify integration for automation of the accounting workflows.
Now Live!! Shopify Accounting Integration Without Manual Errors
Every business needs error-free accounting, be it online or offline. Shopify store owners generally have a lot on their plates, so managing finances can become more of a challenge. However, e-commerce accounting challenges can be tackled quickly with the Robust NetSuite Integrator - the best NetSuite connector for Shopify financials. It will automate Shopify sales and management with easy workflow and cost optimization. Apart from the finances, it can manage post-purchase upsell, product sync, inventory, 2-way order sync, shipment tracking, and a lot more. So, it is the perfect one-stop solution for e-commerce business. Now, you have nothing to worry about; follow the steps to integrate your Shopify store with NetSuite accounting software.
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