Ecommerce businesses, that buy and sell goods or services via the internet, continue to grow in popularity as our shopping behaviours have changed.
From big names in retail, to entrepreneurs just starting out, online channels like Amazon, Etsy, and Shopify, can increase their revenues and profitability and, for some, may even be the source of the majority of their sales.
Amongst our client base, we have a number of Ecommerce sellers to whom we provide bookkeeping and online accounting support.
As a result, we are always on the lookout for solutions that can deliver efficiencies for both us and the business owner, and that give the client access to quality data.
Online bookkeeping – Accuracy, and automation
Bookkeeping when you are running an Ecommerce business can become confusing, and particularly when you are selling via multiple different channels, with fees, VAT, shipping, and the sale itself to distinguish between.
Software like Link My Books, Parex Bridge and A2X help us to automate the bookkeeping process as much as possible, freeing up more of our time to concentrate on delivering value added services, and enabling our Ecommerce clients to focus on running their businesses.
Whilst slightly different in the way that they operate, these tools have been developed with the same aim in mind – to automate the transfer of Ecommerce sales data, to your online accounting software, such as Xero or QuickBooks, as well as the accurate breakdown of each invoice.
- You connect your chosen sales channels, to the Ecommerce bookkeeping software
- Every time you receive a pay-out from the sales channel, the software records this
- Once approved, the payments are sent straight to Xero, or QuickBooks, where you can go into the invoice and view the payment breakdown
- This makes it easier to match payments in the bank, and gives you a clearer view of what you are making vs. cost of sales
By using Ecommerce-specific software, you can ensure you always have an accurate picture of your liabilities, and that you are not paying too much tax, for example.
How can George Hay help?
Our cloud accounting experts in Cambridgeshire, Bedfordshire and Hertfordshire are here to help you explore what works for your business, and to ensure you’re getting the most out of your chosen software.
If you are running an Ecommerce business and you would like to find out more about how you can increase the capabilities of your chosen cloud accounting software by integrating it with other useful digital tools, apps and add-ons, contact us today.
