Beneficial Ownership Information (BOI) reporting was set to become mandatory for most companies under the Corporate Transparency Act (CTA) starting January 1, 2024. This requirement aims to increase transparency and combat illegal activities like money laundering and tax evasion by requiring businesses to disclose their beneficial owners. A reporting company created or registered…
DetailsAs an online seller on Shopify, you are likely focused on marketing your products, engaging with customers, and fulfilling orders promptly. Amid these bustling activities, inventory accounting might seem like just another task on your to-do list. However, effective inventory accounting is crucial to the success and sustainability of your e-commerce business. Here’s why: 1.…
DetailsDo you frequently travel to potential customers, to suppliers, or even to a warehouse? If so, are you currently reimbursing yourself for mileage? Although a majority of ecommerce operations are online, there are still reimbursable opportunities for travel to and from certain locations. Reimbursing yourself for these expenses not only helps lower your business’s…
DetailsEven if you just opened your ecommerce business, it’s important to have an exit strategy. For most business owners, this involves selling. There are a few different ways you can sell your business, each of which comes with different tax scenarios. Whether you are finally ready to collect on the years of hard work…
DetailsAre you interested in starting your own ecommerce business? How about finally starting to see growth in your ecommerce company after weeks, months, or years of hard work? Regardless of where you’re at in your ecommerce journey, it’s important to understand how to set yourself up for long-term success. One of the fundamentals…
DetailsManaging an ecommerce business goes beyond just selling products. In fact, the bookkeeping and accounting of your business will be a determining factor in the success of your organization. How could your business grow when you know which products are performing the best? What about the flexibility you have when you are able to increase…
DetailsThere’s no doubt that we are living in the Digital Age. Meetings are virtual, ecommerce continues to grow, and remote work is the new norm. Companies are changing the way they operate, infusing technology into most aspects of daily operations. This is why it should come as no surprise that virtual accounting is gaining traction,…
DetailsAccounting for the typical mom-and-pop shop is boring, but this isn’t always the case with Amazon or Shopify accounting, which excites us accountants. Without the proper oversight in your Amazon accounting function, you could be left with stagnant sales, inaccurate tax filings, and low profitability. In this article, we’ll talk about the current challenges Amazon…
DetailsAre you looking to learn more about the future of ecommerce? How about building your personal network of like-minded business owners and entrepreneurs? If you answered yes to any of these questions, it’s important to consider attending ecommerce events this year. Ecommerce events give you the opportunity to learn about the industry from experienced and…
DetailsWhen running an Amazon storefront, it’s important to set your business up on a strong foundation. Building a strong foundation helps you reach your growth goals, maintain compliance with regulatory agencies, and maximize your financial health. Accurate Amazon accounting is the foundation that allows your business to flourish. In this article, we’ll cover the five…
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