Accounting Stack Research — Research Relay LLC¶
Prepared: February 2026 Entity: Research Relay LLC (California single-member LLC) Business: RUO peptide / research chemical e-commerce Revenue channels: BTC/Lightning, ACH, eventually card processing
Disclaimer: Pricing and features were researched in February 2026 via official websites and industry sources. Verify current pricing before purchase. Tax guidance in this document is for planning purposes only — consult a CPA for binding advice.
1. Accounting Software Comparison¶
1.1 Zoho Books¶
Official pricing page: https://www.zoho.com/us/books/pricing/
| Plan | Monthly (billed monthly) | Monthly (billed annually) | Users | Invoices/yr |
|---|---|---|---|---|
| Free | $0 | $0 | 1 | 1,000 |
| Standard | $20 | ~$15 | 3 | 5,000 |
| Professional | $50 | ~$40 | 5 | 10,000 |
| Premium | $70 | — | 10 | 25,000 |
| Elite | $150 | — | 10 | 100,000 |
| Ultimate | $275 | — | 15 | 100,000 |
Free plan eligibility: Revenue under $50K/year. This could work for the first year if revenue stays below that threshold.
Key features relevant to our use case:
- Invoicing: All plans. Recurring invoices, customer portal, multi-lingual support.
- Bank reconciliation: All plans via Plaid, Yodlee, or Token service providers.
- Inventory tracking: Professional plan and above. Basic stock tracking, reorder alerts.
- Multi-currency: Professional plan and above. Relevant for BTC-to-USD tracking.
- Sales tax: Built-in tax engine with support for CA rates (7.25%–10.75% depending on jurisdiction). Avalara integration available for automated rate lookups and returns preparation.
- Reports: P&L, balance sheet, cash flow, tax summary, general ledger, custom reports.
- Payment gateways: Stripe, PayPal, and regional providers. No native BTCPay integration.
- API: REST API available on all paid plans.
Bank integrations:
| Bank | Connection Type | Notes |
|---|---|---|
| Mercury | Via Plaid/Yodlee (indirect) | No native integration. May work through Zoho's Plaid bank feed. Zapier/Pipedream workaround available. |
| Relay Financial | Via Plaid (indirect) | No native integration. Relay supports Plaid, so connection may work through Zoho's bank feed. Manual CSV import as fallback. |
Pros: - Natural fit if already using Zoho Work Suite (CRM, Mail, etc.) — unified ecosystem - Free plan viable for early stage (under $50K revenue) - Competitive pricing across all tiers - Avalara integration for sales tax automation - Good API for custom integrations - Multi-currency support on Professional plan
Cons: - No native Mercury or Relay bank integration (must rely on Plaid/Yodlee or manual import) - No native crypto/BTC support — requires external tools - Bank feed connections via Plaid can be temperamental with newer fintech banks - Inventory features are basic compared to dedicated inventory systems
1.2 QuickBooks Online (QBO)¶
Official pricing page: https://quickbooks.intuit.com/pricing/
| Plan | Monthly Price | Users | Key Features |
|---|---|---|---|
| Solopreneur | $20/mo | 1 | Basic income/expense, mileage |
| Simple Start | $35–38/mo | 1 + accountant | Invoicing, estimates, bank connections |
| Essentials | $65/mo | 3 + accountant | Bill management, time tracking |
| Plus | $99/mo | 5 + accountant | Inventory, project profitability |
| Advanced | $235–275/mo | 25 + accountant | Custom roles, workflow automation |
Note: QBO frequently offers 50% off for the first 3 months and a 30-day free trial.
Key features relevant to our use case:
- Invoicing: All plans except Solopreneur (limited).
- Bank reconciliation: Direct bank feeds on all plans (except Solopreneur has limited support).
- Inventory: Plus plan and above. FIFO cost tracking, stock alerts.
- Multi-currency: Not available on Solopreneur or Simple Start. Available on Essentials+.
- Sales tax: Automated sales tax calculation and tracking. Integrates with Avalara.
- Reports: Extensive — 80+ built-in reports. Customizable columns and filters.
- Payment gateways: QuickBooks Payments (card, ACH), PayPal, Square.
- Ecosystem: Largest third-party app marketplace of any accounting software.
