Even for the most enthusiastic merchants, accounting can often seem like a tedious chore. Yet it is essential to running a healthy and profitable business. A small accounting mistake can have far-reaching consequences, especially if the tax office is involved. That's why it's crucial to have a reliable solution by your side to help you manage this task, and that's exactly what we're going to introduce you to today.
Numerous accounting solutions exist, but one in particular stands out, especially for Shopify merchants: Pathway Solutions.
Learn how this tool can change the way you do accounting and help you take your Shopify business to the next level. But what exactly doe Pathway Solutions do? What features does it offer? Let's take a closer look at it.
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What is Pathway?
As an online retailer, managing your finances is top of mind. However, keeping effective records can be a challenge. That's where Pathway comes in.
Pathway is an accounting app for Shopify merchants that helps you manage their finances and accounting tasks. The app allows users to track their sales and expenses, run reports, perform VAT accounting and other accounting tasks.
One of Pathway's special features is its integration with your Shopify store. This means that transaction data is automatically imported and synced with your accounting data, which significantly reduces the manual workload. This makes it a breeze to keep track of your ecommerce operations financially while ensuring tax compliance.
In addition to automating accounting tasks, Pathway Solutions offers the ability to generate accounting accounts in DATEV format. The tool is available in different pricing plans: Starter, Professional I, Professional II and Individual. If you want to learn more about it, you can request a free demo version through the website.
Reading tip: In this post, we'll give you more tips on how to succeed with Shopify accounting.
What are the functions of Pathway?
Pathway offers an impressive set of features that greatly simplify accounting for Shopify merchants. One of the most important features is automatic data synchronization with your Shopify store. This means that sales data and transactions are imported in real time, so you always have an up-to-date overview of your financial situation. In addition, Pathway allows you to track expenses and categorize costs, which helps you keep a close eye on your business spending.
The app also offers comprehensive reporting tools that let you create custom reports. Whether it's sales reports, profit and loss statements, or VAT statements, Pathway makes it easy to generate the information you need to make informed business decisions. In addition, the app supports VAT accounting for international sales, which is invaluable for Shopify merchants with a global audience.
Another highlight is the automatic tax calculation and accounting, which ensures that you always act in accordance with tax regulations. The days of tedious manual calculations are a thing of the past.
Pathway Solutions also offers automatic creation of invoices with your own brand logo and their automatic sending to your customers. These invoices are securely archived on the platform to meet audit requirements and are therefore filed in a legally compliant manner. If necessary, invoices created within a month can be downloaded at any time.
As already mentioned, Pathway also enables automatic provision of accounting-relevant data for DATEV. After all bookings and sales data have been retrieved, assigned and validated, Pathway Solutions provides this information prepared in such a way that it can be uploaded directly into the DATEV system.
In addition to this, Pathway offers a user-friendly interface that is easy to understand even for non-accountants. This makes the app a perfect choice for businesses that want to get a handle on their accounting without having to deal with complex accounting software programs.
What are the benefits of Pathway for Shopify merchants?
One of the biggest advantages is that it simplifies accounting from start to finish. Seamless integration with your Shopify store means that sales data is imported automatically, saving time and minimizing human error. This allows you to always have an up-to-date overview of your financial situation. Moreover, thanks to the multi-shop feature, you can manage multiple stores with just one tariff, which is also a huge time-saver.
Another key advantage is tax compatibility. Pathway supports automatic tax calculation and accounting, which means you don't have to worry about complex tax regulations anymore. This is especially important for international sales, as the app easily handles VAT accounting for different countries. Sales can also be conveniently separated by country of delivery, especially in the context of the One-Stop-Shop (OSS).
Reading tip: Learn how to use Shop Pay as a payment method.
Pathway's reporting capabilities are another trump card. With custom reports, you can gain deeper insights into your business performance and make informed decisions. Sales reports, profit and loss statements, and VAT statements can be created effortlessly.
Last but not least, Pathway offers a user-friendly interface that is easy to understand even for non-accountants. This means you can focus on your core business instead of spending hours on complex accounting tasks. Onboarding can be done in close cooperation with your tax advisor to ensure that you are supported in the best possible way.
Another advantage is the smooth reconciliation with all payment providers, including Shopify Payments. Also important is the ability to cancel monthly, which keeps you flexible at all times.
Overall, Pathway increases efficiency, reduces errors, and allows Shopify merchants to manage and control their finances with ease.
Which Latori customer relies on Pathway?
ooia, formerly known as ooshi, has made a name for itself as one of the major players in the period underwear market. However, the company offers not only feminine hygiene products, but also nursing bras, everyday underwear and accessories. As a D2C merchant, ooia serves its customers through a Shopify Plus store and has built a loyal customer base.
For accounting, ooia uses Pathway to simplify financial matters from start to finish. With this seamless integration, the company always keeps track of its finances and can focus on its core business.
We look forward to implementing many more exciting developments and improvements together. This is what founder Kristine Zeller of ooia says about Pathway:
The solution saves us tax consulting costs because the program automates many manual steps."
Reading tip: You can read more about the collaboration between ooia and Latori here.
Conclusion - Pathway Solutions as the key to facilitating accounting.
Pathway Solutions is a powerful solution that fundamentally changes the way you do your accounting. This app offers an impressive range of features that help you keep track of your finances while saving you time and resources.
Pathway automates data synchronization with your Shopify store, so you always have an up-to-date view of your financial situation. Tracking expenses, automatic tax calculations, and custom reports are just a few of the many benefits this app offers. Seamless integration, ease of use, and support for international VAT accounting make Pathway the ultimate accounting solution for Shopify merchants.
With Pathway, you can focus on growing your ecommerce business without worrying about complex accounting tasks. It's an investment in the efficiency and accuracy of your accounting that will pay off in the long run and help you take your Shopify business to the next level.
Need help setting up Pathway in your store? We are here to help you with words and deeds. Contact us.
Frequently asked questions about Pathway Solutions
Do I need accounting skills to use Pathway effectively?
No, you do not need advanced accounting skills to use Pathway effectively. The app has a user-friendly interface that is easy to understand, even for non-accountants. You'll be guided through the accounting process, and many tasks are completed automatically, making accounting accessible for Shopify merchants. However, if you have specific accounting questions, you should still consult a subject matter expert or take advantage of resources to further your education.
Is Pathway Solutions also suitable for international sales?
Yes, Pathway Solutions is ideal for Shopify merchants making international sales. The app offers VAT accounting support for multiple countries, which is extremely helpful for cross-border transactions. You can ensure that your tax calculations are accurate and meet tax requirements in different regions.
Can I use Pathway for other e-commerce platforms?
Pathway Solutions provides automated accounting solutions specifically for e-commerce and SaaS businesses through its platform. Currently, the software is available for seamless integration with Shopify, WooCommerce, Stripe Billing & Chargebee, and all relevant payment service providers.
What are the costs associated with using Pathway Solutions?
The cost of using Pathway Solutions can vary depending on individual requirements and the chosen tariff plan. Pathway offers various tariff options tailored to the needs of Shopify merchants. We recommend visiting the official Pathway website or the Shopify app store to check the current prices and tariffs.