Did you finally land your first sale on Shopify? If so, congratulations! You are one step closer to your dream of entrepreneurship. Dozens of thoughts might be filling your head, like “Should I charge tax on Shopify?” or “Does Shopify remit sales tax?” Another question that might be lingering relates to getting paid. There can…
Is your ecommerce business growing? If so, you might be experiencing growing pains, particularly in your accounting function. Without the proper bookkeeping for Shopify or your Amazon storefront, you could be generating inaccurate financial statements. This is where an outsourced CFO comes in, infusing accuracy and thoroughness into your accounting function. In this article, we’ll…
Are you running an ecommerce store? Do you understand the proper sales tax bookkeeping for Amazon and Shopify accounts? One of the not-so-fun aspects of running an ecommerce business is sales tax collection. You may find yourself asking, “Does Shopify pay sales tax?” or “Should I charge sales tax on Shopify?” Each ecommerce platform and…
Was your business affected by COVID? Did you continue paying wages and healthcare costs despite a drop in revenue or shutdown orders? If so, you might be entitled to receive a tax credit for wages and healthcare costs that you already paid. Working with an ecommerce CPA, an accountant for Amazon sellers, or a Shopify…
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…