Accounting FAQs

How do I set up Xero accounting software?

Get your new Xero account up and running by connecting your bank account and adding invoices. But before that, you need to set up the account. Here’s how you can do that.

  1. Visit the signup page on Xero to create a new account.
  2. Enter all the details required, such as full name, email address, country, and information about your online store. Go through the privacy policy and terms of use. Once you fill out the details, click on Get Started.
  3. You will get an activation email from Xero on your email address. If you don’t receive it in your inbox, check the spam folder. Click on that activation email link.
  4. The link will redirect you to your Xero profile. Click on “Yes, it’s me – let’s get started.”
  5. The next page consists of password verification. Create a password. Make sure the password contains at least one number and eight characters. Confirm your password in the next field.
  6. Click on Activate Your Account.
    Once you activate the account, you can use Xero to invoice your customers, add new contacts, reconcile your bank account, import purchase orders and invoices from your store, and payment confirmation copy.

If you’re still facing issues, our Xero Accountants can help you get set up quickly.

How do I set up Quick Books Online accounting software?

Small businesses have been relying on Quickbooks accounting software for over 25 years – it’s a market leader for a reason, it’s powerful enough to handle the day to day accounting tasks that are so essentially the proper functioning of a small business – and it’s easy to set up.

However, when you purchase your Quickbooks accounting suite what are outgoing to be faced with when it comes to setup?

Setting up Quickbooks is incredibly simple.

Use the CD that has the software that you have purchased and simply follow the guidelines or, for those who want an even more no nonsense approach download the filesform the Quickbook site.

You then setup company file and if you have been using another accounting package use the QuickBooks ‘Conversion Tool’.

Then you will be prompted to input information such as contacts (clients, employees and suppliers) and your bank details, as well as summary of your company’s products and services.

You can then access the ‘Quick Start Centre’ to get essential tasks done such as viewing customer account balances or creating necessary invoices.

You will also be able to set up a record of historical transactions which is useful to track the payment records of clients – and whether or not they have a history of late payment.

Records can include invoices, payroll obligations, bank charges and monies owing, amongst other things. You can back up data on site – or store it on the Cloud, depending on which version of Quickbooks you choose to purchase.

Quickbooks has a reputation for ease of use and simplicity, combined with a wealth of tools that will allow the small business to thrive in an ever more competitive business environment.

If you run into any issues with Quickbooks, let our Quickbooks bookkeepers and accountants know and we can help you get things in order.

What makes a good accountant for a small business?

No matter what type of small business you have, it is important to appreciate the value of a good accountant.

However, it is also important to choose the right type of accountant for your particular small business.

Before selecting an accountant, it is to your advantage to first understand what type of responsibilities or work you want your accountant to handle.

For example, do you require a basic bookkeeper/accountant to keep track of monthly invoicing, payroll, taxes, and so forth?

Perhaps your business would be better served by retaining the services of a CPA, certified public accountant firm, for more detailed accounting issues?

Once you have determined which type of accountant you require, then it is advantageous to search for an accountant who is familiar with small businesses and especially those in your industry.

Online Business Accountants who have years of experience working in a specific industry will also better understand any of the related challenges that the business and industry may have.

They will more capable of guiding you towards the proper financial decisions.

This, in turn, will help your business to grow.
The better accountants, or accounting firms, will provide frequent communication, flexible accessibility, up-to-date software, competitive fees, and expertise for small business.

What is a Virtual CFO?

Financial reporting has and will continue to play a fundamental role in a business.

A virtual Chief Financial Officer is a service provider that has been outsourced to offer highly skilled assistance when it comes to the organization’s financial needs, like the way a conventional in-house full-time CFO does for big organizations.

A virtual CFO can either be an entity or a single individual.

Since startups don’t have the capabilities and resources of hiring a full-time CFO, outsourcing a virtual CFO is their best bet.

Given how startups tend to run lean by keeping fixed costs low, outsourcing a CFO allows them to choose the services they want if and when they need it.

Like any CFO in any company, a virtual CFO basically plans, maintains, and reports on the financial activities of an organization.

A virtual CFO can help you raise funds for your startup enterprise by creating a financial story you can present to a VC and also do some pitching.