Bank integrations:
| Bank | Connection Type | Notes |
|---|---|---|
| Mercury | Native direct integration | Free. One-way sync (Mercury to QBO). AI-powered GL code assignment. Requires Simple Start or higher. |
| Relay Financial | Native direct integration | Free. Direct bank feed sync every few hours. Settled transactions only. |
Pros: - Native Mercury and Relay integrations (major advantage) - Largest ecosystem of third-party integrations - Most CPAs and bookkeepers are fluent in QBO - Excellent reporting and customization - Strong inventory management on Plus plan - Official CoinTracker integration for crypto
Cons: - More expensive than Zoho Books at every tier - Frequent price increases (64% over 5 years for Plus plan) - No free tier (only 30-day trial + introductory discount) - Does not natively handle cryptocurrency (needs third-party tools) - Overkill if you're already in the Zoho ecosystem
1.3 Xero¶
Official pricing page: https://www.xero.com/us/pricing-plans/
| Plan | Monthly Price | Invoices/mo | Bills/mo | Key Features |
|---|---|---|---|---|
| Starter (Early) | $20/mo | 20 | 5 | Basic invoicing, bank reconciliation, receipt capture |
| Growing (Standard) | $37/mo | Unlimited | Unlimited | Full invoicing/billing, bulk reconciliation |
| Established (Premium) | $70/mo | Unlimited | Unlimited | Multi-currency, projects, expenses, analytics |
Note: Introductory pricing often available (e.g., $2–8/mo for first 3 months). Unlimited users on all plans.
Key features relevant to our use case:
- Invoicing: All plans (limited on Starter).
- Bank reconciliation: All plans. Supports 12,000+ banks.
- Inventory: Basic tracking on all plans. No advanced warehouse management.
- Multi-currency: Established (Premium) plan only.
- Sales tax: Built-in sales tax with Avalara integration available.
- Reports: Standard financial reports. Advanced analytics on Premium.
- Payment gateways: Stripe, GoCardless, PayPal.
- Integrations: 1,000+ third-party apps.
Bank integrations:
| Bank | Connection Type | Notes |
|---|---|---|
| Mercury | Native direct integration | Free. One-way sync. GL code assignment from Mercury dashboard. |
| Relay Financial | Native direct integration | Free. Direct bank feed sync every 3 hours. |
Pros: - Unlimited users on all plans (good for adding accountant access) - Native Mercury and Relay integrations - Clean, modern interface - Strong bank reconciliation features - Good international support
Cons: - Starter plan too limited for e-commerce (20 invoices/month cap) - Multi-currency only on Premium ($70/mo) - Smaller US market share than QBO — fewer US CPAs specialize in Xero - No native crypto support - Less robust inventory than QBO Plus
1.4 Wave¶
Official pricing page: https://www.waveapps.com/pricing
| Plan | Monthly Price | Key Features |
|---|---|---|
| Starter (Free) | $0 | Double-entry bookkeeping, unlimited invoicing, expense tracking, financial reports, mobile app |
| Pro | $16–19/mo | Everything in Free + automatic bank imports, receipt scanning, late payment reminders |
Key features relevant to our use case:
- Invoicing: Unlimited on all plans. Customizable templates.
- Bank reconciliation: Pro plan only (automatic bank imports). Free plan requires manual entry.
- Inventory: None. No inventory tracking at all.
- Multi-currency: No.
- Sales tax: Basic sales tax on invoices. No automated rate lookup.
- Reports: Basic — income statement, balance sheet, general ledger. Limited customization.
- Payment gateways: Wave Payments (card processing at 2.9% + $0.60).
