Despite the time of year, I chose to head to Aurora Outlets to pick up a few holiday gifts this week. I recall saying last year that I would spare myself the misery of trying to find a parking spot and waiting in line. Knowing the annoyance lying ahead, I went anyway.
This has been a challenging year. The knee jerk reaction is to think about the difficulties (and there have been many) that this year has brought us. It is also time to consider the things we are thankful for.
With more people shopping online, it’s a great time to be in the e-commerce business. If you’re like other e-commerce businesses, it’s likely that you need help with your bookkeeping. There are a lot of moving parts and managing them is no easy task. Hot topics in e-commerce bookkeeping are:
If you’re an e-commerce business, you know the pain and suffering involved in managing sales tax. Each state, and in some cases different counties within a state, have differing tax laws. Taxes can vary depending on the county in which you are selling!
There are many moving parts in an eCommerce business. As if monitoring sales on several different platforms isn’t confusing enough, add managing inventory, taxes, payroll, and marketing. All of this can be overwhelming if you don’t have processes in place to manage your eCommerce business.
Operating an e-commerce business means dealing with a lot of moving parts and invariably bookkeeping problems. The problem we see most often is organizing information stored in a number of different places, then consolidating it in one place to create useful data used to make insightful business decisions.
Feeling overwhelmed – yet grateful – for all those Amazon transactions? We have clients that spend hours and hours reconciling their Amazon orders, fees, inventory and payments manually in QuickBooks. We also see eCommerce businesses hiring someone solely dedicated to manually connecting Amazon transactions with QuickBooks.
We are seeing 1099-K audits for 2-4 years ago that are extremely time consuming. If you are accepting credit cards and receive a 1099-K from your merchant service provider (PSE), here is some helpful advice.
As an eCommerce business, you know how complex the back-end coordination can be: this effort is the root of all your operations. Trying to tie all of your ordering processes and connect them to an efficient inventory management system is a big enough task. Then having to connect all this to invoicing and bookkeeping in your accounting software is another challenge.
eCommerce sales are predicted to reach nearly $500 billion by 2018 in the U.S., according to Forrester Research. We at BudgetEase are also seeing an increased need for bookkeeping assistance from eCommerce businesses due to the high volume of transactions and limitations on interfacing between software programs.