S/he can also be requested to appear in certain meetings to give their opinions and also prep the CEO.

A virtual CFO can also provide analysis help and light advisory when it comes to mergers and acquisitions.

What do I need to know about hiring an accountant?

A qualified accountant can help your business in more ways that doing your payroll.

They can help minimize your tax payments and stay abreast of the latest tax laws.

An accountant will also help your business by organizing stock allocation, responding to audits, creating effective inventory strategies, filling out compliance documents, preparing annual statements, and optimizing the key business metrics.

With hundreds of accounting professionals out there, you need to look for the right one for your business.

Here is what you need to know about hiring an accountant for your business.

  • The right accountant should be familiar with your industry and your type of business.
  • They should have prior experience working with clients in your industry.
  • The professional should be thorough with the unique financial regulations, tax laws, and business trends of your specific industry.

Don’t forget to ask about the services the accountant offers and doesn’t offer.

Some of the common tasks offered by an accountant include auditing, tax return preparations, payroll, and responding to audits.

Additional services include business valuations, bookkeeping, overseeing financial transactions, due diligence, compiling investor reports, and managing business investments.

Asking the right questions will let you hire a strategic financial partner for your business.

Where do I go for support about Xero accounting software?

For general support and frequently asked questions regarding the Xero software you should visit https://www.xero.com/us/about/contact/faq-support/

That page will direct you to more personalized lines of support as well as provide answers to dozens of different Xero-related questions.

If you are unable to find the answer you are looking for in the Xero Central support page, then you also have the option of contacting the Xero support staff.

There is a “Get In Touch” link located at the bottom of each support article on the page.

Use that link to ask the staff a more in-depth question and they will respond via email as soon as possible.

You also have the option of speaking to support staff over the phone if you would prefer that instead of a standard email answer.

When using the “Get In Touch” link, you simply provide the Xero support staff with your phone number, your location, and your preferred contact time.

Xero does not have an official support number published online and will never charge for support services.

If a company contacts you claiming to be Xero support but is asking for compensation for their services, then it a scam that should be ignored and possibly reported.

Where do I go for support about Quick Books Online accounting software?

Although QuickBooks software is extremely user-friendly, there may come a time when you need a little help.

QuickBooks offers expert support and guidance to help you get the best out of your software.

QuickBooks Support Services will not only help you solve specific product challenges you may encounter it will also help you maximize and maintain the value you get from your software.

If you want to have access to telephonic or email support you must have the latest version of QuickBooks and renew your QuickPerks license fee annually.

If you are a super user of QuickBooks you can subscribe to a pay-as-you-go support service offered at a very affordable rate.

QuickBooks Online Support
Get the answers you need by contacting QuickBooks online for instant help or advice or join the QuickBooks Online Community on their website https://quickbooks.intuit.com/global/support/

Further details about support and how to contact the support team may vary from country to country and is dependent upon the type of product you are using.

The main support website is the best way to access information about advice and support regarding the use of various QuickBooks products https://quickbooks.intuit.com/

eCommerce Accounting FAQs

Why it is important to invest in accounting and bookkeeping for your ecommerce business? Collapse

Any business needs effective accounting and bookkeeping to track and keep records of all financial transactions.

eCommerce is one of the fastest-growing businesses today.

The sheer amount of work involved in an eCommerce business can make it even more complicated without a proper bookkeeping system.

You have other important tasks to perform in the business than tracking and recording all financial transactions.

A professional bookkeeper or a third-party bookkeeping service is the best choice for an eCommerce business.

Here is why you should invest in accounting and bookkeeping for your eCommerce business.

  • When you have an effective bookkeeping system in place, your books will be accurate enough to provide a much clearer picture of the finances of your business.
  • Staying on top of the numbers is important to manage your business properly and take it to the next level.
  • Jotting down every transaction is important to get a more accurate cash position of your eCommerce business.

A professional eCommerce bookkeeping service will let you know about the exact financial position of your business.

When you plan to take your small business to the next level, it’s important to pull in a few investors.

Accurate financial information is one of the first things that an investor would request.

That’s why you need to invest in accounting and bookkeeping for your eCommerce business.

What are the best Payment Gateways for your eCommerce business?

