For example, if you are selling custom backpacks on Amazon and via your website, you need to sort out what fees you are paying to Amazon, your shipping costs, fees associated with the payment platform you use, refunds and returns, and management of your inventory. This is done on a weekly (or daily) basis. After you have figured out of all the variables, you can generate financial statements.
We typically see e-commerce businesses attempting to track sales and inventory using Excel and then entering the data into their accounting software. That method works for a little while, but is labor intensive and often fraught with mistakes. As one client would describe, it’s a “nightmare” acquiring data from numerous sources and consolidating it quickly and accurately.
In order to streamline the bookkeeping process for our clients, we did a lot of research and discovered a tool that seamlessly connects an e-commerce platform to your accounting software (we prefer QuickBooks Online or QBO). This tool is Webgility and we love it!
Webgility has a web-based product as well as a desktop version. Some integrations may be limited depending on whether the online product or the desktop product is chosen. Both versions present their own individual challenges but are manageable with our help.
In addition to being QuickBooks ProAdvisors, we are certified Webgility integrators. Book a free consultationon our website to see how we can streamline the bookkeeping for your e-commerce business.