GoDaddy Bookkeeping Review: E-commerce Accounting Made Easy

Running an ecommerce business comes with a lot of financial data to manage. It can be overwhelming trying to keep up with accounting, bookkeeping, and reporting needs on your own.

GoDaddy Bookkeeping aims to simplify ecommerce accounting with an easy-to-use, cloud-based solution tailored for online sellers. Our review gives the full run down on features, capabilities, integrations, and more to help you determine if it's the right fit for your store.

We'll cover GoDaddy Bookkeeping's plans and pricing, key features like automation and reporting, ease of use, supported integrations, and customer support options. We'll also discuss pros and cons compared to alternatives like QuickBooks Online and Xero, along with recommendations on the best types of businesses for GoDaddy Bookkeeping.

Introduction to GoDaddy Bookkeeping

GoDaddy Bookkeeping is an accounting software designed specifically for ecommerce businesses. Launched in 2018, it aims to provide an easy-to-use solution to track income, expenses, inventory, and other financial metrics critical for online sellers.

With features like automated bank feeds, invoicing, expense tracking, financial reporting, and integration with ecommerce platforms, GoDaddy Bookkeeping looks to help entrepreneurs better understand their business finances and make data-driven decisions.

What is GoDaddy Bookkeeping?

GoDaddy Bookkeeping is a cloud-based accounting software created by GoDaddy, the world’s largest domain registrar and web hosting company. It enables ecommerce merchants to efficiently manage key financial tasks.

Specifically, GoDaddy Bookkeeping provides:

• Real-time connectivity to bank and credit card accounts to automatically import transactions
• Invoicing tools to easily create, customize, and send invoices to collect payments
• Expense tracking to monitor business spending across categories
• Financial statements like profit and loss, balance sheet, and cash flow reports
• Inventory management with insights into cost of goods sold
• Integration with popular ecommerce platforms such as Shopify and Etsy

Designed for simplicity, it aims to save sellers time on bookkeeping so they can focus on growing their online business.

Key Features and Benefits

As an accounting software tailored for ecommerce stores, some of the main features and benefits of GoDaddy Bookkeeping include:

Bank Connectivity

• Automatically imports bank and credit card transactions to eliminate manual entry
• Syncs transaction data daily so books stay up-to-date
• Supports connecting multiple bank and credit card accounts

Invoicing

• Creates professional invoices in minutes
• Customizable with logo, terms, notes, item descriptions
• Accepts online payments through PayPal, credit card, ACH or check

Expense Tracking

• Captures expenses from integrated bank/CC data
• Organizes spending into tax-ready categories
• Provides insights to trim expenses and save money

Financial Statements

• Dashboard gives real-time view of revenue, expenses, account balances
• Monthly automated reporting including profit & loss, balance sheet, cash flow
• Customizable reports to analyze sales, costs, profits, taxes, etc.

Inventory Management

• Tracks product quantities, costs, and sales data
• Calculates real-time inventory value and cost of goods sold
• Manages inventory across multiple sales channels

Ecommerce Platform Integration

• Syncs sales, fees, taxes, and other data from Shopify, Etsy, etc.
• Reduces time spent on manual data entry
• Provides complete view of ecommerce finances

What This Review Covers

In this GoDaddy Bookkeeping software review, we assess its suitability for ecommerce stores across key criteria:

• Pricing - Analysis of subscription plans and fees structure
• Features - In-depth look core capabilities and tools
• Ease of use - Evaluation of setup, navigation and reporting
• Automation - Review of bank feeds, reporting and syncing
• Integrations - Examination of platforms connections like Shopify and PayPal
• Support - Assessment of customer service channels
• Alternatives - Comparison with other accounting software options
• Pros and cons - A tally of the main advantages and disadvantages

After reading this review, ecommerce merchants should have a clearer perspective of GoDaddy Bookkeeping’s fit for their accounting, bookkeeping and financial reporting needs.

Pricing and Plans

GoDaddy Bookkeeping offers three pricing tiers to meet the needs of different business sizes and accounting requirements.

Basic Plan

The Basic plan starts at $10 per month and includes:

• Connecting 1 bank account
• Tracking income and expenses
• Basic reporting like profit & loss statements
• Mobile app access
• Unlimited invoices and sales receipts

With automatic bank feeds and categorization of transactions, the Basic plan is a cost-effective option for solopreneurs and very small businesses to understand their finances. However, more advanced accounting needs like tracking accounts payable/receivable fall outside Basic's scope.