The best payment gateway for your eCommerce business really differs depending on your specific type of business.

After all, there are businesses with a lot of smaller but more frequent transactions and there are businesses with larger and less frequent transactions.

Ideally, you want to have multiple payment options for your eCommerce business.

That way, you will be able to satisfy much more of the customer’s demands.

There are several things that you should consider when choosing one.

Factors To Consider:

  1. Recognition (PayPal or Stripe)
    Perhaps more important than anything would be brand recognition. To achieve good conversions, you should be making an effort to minimize the resistance you create at checkout. By having a recognizable and trustworthy payment option that people are used to using, you will be doing just that. When it comes to recognition and brand trust, there is perhaps no other better option than PayPal which had over 305 million active registered users in Q4 of 2019.
  2. Versatility (Square) – If You Also Need POS
    Another big factor that you want to consider would be the level of versatility it offers. Square is a payment gateway that offers high-level versatility. While it is much more well-known for its Point-Of-Sale systems that allow for in-store payments, they have eCommerce integration, as well. In fact, they offer easy eCommerce integration with a variety of platforms which makes it very easy to fully integrate the service and begin accepting online payments with no monthly fee. You simply pay 2.9% plus 30 cents per paid online store sale. Therefore the pricing is relatively straightforward.
  3. List of Shopify Payment Gateways in Australia
    • 2Checkout
    • Adyen
    • Afterpay
    • Alipay Global
    • Asiabill
    • Authorize.net
    • BitPay
    • Buy now, pay later with Klarna
    • By dLocal: Tarjetas locales,
    • Transferencias Bancarias y Pagos en Efectivo
    • Cartão de Crédito e Boleto via EBANX
    • Checkout.com
    • Coinbase Commerce
    • CoinPayments.net Crypto Payments
    • Divido
    • ePay / Payment Solutions
    • eWAY Rapid 3.1
    • G2A Pay
    • iPayLinks
    • Laybuy
    • NihaoPay
    • Oceanpayment
    • Payment Express PxPay
    • PaymentExpress
    • PayPal Express Checkout
    • PayPal Payflow Pro
    • Paystation
    • Pin Payments
    • PingPongPay
    • POLi Internet Banking
    • PUT IT ON LAY-BUY
    • QuadPay
    • SecurePay (Australia)
    • Sezzle
    • Shopify Payments
    • Splitit Monthly Payments
    • WorldPay (Direct)
    • WorldPay (Offsite)
  4. List of Woocommerce Payment Gateways in Australia
    • Stripe
    • Square
    • Paypal
    • Authorize.net
    • eWay
    • NAB Transact
    • ANZ
    • Pin Payments
    • Westpac PayWay Net
    • Merchant Warrior
    • WooCommerce Payments
What makes a good accountant for a small business?

The dawn of the digital era has really altered the perception of how we view business.

No longer do you have to waste valuable working hours trying to advertise your business.

With eCommerce, you can do transactions straight from your computer.

So how do you keep your finances in check?

Well, there are various cloud accounting solutions out there, but we at infiniy22 recommend either using Xero accounting software for your needs.

Xero is the best solution for your business since it will help stay tax compliant.

Just because you’re conducting business through the Internet doesn’t mean you won’t pay any taxes.

If anything, it becomes that more taxing since you’ll have to comply with various tax regulations of countries or states you will be seeling your services.

Xero accounting software works in real-time and will ensure you are compliant with the local tax laws and also keep up with the ever-changing fluctuations.

The fundamental rule of business is that time equals money.

With Xero, you will have eliminated the need for outsourcing and ensure that the data acquired is up-to-date and accurate.

If you’re not sure what cloud accounting software is right for your business, talk to our team today.

What’s more, all business financials and information are stored in the cloud.

Essentially, Xero manages accounts and streamlines business operations.

How Do You Grow Your eCommerce Business?

With the thriving digital landscape and the limitless pool of prospects, e-Commerce is where things are right now.

But with this potential also comes very stiff competition and if you’re careful, your business may soon go under.

That’s why you need business advisory services to help propel your business to the next level.

You will want to create a robust finance functionality, minimize tax & compliance and implement proper business strategies.

We make it a point to be aware of the trending industry strategies and technologies to assist your eCommerce business blast off.