Bank integrations:
| Bank | Connection Type | Notes |
|---|---|---|
| Mercury | Unknown / Plaid | May work through Pro plan bank import. Not confirmed. |
| Relay Financial | Unknown / Plaid | May work through Pro plan bank import. Not confirmed. |
Pros: - Free core accounting - Simple interface for beginners - Multiple businesses under one account
Cons: - No inventory tracking (disqualifying for product e-commerce) - No multi-currency (disqualifying for BTC tracking) - Automatic bank feeds require Pro ($16–19/mo) - Very limited integrations - No Avalara or advanced sales tax automation - Limited reporting customization - No customer support on free plan - Not suitable for our use case
2. Comparison Table¶
| Feature | Zoho Books (Professional) | QBO (Plus) | Xero (Growing) | Wave (Pro) |
|---|---|---|---|---|
| Monthly cost | $50 ($40 annual) | $99 | $37 | $16–19 |
| Users included | 5 | 5 + accountant | Unlimited | Unlimited |
| Invoicing | Unlimited | Unlimited | Unlimited | Unlimited |
| Bank feeds | Plaid/Yodlee | Direct feeds | Direct feeds | Plaid |
| Mercury native | No | Yes | Yes | No |
| Relay native | No | Yes | Yes | No |
| Inventory | Basic | FIFO tracking | Basic | None |
| Multi-currency | Yes | Yes (Essentials+) | No (Premium only) | No |
| Sales tax automation | Yes + Avalara | Yes + Avalara | Yes + Avalara | Basic |
| CA sales tax | Yes | Yes | Yes | Manual |
| Reporting depth | Good | Excellent | Good | Basic |
| API | Yes | Yes | Yes | Limited |
| Mobile app | Yes | Yes | Yes | Yes |
| Crypto support | None native | None native | None native | None |
| CPA familiarity | Moderate | Very high | Moderate (US) | Low |
| Zoho ecosystem | Full integration | None | None | None |
| Third-party apps | 50+ | 750+ | 1,000+ | ~20 |
3. Recommendation¶
Primary: Zoho Books — Start Free, Upgrade to Standard When Needed¶
Recommended progression:
- Launch: Free plan ($0/mo) — Viable while revenue stays under $50K/year. Includes invoicing, bank reconciliation via Plaid, and basic reporting.
- When bank feeds are needed: Standard plan ($15–20/mo) — Adds reliable automated bank feeds, bulk reconciliation, and 5,000 invoices/year.
- When inventory/multi-currency needed: Professional plan ($40–50/mo) — Adds inventory tracking and multi-currency (needed for BTC-to-USD recording).
Rationale:
-
Ecosystem fit: The owner already plans to use Zoho Work Suite. Zoho Books integrates natively with Zoho CRM, Zoho Inventory, Zoho Mail, and other Zoho products. This unified ecosystem reduces context-switching and data silos.
-
Cost-effective: Even at Professional tier ($40–50/mo), Zoho Books is roughly half the cost of QBO Plus ($99/mo) while covering all essential features.
-
Free plan runway: Start on Free to avoid unnecessary costs during the pre-revenue phase. Upgrade only when transaction volume or feature needs justify it.
-
Sales tax: Zoho Books handles CA sales tax natively and integrates with Avalara for automated rate lookups and compliance — critical for multi-jurisdictional e-commerce.
-
Multi-currency: Professional plan includes multi-currency, which will be needed for recording BTC transactions at their USD fair market value.
Mitigations for weaknesses:
- Bank integration gap: Mercury and Relay do not have native Zoho Books integrations. However:
- Both banks support Plaid, which Zoho Books uses for bank feeds — test this connection first
- Mercury supports CSV export, which Zoho Books can import (OFX, CSV, QIF formats)
- Zapier/Pipedream can bridge the gap if Plaid doesn't work
-
If bank feeds prove unreliable, consider QBO as fallback (see below)
-
No native crypto: Use Koinly or CoinTracker as a crypto accounting bridge (see crypto-accounting-policy.md). Export categorized transactions to Zoho Books.
Fallback: QuickBooks Online Plus — $99/mo¶
If Zoho Books' bank feed connections with Mercury/Relay prove unreliable in practice, switch to QBO Plus. The native Mercury and Relay integrations eliminate friction, and QBO's larger CPA ecosystem makes it easier to find professional help. The cost premium (~$50/mo more) buys reliability and ecosystem breadth.
Decision point: Test Zoho Books bank feeds with your chosen bank (Mercury or Relay) during the first month. If feeds are unreliable or require excessive manual intervention, switch to QBO before transaction volume grows.
4. Chart of Accounts Template¶
The following chart of accounts is designed for a single-member LLC operating an RUO peptide/research chemical e-commerce business in California.
