Reseller Tools of the Trade Series: Bookkeeping with QuickBooks

Running a resale business can be exciting and fun, but there is actually a great deal of paperwork to be organized. Chances are, you didn’t get into reselling because you have an affinity for tax codes, budgets, and spreadsheets that require constant manual upkeep. Yet these concerns are of great importance if you want to have a successful and profitable business. Since few beginning resellers can afford to keep an accountant on the payroll, bookkeeping software is the next best thing.

Bookkeeping with QuickBooks takes out the guesswork in tracking and managing inventory and is incredibly user-friendly. Read on to find out how this reseller tool can help you and your business run more efficiently than ever!

The Basics of Bookkeeping with QuickBooks

As a small business owner, you’re expected to wear a lot of hats. Some things you can get by with, others you can outsource, but one task you want to do correctly is your bookkeeping. If you’re not a numbers person with a penchant for spreadsheets and bar graphs, it might seem a daunting task. Fortunately, QuickBooks makes professional bookkeeping simple and affordable.

There are several levels of service from QuickBooks, with varying price points, depending on the level of support you’re likely to need. Most resellers will want to work with the new QuickBooks Commerce plan. The pricing runs $40-150/month, depending on your level of service, and it’s tailored specifically for eCommerce businesses so you get all the features you need without the extras you don’t.

Of course, there are plenty of other options for other types of small businesses too. Their Simple Start plan runs $25/month and includes basic bookkeeping tools. The Essentials package runs $40/month and adds in automated billing features, in case your business calls for that. QuickBooks Plus has tools that help you manage projects, inventory, and contractors for $70/month. And the Advanced plan offers dedicated support and detailed insights about your business for $150/month.

There are often promotional rates for new users, so be sure to check for coupon codes and sales. And you can also get packages that manage expenses for freelancers, handle payroll, and even provide live bookkeeping experts at your beck and call.

What does QuickBooks do, exactly? At its most basic level, the software will help you track income and expenses, organize receipts, get the most out of your tax deductions, manage cash flow, and track sales and sales tax. With upgraded packages, you can also track inventory, pay bills, access business analytics, and get help from a dedicated account team when you need it. You may even be able to integrate the software with your selling platform of choice, depending on your setup.

Bookkeeping with QuickBooks: Pros

Ease of Use

One thing QuickBooks fans are always happy to point out is that QuickBooks is the easy solution. After all, that’s why you’re looking for bookkeeping software, right? You want to simplify your accounting.
QuickBooks offers an incredible user interface that makes learning to use the program a breeze. Seriously, the whole platform is so intuitive that almost anyone can handle bookkeeping with little difficulty. If you’re looking for a solution that won’t have you pulling your hair out, this is the one.

Track Inventory

Since resellers frequently have to source their own inventory via liquidation sites and other online marketplaces, tracking everything can get disorganized very quickly. And if you’re still relying on pencil, paper, and manual spreadsheets for inventory, there’s even more room for error. QuickBooks Online Plus and Advanced allows you to manage, track, and get alerted when you might need to restock inventory.

Custom Reporting

Your business isn’t like anyone else’s. You have your own accounting needs and they may or may not match up with predetermined reporting that comes preloaded in most accounting software. Fortunately, QuickBooks understands this and has made it incredibly easy to customize your bookkeeping.

No matter what type of accounting reports you might want on a regular basis, you can probably make it happen in QuickBooks with little difficulty. Instead of pulling data from one spot on Report A and another place in Report B, you can create a custom report that shows you exactly what you need to know without having to wade through generic data that doesn’t apply.

QuickBooks Integrations and Add-ons

Have a bookkeeping wishlist? You can probably get everything you want from QuickBooks with a little effort. Because this is the big name bookkeeping software, it offers plenty of integrations and add-ons to do pretty much anything you might need. In fact, there are apps to connect QuickBooks to Amazon FBA, Shopify, and eBay, just to name a few.

Bookkeeping with QuickBooks: Cons

Pricey

Let’s be honest: QuickBooks is not the cheapest way to go. You pay for the convenience and ease of use. And upgrades and add ons can add cost. If you’re a little more versed in bookkeeping or comfortable with a more complex program, you can find better pricing elsewhere.

Payment Processing

If you’re hoping to use QuickBooks to process payments, you’re likely to be disappointed. While the program does a lot of things really well, this is not one of them. QuickBooks payment processing is more expensive than most options out there and it’s also more complex and difficult to operate. The good news? You can easily connect the program to outside payment processing services like PayPal to get the best of both worlds.

Online Support

Unless you have one of the higher-priced versions, getting online support can be difficult. There are support forums, but they’re not always terribly helpful. The solution, of course, is to pay for support, but that again adds to the expense of using QuickBooks for your bookkeeping.

Mobile Apps

In truth, QuickBooks works best on a big screen. If you’re looking for a way to do your bookkeeping from your favorite devices, QuickBooks does have mobile apps but they’re clunky and missing a great number of features. This may change in the future, but for now, expect to need a computer or laptop to make the most of QuickBooks.

In the end, the pros do outweigh the cons for QuickBooks, especially if numbers really aren’t your thing. Just be sure to understand the limitations of the service before investing your time and money.

Want more information on how to get started as a liquidations reseller? Be sure to check out our Liquidation Buyer’s Guide.