Some of the eCommerce advisory services we provide include specialized CFO advisory, value chain analysis, strategy implementation and International expansion planning.

Here at Infinity22, eCommerce has been built into our DNA and is who we are.

We are your best bet to get and remain ahead of the competition in this cut-throat digital business world.

What’s more, we will do our due diligence to produce results and safeguard your information.

We use Xero accounting software, and so do most of our clients, but we also recommend others like A2X, Dear Inventory and Spotlight Reporting.

Using the best technology will guarantee efficiency as well as increase the overall valuation of the company.

How To Calculate A Return On Investment For Advertising And Marketing Costs For eCommerce Businesses?

The return on investment refers to net profit/total investment x 100.

This is a simple formula that is used to determine whether or not a business decision has been fruitful or not in terms of making money.

When it comes to running an eCommerce business, there are several expenses that need to be accounted for.

These expenses can include advertising, marketing, and other relevant costs.

To make sure these are taken into consideration when determining the return on investment, it’s important to understand which costs need to be taken into account.

In general, anything that has been spent on building a marketing campaign will go under the “total investment” category in the formula.

For example, if a business has spent $100,000 in advertising costs (i.e. social media ads, SEM, flyers), all of this is going to go under total investment.

If the business ends up making $300,000 from the advertising, this will go under net profit.

Keeping these numbers in mind, the return on investment would equal $300,000/$100,000 x 100.

This comes out to be a return on investment of 300%, which is excellent for any eCommerce business.

Keep this formula in mind when it is time to calculate how well the business is doing.

How to Integrate Quick Books Online to Shopify?

QuickBooks allows you to export all the sales from your Shopify account to QuickBooks once you set up both the accounts.

Here’s how the system works.

Connect QuickBooks to Shopify

  1. First, authenticate your QuickBooks account with Shopify. Once you create an account on QuickBooks and put your Shopify details in it, you will get a confirmation email. Click on the link to authenticate your Shopify account.
  2. Next, select Shopify as your trigger app. Since you want QuickBooks to derive all the customer and order details from Shopify, you need to choose Shopify as the primary application.
  3. Your resulting app should be QuickBooks. After selecting Shopify, the next page will ask you which app you want to use that provides the resulting action. Select QuickBooks.
  4. The next step is to choose the resulting actions. What do you want QuickBooks to do? It can import contacts, sales invoices, purchase orders, new sales receipts, new bills, new payments, and new estimates right from your Shopify account.

Once you finish these four steps, you can test QuickBooks by creating a new purchase order or adding new customer details.

You will see QuickBooks making a second copy of the same almost instantly.

How to integrate Xero to Shopify?

You can now sync your Shopify customer data and automate order processing from Xero.

All you need to do is connect Xero with Shopify to make this feature work.

Suppose you want to create invoices in Xero for all Shopify orders. Here’s what you should do.

  1. First, connect your Xero and Shopify accounts. This helps to create invoices in Xero every time someone places a new order on your Shopify store.
  2. Your next step is to drag and drop one of the contact fields from Shopify’s Output Field. Put the contact in the input field of Xero’s “Search Contact.” This ensures that the bot searches the corresponding contact in the Xero account. If there is already a contact, Xero will create an invoice automatically if that contact places an order. You can populate the invoice details by adding various fields, such as contact details, order contents, and addresses.
  3. Click on “Turn On” to activate the automation process. You can test it by checking Xero whenever anyone places a new order on your Shopify store. The bot will automatically start when there is a new order. As soon as it finds the contact details, it will create an invoice.
    Integrating Xero to Shopify can not only automate invoices but also help to add or update the contact list, add payment method in Xero, and add sales invoices.

If you’re having trouble connecting everything, our Shopify accountants can get you set up quickly. Talk to a member of our team today.

How to integrate Xero to Amazon?

4 Steps to Integrate Xero to Amazon

You don’t need to have coding experience to integrate Xero to Amazon. Just follow the steps below to connect your Amazon Seller Central account with Xero.

