ECommerce and Bookkeeping: A Wonderful Partnership
Shout out to all the Ecommerce business owners out there, buying and selling goods and services over the internet! I know you are busy.
Bookkeeping is a crucial aspect of managing an online business. Effective bookkeeping ensures that accurate financial records are kept, which is important for tracking revenue and expenses, preparing tax returns, making informed business decisions, and most importantly- preparing to sell your online business.
Bookkeeping for ecommerce business typically involves:
* Integration of your Marketplace reporting (Amazon, Shopify) with your accounting software (QuickBooks Online, Zero)
* Tracking Sales Revenue
* Accounting for Inventory and Cost of Goods Sold
* Tracking Fees associated with Marketplaces and Payment Processors
* Tracking Sales Tax
Accurate bookkeeping ensures you always know your financial holdings, making your business more appealing to potential business brokers and purchasers.
Have you started thinking about your exit plan? Make sure your books are ready when you are, by keeping them up to date now.
I love my ecommerce clients, and I would love to see how I can help you!