Assets (1000–1999)¶
| Account # | Account Name | Type | Notes |
|---|---|---|---|
| 1000 | Business Checking (Primary) | Bank | Mercury or Relay main account |
| 1010 | Business Savings | Bank | Reserve/savings account |
| 1020 | BTC Wallet (BTCPay) | Other Current Asset | BTC held before conversion |
| 1030 | Payment Processor Clearing | Other Current Asset | Stripe/ACH funds in transit |
| 1100 | Accounts Receivable | Accounts Receivable | Outstanding customer invoices |
| 1200 | Inventory — Peptides | Other Current Asset | RUO peptide stock |
| 1210 | Inventory — Research Chemicals | Other Current Asset | Other research chemical stock |
| 1220 | Inventory — Supplies & Packaging | Other Current Asset | Shipping materials, vials, etc. |
| 1300 | Prepaid Expenses | Other Current Asset | Prepaid insurance, subscriptions |
Liabilities (2000–2999)¶
| Account # | Account Name | Type | Notes |
|---|---|---|---|
| 2000 | Accounts Payable | Accounts Payable | Supplier invoices |
| 2100 | Sales Tax Payable | Other Current Liability | CA sales tax collected |
| 2200 | Credit Card Payable | Credit Card | Business credit card |
| 2300 | CA Franchise Tax Payable | Other Current Liability | $800 annual minimum + income-based fee |
| 2400 | Federal Income Tax Payable | Other Current Liability | Estimated quarterly payments |
| 2410 | CA Income Tax Payable | Other Current Liability | Estimated quarterly payments |
Revenue (4000–4999)¶
| Account # | Account Name | Type | Notes |
|---|---|---|---|
| 4000 | Product Sales — Peptides | Income | RUO peptide revenue |
| 4010 | Product Sales — Research Chemicals | Income | Other research chemical revenue |
| 4020 | Shipping Revenue | Income | Shipping charges billed to customers |
| 4100 | BTC Payment Revenue | Income | Revenue from BTC/Lightning payments (recorded at FMV in USD) |
| 4200 | BTC Gain on Conversion | Other Income | Gain when BTC appreciates between receipt and conversion |
| 4210 | BTC Loss on Conversion | Other Expense | Loss when BTC depreciates between receipt and conversion |
| 4900 | Returns & Refunds | Income (contra) | Customer refunds and returns |
Cost of Goods Sold (5000–5999)¶
| Account # | Account Name | Type | COGS |
|---|---|---|---|
| 5000 | COGS — Peptides | COGS | Cost of peptide inventory sold |
| 5010 | COGS — Research Chemicals | COGS | Cost of other research chemicals sold |
| 5020 | COGS — Shipping & Fulfillment | COGS | Actual shipping costs (USPS, UPS, FedEx) |
| 5030 | COGS — Packaging Materials | COGS | Vials, labels, boxes, cold packs |
| 5040 | COGS — Lab Testing / QC | COGS | Certificate of Analysis, purity testing |
| 5050 | COGS — Import Duties & Customs | COGS | If sourcing internationally |
Operating Expenses (6000–6999)¶
| Account # | Account Name | Type | Notes |
|---|---|---|---|
| 6000 | Rent / Co-working | Expense | If applicable |
| 6010 | Utilities | Expense | Internet, phone, electric |
| 6100 | Software & SaaS | Expense | Zoho suite, hosting, domain, tools |
| 6110 | E-commerce Platform | Expense | Website hosting, CMS, storefront |
| 6120 | Payment Processing Fees | Expense | Stripe fees, BTCPay hosting, ACH fees |
| 6130 | Crypto Accounting Software | Expense | Koinly/CoinTracker subscription |
| 6200 | Marketing & Advertising | Expense | SEO, content, paid ads |
| 6210 | Website Development | Expense | Contract development work |
| 6300 | Insurance | Expense | General liability, product liability |
| 6310 | Professional Services — Legal | Expense | Attorney fees |
| 6320 | Professional Services — CPA | Expense | Tax prep, bookkeeping, advisory |
| 6330 | Professional Services — Other | Expense | Consultants |
| 6400 | Office Supplies | Expense | General office supplies |
| 6410 | Computer & Equipment | Expense | Hardware (under capitalization threshold) |
| 6500 | Bank Fees | Expense | Monthly bank fees, wire fees |
| 6510 | Merchant Account Fees | Expense | Card processing monthly fees |
| 6600 | Travel & Meals | Expense | Business travel (50% meals) |
| 6700 | Education & Training | Expense | Courses, conferences |
| 6800 | Licenses & Permits | Expense | CA seller's permit, business license |
| 6900 | Miscellaneous Expenses | Expense | Catch-all |
Tax Expenses (7000–7999)¶
