SHOPIFY STORES ON XERO
Accountants for Shopify Stores
Run your whole store from one set of numbers. OutRise Vision reconciles your Shopify sales, fees and cost of sales to your Xero books, so you see your margin, your stock, your customers and your profit in one place.
Your Whole Store in One Place
Your accounts tell you whether the store made money. Shopify tells you why. OutRise Vision puts the two side by side:
- The business, from Xero: revenue, gross profit, EBITDA, cash and the balance sheet, in your Board Report.
- The store, from Shopify: orders, average order value, margin by product, stock and customers.
The screens below are from a niche online retailer we work with on Shopify, shown with the retailer's permission. Product names have been changed and money figures scaled.
Shopify Sales That Agree With Your Books
Vision reconciles Shopify's sales, discounts, refunds, shipping and payment fees to the journals posted in Xero, so the store's figures and the accounts tell the same story. Each month you see revenue, gross and contribution margin, orders, average order value and new customers from Shopify, beside EBITDA from Xero.
The monthly snapshot from March, when the store's Shopify history begins: sales and orders from Shopify beside EBITDA from the Xero accounts.
Which Products Make Money
Gross margin and contribution by product, product type, brand and channel, online or in each shop. Where Shopify holds a product's cost, the margin is measured. Where it does not, Vision estimates it and says so.
Six months of margin by product type. "Measured" shows how much of each line's cost of sales comes from real product costs in Shopify.
Stock: What Is Selling and What Is Not
Stock value at cost, weeks of cover, sell-through, stock turn and stock-outs, with the weekly sales at risk from items that have run out. Ageing shows how much money sits in stock that has not sold for months, or at all.
Stock grouped by how long since it last sold, valued at cost.
Customers Who Come Back
Repeat purchase rate, retention by the month customers first ordered, lifetime value measured on contribution rather than sales, and revenue from new against returning customers. Customers are counted without names, emails or addresses.
Revenue from new and returning customers each month. The store's Shopify history starts in March, so every March customer counts as new.
Built on Your Shopify and Xero Data
- Shopify syncs every night.
- Sales, fees and cost of sales are reconciled to the journals in Xero.
- Your Board Report is built from your Xero ledger and reconciled back to Xero.
What you add is small: product costs in Shopify. The more of your products carry a cost, the more of your margin is measured rather than estimated.
Which Service Level Includes It
Every client receives the Board Report. The Shopify dashboard comes with Strategic Growth Partner. See OutRise Vision for everything the platform does.
Questions Shopify Store Owners Ask
Do I see my profit and cash as well as my store numbers?
Yes. Your Board Report is built from your Xero books and covers revenue, margins, overheads, profit, the balance sheet and cash. The Shopify dashboard adds your orders, margin by product, stock and customers, so you manage the whole business from one place.
Do my Shopify figures match my accounts?
Vision reconciles Shopify's sales, fees and cost of sales to the journals posted in Xero, and shows any difference rather than hiding it.
What if my products do not have costs in Shopify?
Vision estimates the cost of sales for those products and marks their margin as estimated, so you can see which figures are measured. Adding costs in Shopify turns the estimates into measured figures.
Do you work with online retailers outside Kent?
Yes. Our office is at the Canterbury Innovation Centre, and we support online retailers across the UK using cloud systems and video meetings.
See Your Store in Full Beam
Book a focused call with our team to explore your opportunities.
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