Reseller Tools of the Trade UK: Bookkeeping with QuickBooks

Running a resale business can be exciting and fun, but there is actually a great deal of paperwork to be organised. 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. And if you’re a UK reseller, bookkeeping with QuickBooks is the way to go.

QuickBooks takes out the guesswork in tracking and managing inventory spending 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

Whether you’re a self-employed sole trader or have a small team, 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.

What does QuickBooks do, exactly? At its most basic level, the software will help you manage income, expenses, and VAT, time tracking, organise receipts, maximise tax deductions, and monitor cash flow and sales. With upgraded packages, you can also 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.

Pricing of QuickBooks

There are several levels of service from QuickBooks, with varying price points, depending on the level of support you’re likely to need. Whether you’re self-employed or running a small to medium-sized business – there’s a plan for that. For example, if you simply need to manage self-assessment, and want to forego VAT submission features, you could pay as little as £4/month.

Of course, there are plenty of other options for other types of small businesses too. Their Simple Start plan runs £6/month and includes basic bookkeeping tools and contractor features. The Essentials package runs £10/month and adds in automated billing features and support for multiple currencies, in case your business calls for that. QuickBooks Plus has tools that help you manage employee time and project profitability, set budgets, and lets you add up to 5 user profiles for £15/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 handle payroll (standard or advanced). Luckily, all plans provide either free chat messaging or live UK-based bookkeeping experts at your beck and call.

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 Spending

Since resellers frequently have to source their own inventory via liquidation sites and other online marketplaces, tracking everything can get disorganised very quickly. And if you’re still relying on pencil, paper, and manual spreadsheets for inventory, there’s even more room for error. Manage cash flow with ease on QuickBooks by tracking payments, importing bills from different vendors/suppliers, and connecting your bank so you can see and categorise transactions all in one place. Simply pick the plan that suits your needs!

Supports Multi-Currencies

The QuickBooks Essentials plan and QuickBooks Plus plan both support multi-currencies. This can be a huge feature if you’re a UK reseller with customers in other European countries or the US and Canada. You can trade in over 145 currencies and have peace of mind when invoicing with the automatic exchange rates. It’s as easy as if you were conducting business in pounds sterling!

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 customise 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. You’ll have to upgrade your plan to either QuickBooks Essentials or Plus. While the program does a lot of things really well, this is not the highest on the list. 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 or TransferMate to get the best of both worlds.

You’re Likely to Need an Upgrade

You can start with a cheaper plan and be sorted, but you may quickly realize an upgrade is in order. Essential features like payroll and extra users on QuickBooks will cost you – so you may end up paying more than you originally budgeted for. For £4/ month, you can add payroll capabilities to sort payslips and pensions. And if you need more than one user profile, you will have to upgrade to either the QuickBooks Essentials plan or QuickBooks Plus plan.

Mobile Apps

In truth, QuickBooks works best on a big screen. If you’re looking for a way to do your bookkeeping from your favourite devices, QuickBooks Online is available, but not perfect. 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 reselling clearance stock and job lots? Be sure to check out How to Buy and Resell Job Lots on eBay.