  1. Authenticate your Amazon Seller Central account on Xero. Confirm the email to set up your account.
  2. Choose one of the trigger apps that kick off the automation process. Remember, the trigger app here is Amazon because you want to integrate its account to Xero.
  3. The third step involves picking a resulting action. If you want to import invoices from Amazon to Xero, the resulting action should be Xero. This will create a link between Xero and Amazon.
  4. This is where you should select the action for which you are integrating Xero to Amazon. Suppose you want to import invoices. You should select invoices from the list. Apart from invoices, there are other options like payment confirmation copy, order copy, new order, new quote, new sales invoice, new payment, new purchase order, new contact, new bank transaction, and new expense claim receipt that you can import also.
    Once you integrate Xero to Amazon, the resulting action takes place automatically. In this case, the invoices will come directly to Amazon. You don’t have to send it manually every time.
How to integrate Xero to Ebay?

Xero can sync all your customers’ data from eBay so that you don’t have to enter them manually.

You can even automate the order processing system by integrating Xero to eBay. Here’s how you do it.

  1. First, you need to authenticate the two accounts. Confirm your eBay account on Xero so that it can create invoices directly whenever someone orders anything on your eBay account.
  2. The next step is to link the contact page. This contains the details of the customers who buy from eBay. Drag and drop the contact field into Xero’s “Search Contact.” It will enable Xero’s bot to search for new or existing contacts whenever customers place an order. You can add various details on the contact list, such as contact number, address, and order details.
  3. Next, you should activate the automation process by clicking on “Turn On.” Xero will now automatically populate the fields whenever a new or existing customer places an order. It will make duplicate copies of invoices, purchase orders, and add or remove payment methods.
  4. You can test whether Xero works with eBay or not by placing an order from your store. Your Xero account will automatically fill out all the details you enter in your eBay account.
How to Integrate Quick Books Online to Amazon?

It is hard to keep track of the performance of your store if you are a volume seller.

Therefore, integrating QuickBooks Online to Amazon helps you to manage your inventory, automate transactions, handle international currencies, track the performance of your store, calculate sales taxes, and collaborate with partners.

It is easy to integrate QuickBooks Online to Amazon using the apps approved by Intuit Corporation.

Intuit Corporation vets and approves these apps, meaning you can completely trust these apps.

Use these apps to connect your Amazon marketplaces to your QuickBooks Online.

Search for these apps on QuickBooks Online website. Choose the right app based on the popularity and ratings.

Most of these apps have free trials, so you can test them before purchasing.

Testing these apps allow you to know the ones that suit your business.

You will never spend lots of money on these apps.

It is easy to use these apps to integrate QuickBooks Online to Amazon.

All these apps are cloud-based and they require zero coding experience.

Once you integrate QuickBooks Online to Amazon, you can create proper accounting documents.

In conclusion, using the right app can help you integrate QuickBooks Online to Amazon easily.

That is why you need to choose an app that suits your budget and business.

You do not have to know coding to use these apps.

How to Integrate Quick Books Online to Ebay?

It’s relatively easy to integrate Quick Books Online to eBay.

Two of the popular ways that are used to connect QuickBooks Online and eBay include:

– Creating QuickBooks Online Customers from your new eBay orders
– Creating QuickBooks Online sales receipts from your new eBay orders
Integrating QuickBooks Online to eBay requires zero experience in coding. Here is a step-by-step guide on how QuickBooks Online and eBay integrations work:
– Step One: Authenticate QuickBooks Online and eBay (takes about 30 seconds)
– Step Two: Choose one app as your trigger, which sets off the automation (takes around 15 seconds)
– Step Three: Choose the resulting action from another app (takes around 15 seconds)
– Step Four: Choose the data you would like to send between the apps (takes around 2 minutes)

That’s all that is needed, giving you more time to focus on more important things like running your business.

You can visit a website such as Zapier that allows you to experiment with workflows such as Creating Quickbooks Online Customers from eBay Orders. Alternatively, our eBay accountants can help you get set up and discover innovative ways you can build your business online.

Zapier also offers other guided workflows to choose from that are really easy to use.

Zapier is not only free but helps you to save time.

How to integrate Xero to Etsy?

You can now connect Xero and Etsy the way you want.

Once you integrate Xero to Etsy, you can customize the integrations by selecting various trigger events.

Xero will produce the resulting action depending on the trigger you select.

