As the name would suggest, reselling is the art of making money through selling used products, be it from toys to books to video games or even clothes. It’s a very popular side hustle and is also a great way to declutter your house, support charities (by buying in charity shops) and just make a little bit of extra money on the side. If you follow my blog and YouTube channel regularly, you’ll have noticed that Tony and I started getting serious about reselling earlier in January. Ever since then we’ve have been documenting our journey as well as giving you tips and showing you our hauls. If you’ve missed any you can see them here.
One of the best platforms for reselling for us is eBay, except, with the possibility of uploading several products at any one time it can be difficult to keep track of the financial aspect of it. That’s where Xero comes in. Xero is an accounting program perfect for any small business as it’s easy to sort out all the finances and acts as the perfect computer-accountant… perfect for eBay resellers!
Xero allows you to keep track of all your inventory: what’s low in stock, what you’ve run out of etc. Not only this but it offers you reports on your items and see what’s best-selling and earning you the most profit. This is very useful for eBay as apart from scanning through every item and calculating the profit you generated, there’s no easy way to do this. Using Xero will allow you to save time and can also help you make more educated decisions when deciding what to buy from charity shops or auctions!
Xero is cloud based
Xero is a cloud based accounting software. “Cloud,” essential means that it’s online, with the main benefit meaning that it’s accessible from any device, anywhere by an unlimited amount of people! If you’re reselling with a partner for example, this is very useful as one person could be at an auction and another at a charity shop but you can both check your Xero account, see what you need more of and what sells the best, it makes everything more efficient and means everyone working on the reselling can work independently and have access to the same information.
There are even more benefits to Xero being cloud based. It means that you have nothing to install, updates are free and instantly available but also (and in my opinion, extremely important) everything is backed up automatically so you never have to threat about losing all your work!
Manage cash flow
Managing cash flow both in and out, is vital for any business, be it keeping track of your books or sending invoices to your customers (in this case, the people who will be buying from you). Xero allows you to send invoices immediately which stops you from falling behind on anything, and more importantly, getting you the money straight away! It also helps if you keep it simple, which Xero helps you do (more details to come). Furthermore you can keep a backup “cash reserve” which helps with money transactions if you need to give refunds or if any other emergency arises.
Easy to use
One of the biggest benefits to using Xero is simply how easy it is to use! The website is full of guidance and tips but is also simple to use and doesn’t require you to google for hours out of confusion! It’s not only easy to use on the go but also abroad, with multiple currencies available but also a PayPal linking. I honestly couldn’t recommend it enough, it’s a great tool, especially if you don’t have an accountant. Just do it yourself with Xero!
One of the best things about Xero is that it offers a free trial so that you can give it a go and experience all the benefits I’ve been talking about. By using up the free trial you can see how it can help you save time, manage your money more efficiently and improve your decision making when it comes to stocking your products and what to buy!