Plus Plan

Upgrading to the Plus tier unlocks more robust accounting functionality for $15 per month:

• Connect unlimited bank accounts
• Double entry accounting
• Track accounts payable and receivable
• Run balance sheets
• Additional users for $5 per month each

Plus offers full-scale accounting suitable for established small businesses. Features like customizable charts of accounts and the ability to track loans provide greater financial insight.

Premium Plan

The top-tier Premium plan costs $40 per month and adds even more analysis potential:

• Departmental reporting
• Customizable financial reports
• Budgeting tools
• Multi-user access included

With revenue and expense tracking by department, businesses can analyze profitability across units. The Premium plan also allows exporting custom reports, making it a great fit for mid-sized companies with more complex accounting needs.

Ease of Use

Onboarding and Setup

The onboarding and setup process for GoDaddy Bookkeeping is straightforward and intuitive. After signing up for an account, users are guided step-by-step through connecting their bank accounts, importing historical transactions, configuring their chart of accounts, and setting up any recurring bills or invoices. Helpful tooltips explain each step of the way.

The process is optimized for e-commerce sellers, with specific prompts for entering sales tax IDs, configuring sales tax collection, and mapping payment processor transaction feeds. For those new to bookkeeping, there are optional tutorials for understanding debits and credits or reading key financial reports.

Overall, GoDaddy Bookkeeping makes it easy for e-commerce businesses to get their books set up quickly without needing prior accounting expertise.

Dashboard and Navigation

The dashboard provides an at-a-glance view of key financial metrics like profits, sales volumes, top products, and budget vs. actual expenses. The navigation menu is clear and intuitive, with modules for banking/transactions, billing/invoicing, financial reporting, account reconciliation, and taxes.

Within each module, helpful guides explain how to use the key features. For example, the reconciliation module includes tutorials on connecting bank feeds, matching transactions, and managing month-end close.

The dashboard also highlights any outstanding tasks, such as approving expense reports, sending invoices, or handling disputes. This helps keep the user focused on priority financial items needing review.

Data Entry and Workflows

Core accounting workflows are streamlined for ease-of-use. Users can quickly create and send professional invoices, accept online payments, and track unpaid customer balances. Expenses can be uploaded via receipt images or added manually with automatic categorization.

Bank and credit card feeds automatically import the latest transactions, which can be approved with one click. Users can also drag-and-drop transactions to match bank/CC statements for faster reconciliation.

Both desktop and mobile apps are supported for easy access. Overall, GoDaddy Bookkeeping simplifies daily bookkeeping workflows so e-commerce owners can focus more on running their online stores.

Key Integrations

GoDaddy Bookkeeping offers integrations with many popular ecommerce platforms, POS systems, payment processors, and HR/payroll providers to streamline accounting and financial reporting.

Ecommerce Platforms

GoDaddy Bookkeeping seamlessly connects with ecommerce platforms like Shopify, WooCommerce, BigCommerce, Amazon, eBay, and Etsy. This allows for easy import of sales data, fees, taxes, and other transaction details to eliminate manual data entry. Key features include:

• Automatic daily imports of orders, refunds, fees, and payouts
• Sync inventory counts from the ecommerce platform to update COGS
• Reconcile marketplace payouts against deposited amounts

By integrating an ecommerce store's data flows directly into the general ledger, GoDaddy Bookkeeping saves hours of manual work reconciling accounts and ensures accuracy.

POS and Payments

In addition to importing transactions from ecommerce platforms, GoDaddy Bookkeeping also connects to POS systems like Square, Clover, Vend, and Bindo. This brings in detailed sales, tax, and payment data from brick-and-mortar and mobile commerce.

GoDaddy Bookkeeping also integrates with payment gateways and processors like Stripe, PayPal, Braintree, and Dwolla. Payment deposits and fees can be automatically accounted for.

Syncing all payment channels provides complete visibility over cash flow and reconciliations.

Payroll and HR

For businesses managing payroll in-house, GoDaddy Bookkeeping integrates with leading payroll platforms like QuickBooks Payroll, Gusto, ADP Workforce Now, and Patriot Software. This automatically imports payroll journals into the general ledger.

For companies that outsource payroll, the accountant can easily import payroll summary reports. This ensures personnel costs and liabilities are accurately reflected in financial statements.