| Account # | Account Name | Type | Notes |
|---|---|---|---|
| 7000 | CA Franchise Tax | Expense | $800/year minimum |
| 7010 | CA LLC Fee (Income-Based) | Expense | Additional fee if gross receipts > $250K |
| 7100 | Federal Self-Employment Tax | Expense | Social Security + Medicare (15.3%) |
| 7200 | Federal Income Tax Expense | Expense | Estimated payments tracking |
| 7210 | CA Income Tax Expense | Expense | Estimated payments tracking |
Owner's Equity (3000–3999)¶
| Account # | Account Name | Type | Notes |
|---|---|---|---|
| 3000 | Owner's Capital | Equity | Initial and additional contributions |
| 3100 | Owner's Draws | Equity | Distributions to owner |
| 3200 | Retained Earnings | Equity | Accumulated profits/losses |
5. CPA / Bookkeeper Guidance¶
When to Hire¶
Immediately (before first transaction): - Engage a CPA for a 1–2 hour consultation to validate this accounting setup, chart of accounts, and crypto policy - Get guidance on CA seller's permit registration with CDTFA - Confirm sales tax obligations for RUO peptide sales
Within first 6 months: - Monthly or quarterly bookkeeper for transaction categorization and bank reconciliation - This prevents a year-end cleanup nightmare
At tax time (annually): - CPA for annual tax preparation (Form 1040 + Schedule C + CA Form 540) - Review of crypto transactions and gain/loss calculations - Filing of CA franchise tax (Form 568)
When revenue exceeds $100K: - Consider a fractional CFO or dedicated bookkeeper - Review entity structure (S-Corp election may save on self-employment tax)
What to Look For¶
- Experience with e-commerce — understands COGS, inventory, multi-state sales tax
- Crypto familiarity — knows IRS property treatment, cost basis rules, Form 8949
- California LLC expertise — franchise tax, CDTFA, pass-through taxation
- Your accounting software — fluent in Zoho Books (or QBO if you go that route)
- Proactive communication — provides tax planning advice, not just compliance
Estimated Costs (California, 2025–2026)¶
| Service | Estimated Cost | Frequency |
|---|---|---|
| Initial CPA consultation | $300–600 (1–2 hours) | One-time |
| Monthly bookkeeping (basic) | $300–500/mo | Monthly |
| Monthly bookkeeping (mid-range, includes reconciliation + reporting) | $500–900/mo | Monthly |
| Annual tax preparation (Schedule C + state) | $500–1,500 | Annual |
| Quarterly tax review (estimated payments) | $200–400/quarter | Quarterly |
| Crypto tax preparation (add-on) | $200–500 | Annual |
Cost-saving approach for early stage: - Year 1: Do your own bookkeeping in Zoho Books, hire CPA for initial setup consultation ($300–600) and annual tax prep ($500–1,500) - Year 2+: Add monthly bookkeeper ($300–500/mo) as transaction volume grows - This keeps year-1 professional costs to roughly $800–2,100
Where to Find¶
- CPA directories: California Society of CPAs (calcpa.org), IRS Directory of Federal Tax Return Preparers
- Crypto-savvy CPAs: CoinTracker's accountant directory, TaxBit's CPA network
- Bookkeepers: Belay, Bench, or local freelancers on Upwork/Fiverr for basic bookkeeping
- Zoho-specific: Zoho Authorized Partners directory
6. Implementation Checklist¶
- Register for CDTFA seller's permit (free, online at cdtfa.ca.gov)
- Open business bank account (Mercury or Relay)
- Sign up for Zoho Books (start with Free plan if revenue < $50K)
- Test bank feed connection (Plaid/Yodlee) with chosen bank
- If bank feed fails: set up Zapier automation or plan for manual CSV import
- Configure chart of accounts per template above
- Set up CA sales tax rates in Zoho Books (or enable Avalara integration)
- Set up crypto accounting tool (Koinly recommended — see crypto-accounting-policy.md)
- Schedule initial CPA consultation
- Set calendar reminders for CA estimated tax payment dates (April 15, June 15, January 15)
- Set calendar reminder for $800 franchise tax payment (due by 15th day of 4th month after formation)
Sources¶
- Zoho Books Pricing
- QuickBooks Online Pricing
- Xero US Pricing
- Wave Pricing
- Mercury Accounting Integrations
- Relay Financial Integrations
- Zoho Books Bank Feeds
- Mercury + QBO Integration
- Mercury + Xero Integration
- Zoho Books + Avalara Sales Tax
- CDTFA Seller's Permit
- Bookkeeper Cost in California 2025
- CPA Cost Guide 2026