How to set up QuickBooks for small business in ecommerce
Posted in: Business Guide

How To Set Up QuickBooks For Small Business In Ecommerce

Do you run a small Ecommerce Business? Please don’t joke with your financial records. Financial records are very important for any business, both small and large scale business. It helps to keep track, how money comes in and leaves, in the business (that is, keeping track of income and expenses in the business).

Most small ecommerce businesses have failed today because of poor accounting or poor financial records. While some have blossomed/grown largely today because of good financial records.

If you really want to grow your small ecommerce business, you need to take your bookkeeping or financial records very seriously. 

Most of the challenges that some ecommerce business owners face, is the difficulty in keeping their accounting or financial records manually, due to their time management and the stress involved in updating the records frequently.

Because of this, many accounting softwares have emerged which helps ecommerce business owners keep their financial records automatically, without requiring their manual efforts. 

One of such popular Accounting Softwares is QuickBooks. With QuickBooks, you can easily keep track of accurate financial records of your ecommerce business. And in this article, we will be giving a Step-by-step guide on how to set up QuickBooks for small business in ecommerce. But before then, let’s look at some highlights!👍

What Is QuickBooks?

Before we show you how to set up QuickBooks for small business in ecommerce, let’s first understand more about what QuickBooks is all about.

QuickBooks is an accounting software developed by Intuit, which helps to keep track of income and expenses automatically, especially in business. 

It has both desktop, online and cloud-based softwares, and any of them can help you achieve your accounting purpose in your ecommerce business.

Aside from keeping track of income and expenses, there are many other excellent features on QuickBooks which will also help your small ecommerce business. Some of these features are:

  • Electronic payment functions.
  • Remote access capabilities.
  • Mapping features.
  • Remote payroll assistance and outsourcing.
  • Online banking and reconciliation.
  • Better mail functionality with Microsoft Outlook.
  • Pre-authorization of electronic funds.
  • Time tracking options for employees.
  • Already made templates for creating charts, business plans, invoices and spreadsheets.

How Does QuickBooks Work?

Before we show you how to set up QuickBooks for small business in ecommerce, let’s first understand how QuickBooks works.

As said earlier, QuickBooks is an accounting software which keeps track of the income, bills or expenses of your business, automatically.

It does this by recording every single bit of transaction going on in all the bank accounts connected to it. This means that for QuickBooks to record your bookkeeping, you must have to connect your bank accounts and credit cards with the software. That is, all the bank accounts from which you always use for your business transactions – both for income and expenses. 

In this, anytime there is inflow (income) in any of the accounts connected, QuickBooks will record that. In the same way, anytime there is outflow (expenses) in any of the accounts connected, QuickBooks will also record that.

Once you set up QuickBooks correctly, it will always keep your financial records and categorized them.  However, If you need to track a check or cash transaction manually, you can also record it directly in QuickBooks.

QuickBooks Pricing/Plans

QuickBooks is a premium software, though each of the plans has a free trial, which is limited to a period of 30 days. After that, you would have to pay to continue using the package/plan you subscribed to.

Let’s look at the tables below so we understand everything about QuickBooks plans and QuickBooks Pricing:

PLANSIMPLE STARTESSENTIALPLUS
MONTHLY PRICING & FEATURES€8
Track income & expenses.
Send custom invoices & quotes.
Connect your bank.
Track VAT.
For one user, plus your accountant.
€11.75
Track income & expenses.
Send custom invoices & quotes.
Connect your bank.
Track VAT.
Insights & reports.
Manage employees.
Multi-currency.
For three users, plus your accountant.
€16
Track income & expenses.
Send custom invoices & quotes.
Connect your bank.
Track VAT.
Insights & reports.
Manage employees.
Multi-currency Recurring transactions.
Track inventory.
Track projects & locations.
Manage budgets.
For five users, plus your accountant.
YEARLY PRICING & FEATURES€172.80
Track income & expenses.
Send custom invoices & quotes.
Connect your bank.
Track VAT.
For one user, plus your accountant.
€253.80
Track income & expenses.
Send custom invoices & quotes.
Connect your bank.
Track VAT.
Insights & reports.
Manage employees.
Multi-currency.
For three users, plus your accountant.
€345.60
Track income & expenses.
Send custom invoices & quotes.
Connect your bank.
Track VAT.
Insights & reports.
Manage employees.
Multi-currency Recurring transactions.
Track inventory.
Track projects & locations.
Manage budgets.
For five users, plus your accountant.
QuickBooks Plans & Prices

Also, below is the QuickBooks Pricing in Dollar($)

  • Self-employed: $15/month
  • Simple Start: $25/month
  • Essential: $50/month
  • Plus: $80/month
  • Advanced: $180/month
  • Desktop Pro Plus: $349/year
  • Premier Plus: $549/year
  • Enterprise: $ 1,275/year

Can I Use QuickBooks For Ecommerce?

Yes, you can use QuickBooks for your ecommerce business. QuickBooks has been known to be one of the best accounting software that would help you to keep accurate financial records of your business.

Now that you have known how QuickBooks works, let’s now see how to set up QuickBooks for small business in ecommerce.