Here are some of the integrations you can customize by connecting Xero with Etsy.

  1. New listing
    Your Xero account will trigger a new listing whenever you add one on your Etsy store.
  2. Search contact
    Your Xero account can search contacts based on the email address and contact IDs of your customers on Etsy. It can also duplicate contacts when you create one on your Etsy store. This helps in automating the invoice process.
  3. New order
    You don’t need to create a new order on Xero separately every time someone places an order on Etsy. When you select Etsy as your trigger app and integrate it with Xero, the latter will generate a new order by copying the details from your Etsy store. Additionally, it can also create purchase orders for every new order.
  4. Order shipped
    Apart from generating new orders, Xero can also trigger shipping messages as soon as your store ships a product out. It keeps the buyers updated about the ETA of their deliveries.

You can customize multiple integrations as soon as you connect Xero with Etsy. It allows you to automate the entire accounting process.

This not only saves time but also ensures that you don’t make mistakes in any invoices.

In fact, you can pull out the record of every purchase until now from Xero once you integrate it to Etsy.

How to Integrate Quick Books Online to Etsy?

QuickBooks Online (QBO) can connect with multiple applications, Etsy included.

All you need for this is a third party application, and of course, verification of the integration process from Esty support since the process involves a remote party.

Esty shop also offers suggestions on the best tools and online applications that work best with QuickBooks.

The process takes less than 2 minutes and is also quite straight forward.

After integration, sale transactions from Etsy can be synced easily into QuickBooks Online, since the third party application imports transaction details and reloads them on QBO.

If you would like to search through QBO to find apps that you can integrate with, select Apps on the left navigation bar.

From here, go to the find Apps tab to then use the search bar to find your applications.

Finding the best application to suit your needs from the wide array of options available entirely depends on preference and convenience.

Though we may not recommend which 3rd party application is the best, we do recommend that you check out online reviews and seek referrals from people who have used these applications before.

With a good application, you will not have to cobble together your own solutions through spreadsheets and transaction applications.

How to integrate Xero to Woocommerce?

There is a four-fold process to integrate Xero to WooCommerce.

Here’s what you should do.

  1. Authenticate Xero and WooCommerce accounts
    This is the first step to link your Xero and WooCommerce accounts. It establishes a connection between these accounts so that you can select trigger actions in the next step.
  2. Select your trigger app
    You should select the app that triggers the entire automation process. For example, if you want to import purchase orders from WooCommerce to Xero, you should select WooCommerce as your trigger app. Every time you create a purchase order on WooCommerce, Xero will automatically create its copy.
  3. Choose the resulting action
    Why are you integrating Xero to WooCommerce? To perform some actions automatically, right? But you would be using Xero on the backend for all these actions. Hence, you should select Xero as the resulting action to set up the link between both the accounts.
  4. Confirm the output data
    What action do you want Xero to perform when aligned with WooCommerce? Suppose you want to import new purchase orders. Select that option from the list to confirm it.
    You can test whether Xero performs the promised actions by creating a new purchase order on WooCommerce. Every time the latter gets a new order, Xero will have a copy of it without entering or updating anything manually.
How to Integrate Quick Books Online to Woocommerce?

QuickBooks Online is easily the dominant player in the eCommerce world.

WooCommerce is quickly growing and already has a fair share of the market itself. If you have both, you are in luck.

There are plenty of ways to integrate your accounting platform into your eCommerce solution in order to facilitate easy syncing to ensure you don’t have to manually track all of the data.

Find The Right Plugin/App
There are different options that you can go with.

Because there are various third-party plugins and apps that you can use for the full integration, you need to do your due diligence to find the app that suits your use-case the most.

There is Zapier which will integrate your WooCommerce store with 2,000+ third-party web services through Zapier’s web automation service [1].

Because it is an automation service first and foremost, you do have to spend some time optimizing it for your use-case.

However, when fully set up, the solution is hard to beat.

For an easier and more streamlined approach, if you don’t have the technical know-how, you may want to stick with OneSaas’app.

This will allow you to sync data without the hassle of setting everything up and fine-tuning it manually.

References:
[1] https://docs.woocommerce.com/document/woocommerce-zapier/?aff=4593