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…
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…
The 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.…
eBay 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…
Amazon 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.…
As 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…
Shopify 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…