How To Set Up QuickBooks For Small Business In Ecommerce

How to set up QuickBooks for small business in ecommerce

In this section, we walking you through the Step-by-step guide on how you can easily set up QuickBooks for small business in ecommerce. Just follow up, and don’t skip any step!

1. Setting Up Your Company Profile

The first thing you would need to do is to set up your company profile on QuickBooks. Below is the guide.

  • Create a company profile on QuickBooks
  • While creating the profile, select QuickBooks Self-Employed since it’s for your ecommerce business. 
  • Select QuickBooks Online if you will be using an online accounting service or if you have an existing QuickBooks account with any other business.
  • Fill in your contact details and click continue.
  • Click “Create a Company Profile”.
  • Enter all of the required details about your company (name, address, social security number, etc.).
  • Click “Save & Continue”. You have successfully created your company profile on QuickBooks.

2. Installing QuickBooks Desktop Software

Just as said earlier, you can manage QuickBooks either through an online base, QuickBooks desktop software, or QuickBooks cloud-based. 

So if you will be using QuickBooks desktop software, below is the guide on how to install it.

  • Go to QuickBooks and navigate to the Download page.
  • Search and select the particular product and version you need.
  • Click on Download.
  • Click on Next in the Install. 
  • If the download does not start automatically, select the install icon from the desktop or location where the download is.
  • Go through the license agreement, click on Accept and Continue.
  • Put in the license and product numbers. 
  • If you don’t have the license and product numbers, you can simply click on “Locate license and product numbers.”
  • This will take you to a page where you will enter your business phone number to get your license and product numbers. 
  • Alternatively, you may log in to your Intuit account to find them.
  • Now, click on Next.
  • Select the first option, which is – Express for Standalone Machine Workstation.
  • Select Custom and Network options to install on a server. Select Next.
  • If QuickBooks is already installed on the computer, you may see the option to upgrade or change the location of the install.
  • Otherwise, QuickBooks will install automatically.
  • Select open QuickBooks.
  • You will be prompted to reboot your computer if you are installing QuickBooks for the first time.
  • Activate QuickBooks Desktop, Select Begin Activation.
  • Once this is done, your installation and activation of QuickBooks are now complete. 
  • You can now go ahead to open, create, or upgrade your company file with your new version of QuickBooks.

3. Setting Up Bank Feeds

Just as said earlier, for QuickBooks to keep track of the income and expenses of your ecommerce business, you would have to connect your bank accounts and debit cards with it. These are specifically, accounts that you use for all your ecommerce business transactions. 

Follow the guide closely to set up set up Bank feed and connect your bank accounts on QuickBooks.

  • Go to the QuickBooks Website.
  • Login to your QuickBooks account.
  • Click on “Set Up Bank Feeds”.
  • You will be asked to specify where you want your payment information to be retrieved from. 
  • In case you have different accounts with different account balances, then it is advisable to set up the bank feeds in such a way that all your account balances are automatically updated with the latest transactions. 
  • If done this way, each time you update an item in QuickBooks POS, the balance will update automatically and you won’t have to manually enter any transactions from your bank statement.

4. Setting Up Merchant Account

In setting up QuickBooks for small business in ecommerce, you may need a merchant account; you may need to set up merchant accounts with your ecommerce store. The QuickBooks merchant account will let you accept credit or debit card payments for your ecommerce business.  To set up merchant account on QuickBooks, follow the guide below 👇:

  • Go to QuickBooks.
  • Sign in to your account.
  • Navigate to settings.
  • Click on “Account and Setting”.
  • Click on Payments.
  • Then select Learn More.
  • Click on Set Up Payments.
  • This will take you to a sign up Page.
  • Click on Start.
  • Then fill out the required information.
  • Follow the prompts until you are done.
  • After everything, it would take few Business days, for QuickBooks to review your application and give you feedback, whether you were accepted or not. 

How Do I Set Up QuickBooks For My Small Business?

Since QuickBooks can be used for ecommerce business, it means it also works for most other types of businesses. In fact, any business at all, can use QuickBooks to keep their financial records. 

So, the method of setting up QuickBooks is the same, for any type of business you want to use it for. 

To set up QuickBooks for your small business, you may go through our guide as described earlier in this post, about how to set up QuickBooks for small business in ecommerce.

How Do I Set Up QuickBooks Online Retail?

The process of setting up QuickBooks online retail, is the same method as setting up QuickBooks for small business in ecommerce. So, to set up QuickBooks for your online retail, you may refer to our guide as described earlier in this article, about how to set up QuickBooks for small business in ecommerce.

Conclusion

If you really want your ecommerce business or any type of business to survive and grow, you have to take your financial records very seriously. You need to keep accurate financial records of your business; that is records of income and expenses.

Most times, keeping financial records manually may be very stressful, and sometimes you may forget to update the records. To avoid these challenges, the best option becomes the use of accounting softwares, which helps you do every financial record for your business, automatically.

QuickBooks is one the best accounting softwares you can use and have freedom of mind about your financial records. Setting it up if very easy; you can simply do that yourself, even without necessarily having to meet an expert. If you follow our guide as described in this post, I believe you won’t have any challenge doing that.👍

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