If you’re like most e-commerce business owners, you dread bookkeeping. You probably have countless reasons why it’s last on your to-do list, from taking up too much time to being too complex. However, neglecting your Shopify bookkeeping can have some serious repercussions, like overpaying on your taxes or receiving some unwelcome letters from the IRS. …
If you’re a small business owner trying to minimize your tax liability, you shouldn’t overlook the power of accountable plans. Implementing an accountable plan can save both your business and employees money on payroll taxes. Understanding the basics of an accountable plan, its importance, general setup, and maintenance requirements can give you the information needed…
Do you regularly set goals? How does reaching your goals impact other areas of your life? If you’re like some, once you set a goal, it can be hard to focus on anything but achieving that goal. Although there’s no dispute that setting goals is important, you want to be sure that you aren’t neglecting…
Technology has already proven that it has a place at the discussion table. Almost every industry utilizes technology to reduce mundane tasks, promote efficiency, and provide a better customer experience, with ecommerce accounting being no exception. Companies now rely on access to real-time information, want big data broken down into tangible pieces, and request in-depth…
Opening your first ecommerce business is full of important milestones. From listing your first products to making your first sale, every milestone should be celebrated. As your business continues to grow, you’ll have even greater milestones, like watching the cash roll into your bank account. However, before you can sit back and relax, you need…
Do you have nightmares at night about collecting and paying sales tax in your business? Sales tax has become a growing concern of many states, with most agencies tightening procedures to ensure they collect money rightfully owed to them. Understanding where other businesses went wrong can help you stay in compliance with state agencies and…
A recession occurs when there is an economic decline for at least two consecutive quarters. Contributing factors to a recession include rising unemployment levels, declining retail sales, and a negative gross domestic product. Does this sound familiar? Thousands of people have been experiencing layoffs and companies are increasing the cost of goods to combat supply…
Are you properly collecting and remitting sales tax in your Shopify store? Shopify has an estimated seller count above 4.4 million, making them one of the fastest growing platforms for eCommerce sellers. Understanding the Shopify sales tax collection process can be overwhelming, especially as your eCommerce business expands into new territories. This makes it important…
eCommerce sellers can fall into debt traps easily because it’s a cash flow business. If you aren’t hitting your expected sales figures and don’t have the appropriate cash reserve, where does the money to pay vendors, suppliers, and employees come from? Although holding debt in itself isn’t a bad thing, as debt is a top…
One of the first decisions that eCommerce businesses will need to make is their accounting method. Two popular choices for eCommerce sellers are accrual and cash accounting. Each method results in different financial statement requirements and taxation, making it important to choose the right one for your business. Understanding the Different Methods of Accounting The…