E-COMMERCE BOOKKEEPING
Why Australian E-Commerce Businesses Need Expert Bookkeeping
E-Commerce Bookkeeping: Taming the Transactions
Let’s face it: e-commerce bookkeeping is not your average walk in the park. With a continuous influx of transactions coming from different marketplaces and customers across the continent, maintaining your financial records can be quite challenging. Every sale, refund, and shipping fee requires careful recording to ensure your books are organized, accurate and up to date.
Multiple Marketplaces, Multiple Headaches
As an e-commerce business, you’re probably selling your products on more platforms than you can count on one hand. Whether it’s Shopify, Amazon, eBay, or your own website, each marketplace comes with its own set of rules and reporting abilities and challenges. Juggling all these platforms and the various payment gateways while trying to maintain accurate records can make you want to pull your hair out.
The Tax Maze: Navigating Multiple Jurisdictions
With customers scattered across the globe you might also be dealing with a tangled web of tax jurisdictions. One wrong setting or checkbox and you could find yourself with a compliance issue and a tax debt you were not aware of.
Accuracy Matters
Now, more than ever, it’s crucial for e-commerce business owners to have a firm grip on their financial data. Accurate bookkeeping isn’t just about staying on the right side of the ATO (although that’s pretty important too), it’s about understanding your business inside and out, ensure your products are profitable and you are staying on top of your expenses.
Time Crunch: DIY Is NOT the Answer
As an e-commerce entrepreneur, you’re pulled in a million different directions every day. From fulfilling orders to managing customer inquiries and stock levels, to dealing with suppliers you’re your cash flow, your to-do list is never ending. Trying to keep on top of your e-commerce bookkeeping on top of everything else is a recipe for disaster.
Business Angels specializes in e-commerce bookkeeping, in fact Kate has her own e-com store, so we understand the challenges ecommerce business owners face and more importantly we understand how to set up our ecommerce clients for bookkeeping success.
There are plenty of ways to cut costs and improve your margins, but DIY Ecommerce bookkeeping is not one of them, in fact it will likely end up costing you far more time and money. Ecommerce bookkeeping can be complex so leave it to professional general bookkeepers who are experienced and efficient in ecommerce bookkeeping. Just remember when you are using accurate and up to date financial data, there’s no limit to how far you can scale your store.
If you are looking for e-commerce bookkeeping support for your small business please connect with Kate to discuss what you need and how our bookkeepers in Australia can assist.