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…
DetailsIt’s no secret that the past few years have caused financial distress in many businesses. Despite the growth in ecommerce, your Shopify and Amazon FBA businesses might have experienced a decline in sales, high employee turnover, and employees requesting higher wages. Luckily, the US Government released different aid packages designed to help business foot the…
DetailsOpening 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…
DetailsDo 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…
DetailsA 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…
DetailsAre 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…
DetailseCommerce 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…
DetailsOne 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…
DetailseCommerce 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.…
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