At CloudCounting, we speak eCommerce. This is the area in which we have chosen to specialise. In the medical profession, would you choose a general practitioner to perform a specialized surgery? The concept is no different in the accounting profession. Accountants understand the fundamental principles, but as technology becomes increasingly niched, your eCommerce business needs an eCommerce accountant.
eCommerce is such a specialized area. A typical eCommerce businesses will have an integration between one or more shopping carts (i.e Shopify / Amazon / Xero / eBay), an inventory system (Trade Gecko / Cin7 / Unleashed / Dear) and Xero. These systems must be set up in a certain way, and your accountant needs to understand how data is synced to Xero.
You may be early on in your eCommerce journey, or a business that is feeling frustrated with the inefficiency of their bookkeeping setup (how many times do I have to press OK to reconcile my PayPal feed?!). It is possible to set up a system where your shopping cart is properly synced with your inventory system, and your inventory system is sending correctly batched sales to Xero so that you can achieve as many instant bank matches as possible.
Due to the many ways an eCommerce business can accept payment (Stripe, Afterpay, Zip Pay, PayPal) and the multiple sales channels you can advertise your product (Organic Website, eBay, Amazon, Trade Me) the set up of an automated accounting system can seem overwhelming. And that is just the sales side …
Many eCommerce businesses source their product overseas and must deal with the complexity of foreign exchange and paying deposits to overseas suppliers.
Contact us to arrange an in person or online meeting (we use Zoom remote support software) so that we can provide training on your eCommerce vertical. We provide bookkeeping support to your business – we are always available to answer your questions.
Please take a look at our extensive articles written about the challenges of eCommerce accounting here.