In addition to payroll platforms, GoDaddy Bookkeeping also connects with HR platforms like BambooHR to bring in employee details, status changes, and other workforce data to inform budgeting, compliance, and reporting.

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Automation Features

Automation is a key feature of GoDaddy Bookkeeping that can save businesses time and effort with their accounting needs. This section analyzes some of the main automation capabilities.

Rules Engine

The rules engine allows users to set up customized rules to automatically categorize transactions in their books. For example, businesses can create rules to automatically code expenses from certain vendors to the appropriate expense accounts. This saves the hassle of manually coding transactions every time they import new bank transactions.

The rules in GoDaddy Bookkeeping are flexible with options to apply them by vendor, amount, description keywords, and other criteria. Users can also set rules to flag transactions for review if they meet certain parameters. Overall, the automation rules remove repetitive manual tasks so business owners can focus on more productive accounting work.

Bank Feeds and Sync

Direct bank feeds allow quick access to up-to-date financial data. GoDaddy Bookkeeping syncs with over 11,000 financial institutions to import latest transactions instead of relying on downloaded CSV/OFX files. This ensures accounting records stay current without any extra effort.

The bank feed sync automatically categorizes many transactions, sparing users from manually entering data. It also detects duplicate entries to prevent inflation of balances. Users can reconcile accounts with a few clicks once transactions are imported. By reducing data entry and removals, bank feeds save significant time and lower the risk of human error from manual work.

Reporting Automation

Automating reports is another key feature that eliminates repetitive administrative tasks. GoDaddy Bookkeeping has options to schedule reports to run at customized intervals. This allows key financial statements, tax summaries, profit and loss reports, and other outputs to be sent to relevant stakeholders automatically.

Users can also set up notifications for when certain thresholds are exceeded, such as cash balances dropping below a target level. Automated alerts act as an early warning system for potential issues. Overall, scheduled financial reports and notifications remove the need for manual monitoring while increasing financial visibility.

Customer Support

GoDaddy Bookkeeping provides robust customer support to help users get set up and address any issues that arise.

Onboarding Assistance

GoDaddy Bookkeeping offers dedicated onboarding specialists to guide new users through the initial software setup and integration. They provide step-by-step assistance via email and phone to connect bank accounts, import historical data, configure charts of accounts, and ensure proper system configuration based on the user's accounting needs.

The onboarding process is designed to be quick and hands-on, with the goal of getting users up and running with live data in the system within a few days. Support reps are available during extended business hours to accommodate users' schedules.

Support Channels

In addition to onboarding assistance, GoDaddy Bookkeeping provides ongoing support via:

• Email - Users can submit support tickets 24/7 via email. Responses are provided within one business day.

• Phone - Direct support over the phone is available during extended business hours. Wait times are usually minimal.

• Live Chat - Instant chat with a support rep is available during business hours through the platform's interface.

• Knowledge Base - GoDaddy Bookkeeping offers a searchable knowledge base with hundreds of help articles and tutorials that provide self-service troubleshooting and education.

• User Forum - An online user community allows customers to post questions and engage in discussions with peers and GoDaddy experts.

With multiple channels, robust educational materials, and active user forums, GoDaddy Bookkeeping customers have access to exceptional support resources.

Training Resources

GoDaddy Bookkeeping offers users a wealth of training content to master the software, including:

• On-demand Webinars - Recorded webinars that demonstrate key features and workflows step-by-step.

• Quick Start Guides - Downloadable PDFs that break down initial setup, data import, reporting, and other critical functions.

• Video Tutorials - A video learning center with dozens of bite-sized tutorials for navigating the system.

• Live Weekly Webinars - Free weekly webinars led by GoDaddy experts provide ongoing education and allow user Q&A.

• Certification Courses - Optional paid certification programs provide in-depth training on advanced system configuration and optimization.

With on-demand learning, live events, visual aids, and structured certification, users have exceptional self-service training opportunities to expand their skills and usage of the platform over time after the initial onboarding.

Pros and Cons

As a cloud-based bookkeeping solution designed for e-commerce businesses, GoDaddy Bookkeeping has several notable advantages as well as some potential limitations to consider:

Key Advantages

• Automation and integration: GoDaddy Bookkeeping connects directly with popular e-commerce platforms like Shopify and Etsy to automatically import sales, fees, and other transactions. This saves significant time by eliminating manual data entry.

