eCommerce sellers are constantly trying to find ways to improve efficiency. Whether that be speeding up shipping times or reducing website lags, efficiency often translates to greater productivity and profitability. However, this isn’t always the case regarding your bookkeeping and software. Understanding the primary differences between bookkeeping and software, including the pros and cons, can…
DetailsThe popularity of e-commerce has led to large retailers, like Walmart, giving third-party sellers the ability to sell on their platforms. Walmart launched Walmart Marketplace back in 2009 but didn’t see high numbers of third-party sellers until a few years ago. In May 2022, Walmart reported over 150,000 third-party sellers, a 66% increase from 2021.…
DetailseBay is not a new entrant to the e-commerce realm, with roots tying back to 1995 when operations began as an automotive marketplace. Today, eBay is one of the top platforms that e-commerce sellers gravitate towards because of increasing customer demand and user-friendliness. Many eBay sellers get so caught up in driving sales and maintaining…
DetailsAmazon has significantly reduced, if not eliminated, the barriers to entering the e-commerce realm as a seller. The global giant reported $469 billion in revenue, with 22% of that revenue being driven by third-party sellers. From handling inventory storage and customer service to facilitating returns and shipping items, Amazon makes being a seller seem simple.…
DetailsAs consumers find new ways to fill their time, agency businesses are in high demand, especially those centered around e-commerce. Your agency business, regardless of industry focus, needs to implement the proper agency accounting procedures to navigate through the complex business environment. Sales tax, revenue recognition, and tax planning are the three pillars of agency…
DetailsShopify has continued to gain popularity amongst the e-commerce community, with statistics supporting a 200% growth from 2020. This platform maintains its popularity because of the added ease of running and scaling an e-commerce business. Although Shopify can be a great platform to host your e-commerce operations, the duty falls on you as a business…
DetailsThere’s often a tradeoff between time and accuracy. Sure, you could create a product description in 20 minutes, but how accurate will that listing be? Typos and errors are common when certain tasks are rushed. The same applies to bookkeeping and software. eCommerce sellers should understand the differences between bookkeeping and software to take advantage…
DetailsIf you are an entrepreneur or business owner, you should know that 80% of new businesses fail within the first five years. The good news is that 90% of failed companies suffer from poor management decisions. Why is this good news? Because getting your finances in order provides you with the information necessary to make solid business decisions.…
DetailsAre you one of the many business owners that struggle to keep up with your business’s bookkeeping and financials? Regular financial statement generation and bookkeeping provide your business with a strong foundation to make informed business decisions, secure funding, and grow operations. One of the most important financial statements that business owners should regularly generate…
DetailseCommerce companies are exploding! Recent statistics suggest that by 2025, eCommerce sales could hit $7.4 trillion. This is over two times what the 2019 eCommerce market value was. Every year, as eCommerce sales grow, so does the total of eCommerce taxes the IRS collects. Is your eCommerce business prepared for Tax Day? To ensure a…
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