Seller Ledger has launched a new eCommerce accounting software platform for online sellers. The company quietly launched in beta for eBay sellers last January and officially came to market in March 2023. The company says it is filling a gap in low-cost, simple solutions left by the closure of GoDaddy Bookkeeping.
Seller Ledger was created by Kevin Reeth, the founder of Outright.com, which was purchased by GoDaddy and became GoDaddy Bookkeeping. “Many online sellers were left stranded in June of 2022 when GoDaddy Bookkeeping suddenly closed its doors,” said Reeth. “Our goal is to provide them with a simple and affordable bookkeeping and accounting solution. Businesses can focus the bulk of their time on selling, not managing their finances.”
The company’s software connects directly with sales channels like eBay and Amazon to import sales information and transaction fees by the platform. It connects to banks and credit cards to import data on inventory costs and other business expenses. Customers can view real-time data on the performance of their business and create a pre-populated Schedule C report for tax time. They can also understand profitability by order in addition to simple tasks like tracking mileage.
Simplicity of software
While the functionality and simplicity of the software are very similar to the former GoDaddy Bookkeeping, the company already extends beyond it with new capabilities. “We now offer inventory management functionality that GoDaddy Bookkeeping never got to,” says Reeth. “A seller can enter a unique SKU for sale on eBay or Etsy. They can watch inventory automatically switch to Cost of Goods Sold when it sells. The feature was widely requested at Outright.com but never built, until now.” Feature updates are announced frequently on the Seller Ledger Blog.
The existing landscape of accounting software for small sellers leaves much to be desired. Companies like QuickBooks, Xero, and Wave Accounting work well for service-based businesses with a focus on invoicing and payroll. ECommerce has often been an afterthought, even requiring third-party software as a bridge in some cases.
Seller Ledger is a welcome addition to the mix, particularly with regard to pricing. QuickBooks announced a price increase recently, and even free providers in the space are introducing paid tiers and moving basic functionality into paid plans.
Enterprise Times: What this means for businesses
There’s a new player in the eCommerce accounting software space this tax season. Over the course of the past year, the company has expanded to support Etsy, Poshmark, Mercari and Amazon sellers in addition to eBay with its automated bookkeeping and accounting solution.
Industry analysts expect eCommerce to grow at an exponential rate in the next few years. Accounting software will form the key component for businesses supporting and measuring that growth. Moreover, accounting software must connect seamlessly with online sales platforms such as eBay and Amazon. In addition to business bank accounts and credit cards for expense tracking.
