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Keeping a record of your dropshipping profits is important for measuring the success of your business and controlling your budget. It can be done in two ways: manually or using specialised software. By doing it manually, dropshippers use a spreadsheet such as Excel or Google Sheets to create a tally of the profit, loss, and expenses.
While it is easy on the wallet to manage your bookkeeping this way, it is hugely time-consuming. It is typical for small businesses to use accounting software as an accurate and quick way to track profits.
Here is a list of six top-rated accounting software providers specifically for small businesses.
FreshBooks
FreshBooks is ideal for small and medium-sized businesses. It is cloud-based and works across all your devices such as tablets and mobile. FreshBooks has frequently won awards including six Stevie Awards for customer service. The company has also been featured in Forbes and The Huffington Post.
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QuickBooks
The accounting software from QuickBooks is often referred to as the industry standard. QuickBooks has won awards including “Top-Rated Accounting Software 2021” from TrustRadius. It offers both on-premises accounting software in addition to a cloud-based app.
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Xero
Xero's cloud-based accounting software is recognised and trusted worldwide. The company won ten awards in 2021 alone for excellence in technology, sustainability, and communications.
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Sage 50cloud Accounting
A Windows-only application, Sage 50cloud Accounting has sophisticated bookkeeping features for small businesses. While it only works on Windows and not Apple or Linux, it is well-suited for businesses that need more advanced accounting capabilities. It is worth noting that it is predominately desktop-based but has some accessibility via the cloud.
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FreeAgent
Based in Edinburgh, FreeAgent is an accounting software owned by NatWest Bank. It is geared towards small UK businesses. The company has a great reputation, winning three awards at the Accounting Excellence Software Awards 2020. The mobile app won "Top Data and Expense Management Software Product" at the AccountingWEB 2021 Software Awards.
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Clear Books
Clear Books is another UK accounting software for small businesses. It is cloud-based and is known for continually improving the app. Reputable in the industry, Clear Books has been a finalist for the Accounting Excellence "Small Business Accounting Software of the Year 2020" and "Data & Expense Management Software of the Year 2020" awards.
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Summary
Regardless of how small your dropshipping business is when you first start, using accounting software will keep your books in order. Manually updating a spreadsheet will probably incur headaches and a bad mood. Having accurate and reliable bookkeeping records will make running your dropshipping business one step easier.
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