Accounting Tax Services for OpenCart in Canada

What is Opencart?

Opencart is an online store management system built to handle large e-commerce stores. Its wide range of features make it a great option for businesses with large inventories and significant payment processing needs.

It boasts a customizable dashboard and because it is open-source, has tons of personalization options depending on the needs you have of your store. Opencart is used world-wide as an online shop management solution. One of the biggest draws to Opencart is that it is free to use, meaning it is a great option for individuals starting a new store or trying to expand their e-commerce offerings.

If you use Opencart for your e-commerce shop, you have access to important financial data like invoices, sales, customer information, trends, refunds, payments, and more. To fully benefit from all this information, you need to integrate your Opencart information with accounting software programs so you can download, analyze, and predict your finances more accurately.

Business Obligations for Opencart Sellers

If your business is new to the e-commerce sphere or you have recently expanded internationally, your business obligations and responsibilities have likely grown. How can you be sure you are meeting all your legal responsibilities as a virtual business owner?

Even though an e-commerce store using Opencart often has fewer overhead costs and does not operate as a traditional brick-and-mortar business, the tax obligations and accounting and bookkeeping responsibilities remain the same as a physical store.

As soon as you start selling products online using any e-commerce platform, including Opencart, you have to consider your options for tax accounting, finances, and more. Just some of the business obligations that may affect your Opencart bookkeeping and accounting include:

• Registering for a GST / HST and/or PST number
• Tracking product and tax revenue
• Remitting tax to the government
• Preparing financial statements
• Applying for business loans and grants
• Tracking business and personal expenses
• Registering your business with the government

If you operate your Opencart ecommerce web store in multiple provinces or internationally, your business obligations expand significantly. Forgetting one registration, incorrectly filing paperwork or taxes, or simply missing deadlines can lead to hefty penalties for your business that can make a huge impact on your bottom line. We see this often with clients who operate an online shop but are not aware of the various government rules that apply to them.

We ensure your Opencart business is using the best accounting software, apps, and integration so you can track all your finances effectively, register for appropriate accounts, and be prepared at tax time. We handle the accounting for Opencart while you handle expanding your business.

Canadian tax accounting facts that affect Opencart users and e-commerce sellers:

• If you are charging HST, GST, and PST, you will have to file multiple returns.
• If your sales are less than 1.5 million CAD, you are usually required to file once per year (although there are exceptions).
• If your sales are over 1.5 million CAD, you are required to file more often.
• If you mix a tax due date or make an error, you can be charged interest and late fee penalties.
• There are four tax pay periods that may affect you: monthly, quarterly, annually for December 31st year-end, and annually for a custom year end.
• If you sell internationally, the rules of the country products are being sold in apply to you as well.

Opencart Accounting Software Integration

Because Opencart is such a popular e-commerce system, there are a number of accounting software programs that can be synced with it. Whatever accounting and bookkeeping software you prefer can likely be integrated with Opencart.

In order to combine your Opencart data seamlessly into your accounting software, you need to find the right integration. Opencart has the Opencart Extension Store that offers a number of software links for different accounting programs, including:

• QuickBooks
• Xero
• Akaunting
• Debitoor
• Dinero
• And more

You can easily download one of these extensions, some of which come with no added cost, and begin syncing your Opencart e-commerce shop directly and seamlessly with your chosen accounting software.

Opencart QuickBooks Integration

Opencart offers a QuickBooks integration so you can easily link your e-commerce site with QuickBooks Online or QuickBooks Desktop. As one of the most popular tax accounting and bookkeeping software programs in the world, it naturally follows that Opencart would create an integration for it.

The QuickBooks Online by SAAS extension allows you to automatically sync various types of financial data from Opencart directly to QuickBooks. You can eliminate manual data entry completely when you use this extension.

This extension is free to download, and also offers more advanced plans starting at just $29 per month.

The Opencart QuickBooks integration allows you to sync products, inventory, invoices, orders, contacts, payments, refunds, stock, and more - all without manual data entry. This works in conjunction with your existing QuickBooks combinations, including your expenses, bank account, and credit accounts.

If you are looking to integrate QuickBooks with Opencart, the experts at Accountor CPA can help you set up and manage your account year-round.

How to Sync Opencart with QuickBooks

Syncing Opencart with QuickBooks is done in a few simple steps.

• Download the QuickBooks extension from the Opencart Extension Store.
• Set up your Account Timezone depending on the timezone you operate in.
• Choose your unification starting date.
• Choose your email notification sync frequency.
• Choose your Opencart workflows that you want synced, including Sales, Products, and Stock Levels.
• Create the configuration for the type of order information you want included, including invoice information, receipts, and more.
• Set up advanced options for retrieving orders, including discount presets, shipping, invoice numbering, and client organization.
• Match Opencart products by SKU or name in QuickBooks.
• Set up tax configuration.
• Select payment settings.
• Set up the Product Creation Workflow for new products that enter your inventory.
• Set up stock level update settings.
• Sync!

At Accountor CPA, our team of experts can handle this initial set up of your QuickBooks Opencart integration as well as manage updates and your regular accounting and bookkeeping year-round.

If you are looking for assistance in integrating your Opencart e-commerce site and QuickBooks, we can help!

Opencart Accounting Services with Accountor CPA

When you own a small business, SME, or large corporation using Opencart, your financial needs extend beyond just invoice consolidation and record keeping. That’s why at Accountor CPA, our Opencart accounting and bookkeeping services extend to all areas of your business.

The scalable and customizable Opencart bookkeeping and tax accounting services we offer include:

• Business registration
• Opencart accounting software unification
• Tax number registration for all provinces and jurisdictions
• Tax document collection and preparation
• Tax filing according to Canadian regulations
• Tax remittance
• Complete tax compliance
• Regular bookkeeping and record collection
• Business expense tracking
• Accounting support
• Account reconciliation
• Accounting and bookkeeping software recommendations and set up
• Financial statement creation and analysis
• Audit support
• Liaising with the CRA on your behalf when required
• A dedicated team to provide support and answer your Canadian tax questions
• Professional advice and recommendations year-round

Get a Free Consultation for Opencart Bookkeeping & Accounting

It’s time to change how you do business.

Contact the professionals at Accountor CPA for a free consultation to learn how we can manage your Opencart business tax accounting and bookkeeping to help you grow your online business. We are dedicated to the success of your Opencart enterprise.

Get in touch with us today.

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