Complete and Accurate Ecommerce Bookkeeping Services in Calgary
Are you selling on Amazon, eBay, Walmart, Poshmark, BigCommerce, Squarespace, Magento or Shopify?
Establishing an eCommerce business is indeed an exciting venture for anyone. Imagine your products being viewed by millions of potential customers out there 24/7 and all year round; who wouldn’t be hyped up? However, aside from picking the best eCommerce platforms, setting up your website, choosing the best products to offer and promoting your business - there’s still one important task you shouldn’t forget. And, that is having a sound financial plan.
Whether you do your own bookkeeping with accounting software or work with a bookkeeping service, your solution should be equipped to deal with the intricacies of eCommerce bookkeeping, including:
- Merchant fees
- Third-party payment processors
- Inventory management
- Alternative sales
- Multiple currencies and foreign sales
- Shipping
- Sales tax
For one, setting up clear processes will help you in improving the efficiency of your eCommerce business. You will know exactly where your finances go, how much do you earn, what products are worth investing in and what are your most significant expenses. Getting a broader view of these things will help you manage your eCommerce store better. Also, it will save you time and money in the long run.
Getting the help of an eCommerce bookkeeper will provide a clearer understanding of your eCommerce profitability. You no longer have to worry about overlooking and miscalculating your finances. Instead, you’ll know exactly which products or services you should invest in more and which ones to pull out.
Also, looking at accurate financial reports such as the profit and loss statement, balance sheet and cash flow statement will help you plan your next move. Then, you can efficiently work within your budget and manage your resources well. But that is if you have a skilled eCommerce bookkeeper to help you.
