Automation · When the books get complicated
Inventory and cost accounting software that keeps stock counts and the books in step.
Excello runs inventory and cost accounting software for you: stock quantities and item records are kept up to date, and inventory value and cost of goods sold are recorded inside your own QuickBooks, Xero or Odoo and reviewed by accountants.
Sales from Shopify, Amazon and Noon come in daily, and inventory is checked at every close, within five business days as standard.
What you hold, and what it's worth, in one set of books.
- Inventory
- Sales in daily
- Stock records kept current
- Value checked every close
- Closed within five business days
What inventory and accounting software has to keep in step
Two records
How Excello keeps inventory and the books in step
Four steps
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Step 01
Sold
Sales, refunds and fees from Shopify, Amazon and Noon arrive every day.
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Step 02
Updated
Stock quantities and item records are kept current with sales, purchases and returns.
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Step 03
Costed
Cost of goods sold is recorded as items sell, and inventory value moves with it.
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Step 04
Reconciled
At every close, inventory is agreed to stock records, adjustments are posted and an accountant checks the balance.
Accounting software with inventory management, run for you
What Excello keeps
Six records that decide whether your stock and your books agree, and when each is handled.
| Record | What Excello does | When |
|---|---|---|
| Stock quantities | Kept current as sales, purchases and returns come in | Daily |
| Item records | New products and changed costs set up so each sale is costed correctly | As they change |
| Cost of goods sold | The cost of each item moved out of inventory as it sells | As sales are recorded |
| Marketplace settlements | Shopify, Amazon and Noon payouts split into sales, fees, refunds and reserves | Daily, reconciled at the close |
| Stock adjustments | Damaged, lost or recounted stock recorded, so quantities and value match the shelves | When they happen |
| Inventory value | The inventory balance agreed to stock records and checked by an accountant | Every close |
Inventory valuation: how cost of goods sold is worked out
Costing methods
| Method | How it works | Used in |
|---|---|---|
| First in, first out (FIFO) | The cost of the oldest stock is used first as items sell | QuickBooks Online, Odoo |
| Average cost | Each sale uses the average cost of all units on hand | Xero, Odoo |
| Standard cost | A set cost per item, with differences from actual cost recorded separately | Odoo |
Accounting software for shop inventory, compared with a managed service
Side by side
| What matters | Inventory software you run | Excello |
|---|---|---|
| Stock quantities | Updated by your team | Kept up to date for you |
| Cost of goods sold | Calculated by the software, checked by you | Recorded and reviewed by accountants |
| Marketplace settlements | Split by your team | Split into sales, fees, refunds and reserves |
| Month-end check | Your team, when there is time | Inventory agreed at every close |
| Where records live | The software, synced to your ledger | Your own QuickBooks, Xero or Odoo |
Five habits for accurate inventory
Good stock records
Record the full cost of stock
Include freight, duties and packaging in the cost of goods you buy, so margins are real.
Keep one product list across channels
One SKU per product in every store and marketplace stops the same item being counted twice.
Record returns and damaged stock promptly
Stock that can no longer be sold should leave the books when it leaves the shelf.
Count stock on a regular schedule
Regular counts catch shrinkage while it is small, well before year-end.
Reconcile marketplace settlements every month
Fees, refunds and reserves change what you really earned on each sale.
Inventory accounting inside your current software
Nothing to migrate
Frequently asked questions
What is inventory accounting?
Inventory accounting records the value of the stock a business holds and moves that value into cost of goods sold as items sell. It keeps the balance sheet and the gross margin accurate for any business that sells physical products.
What is the best inventory accounting software for a small business?
For most small businesses it is the inventory features in QuickBooks, Xero or Odoo, or a stock app connected to them. Odoo suits businesses that want stock and accounting in one system, and Excello works inside all three.
Does Excello track stock quantities or just the value?
Both. Excello keeps stock quantities and item records up to date alongside inventory value and cost of goods sold, so what your systems say you hold matches what your books say it is worth.
How is cost of goods sold calculated?
As items sell, their cost moves from inventory into cost of goods sold, using your software's costing method, such as FIFO or average cost. Accountants review the result at every month-end close.
Can Excello handle Shopify and Amazon inventory?
Yes. Sales, refunds, fees and reserves from Shopify, Amazon and Noon are recorded daily, stock and cost of goods sold are updated from them, and everything is reconciled at every month-end close.
What happens after a stock count?
Any difference between counted and recorded stock is recorded as a stock adjustment. Quantities and inventory value then match what is actually on the shelves, and the change shows clearly in your books.