Our eCommerce bookkeeping caters to businesses that sell on Amazon, Ebay Etsy, Shopify, Walmart, and all other platforms. We will maintain accurate and up-to-date financial records, including income statements, balance sheets, and cash flow statements, ensuring you have real-time insights into your financial health.
Bookkeeping is generally the same for most industries, however, eCommerce is unique, and therefore, bookkeeping for eCommerce should be handled by professionals that have the skill set to take on its challenges. Some of the items that eCommerce businesses have to deal with include:
E-commerce businesses often sell products to customers located in multiple states and even internationally. Each state and locality may have different sales tax rates, rules, and exemptions. Complying with these varying requirements can be cumbersome. Additionally, sales tax laws are subject to changes so it is important that you stay up to date with the laws and regulations. Non-compliance with sales tax regulations can lead to audits, penalties, and fines. E-commerce businesses need to be diligent in their compliance efforts to avoid costly consequences.
E-commerce businesses often sell their products on multiple online marketplaces, such as Amazon, eBay, Shopify, and more. Each of these platforms may have its own inventory tracking system and requirements. Coordinating inventory across these various channels can be challenging and may require specialized software or integrations.
When engaging in eCommerce bookkeeping, it is important to keep in mind that sales may come from different channels if you sell on more than one platform. Pulling all the data and transactions from the different channels and creating reports that make sense can be time consuming and confusing if you don’t know what you are doing.