• Custom reporting: Users can generate a variety of custom financial reports tailored to their specific business needs, such as sales by product line, profit margins over time, sales tax liabilities across states, and more.

• Unlimited transactions: There are no limits on the number of transactions that can be imported or the number of reports generated, making GoDaddy Bookkeeping highly scalable.

• Affordable pricing: Starting at $10 per month, GoDaddy Bookkeeping is very affordable compared to hiring a dedicated bookkeeper, especially for small e-commerce businesses.

Potential Drawbacks

• Limited live support: Phone and chat support have limited availability. The knowledge base and community forum provide self-service troubleshooting options.

• Third-party app reliance: GoDaddy Bookkeeping relies heavily on third-party app integrations, which can break unexpectedly leading to missing transactions or errors.

• Steep learning curve: While automation eliminates much manual work, there is still a learning curve to set up accounts, understand reports, configure workflows properly, and troubleshoot issues.

Overall, GoDaddy Bookkeeping simplifies e-commerce accounting considerably through automation and integration with minimal ongoing effort. The affordable pricing makes professional bookkeeping accessible for early-stage online businesses. However, the reliance on apps and lack of readily available live support pose some risks requiring diligent setup and monitoring.

Top Alternatives

GoDaddy Bookkeeping provides a user-friendly accounting solution for e-commerce businesses. However, there are a few alternative options in the market worth considering before making a final decision.

QuickBooks Online

QuickBooks Online is one of the most popular small business accounting software. Some key differences compared to GoDaddy Bookkeeping:

• QuickBooks offers more advanced features like inventory management, payroll, and the ability to track profit/loss by customer. However, these extra features come at a higher price point.
• GoDaddy Bookkeeping integrates directly with Etsy, eBay, Shopify, and Amazon. QuickBooks offers some e-commerce integrations, but setup can be more complex.
• The interface of GoDaddy Bookkeeping aims to simplify accounting for non-accountants. QuickBooks can have a steeper learning curve.

Overall, QuickBooks Online provides robust accounting capabilities, but the expanded feature set may be overkill for basic e-commerce needs. It also carries a higher price tag than GoDaddy Bookkeeping.

Xero

Xero is another leading cloud-based accounting platform. How it compares:

• Xero has strong reporting features and over 700 app integrations. GoDaddy Bookkeeping has more limited reporting and a smaller app ecosystem.
• Both platforms offer bank feeds, invoicing, expense tracking, and other core accounting features.
• Xero's pricing starts higher than GoDaddy Bookkeeping, but offers tiered plans based on business needs.

For simple e-commerce accounting, Xero may be more than what is needed. But businesses wanting advanced reporting and analytics may find better value from Xero's platform.

FreshBooks

FreshBooks positions itself as an accounting solution designed for small business owners, not accountants.

• Its interface is very user-friendly, but overall less tailored specifically for e-commerce compared to GoDaddy Bookkeeping.
• Lacks some features like balance sheets that are important for managing business finances.
• Significantly more affordable than GoDaddy Bookkeeping and other alternatives.

FreshBooks easy-to-use approach appeals to many small business owners. However, GoDaddy Bookkeeping likely provides a more robust feature set fine-tuned for most e-commerce use cases.

Final Recommendations

GoDaddy Bookkeeping provides a straightforward, easy-to-use solution for basic bookkeeping and accounting needs of small e-commerce businesses.

Best For

GoDaddy Bookkeeping is likely best suited for:

• Small e-commerce businesses with simple accounting needs
• Businesses selling products online through a limited number of sales channels
• Companies focused primarily on domestic sales with mostly digital transactions
• Businesses with 1-10 employees that need basic bookkeeping and reporting

Not Ideal For

GoDaddy Bookkeeping may not be the best fit for:

• Larger companies with complex accounting requirements
• Businesses with significant international activity or multiple entities
• Companies requiring advanced reporting, budgeting, or financial analysis
• Organizations needing integration with sophisticated ERPs or proprietary systems

Parting Advice

If your business has simple accounting needs and you sell products predominantly online, GoDaddy Bookkeeping could be a cost-effective solution to handle your basic bookkeeping. However, if you require advanced accounting functionality or significant customization, you may need to explore more full-featured platforms. Assess your specific needs and requirements before deciding if GoDaddy Bookkeeping meets your business goals.

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