If a client feels their bookkeeper is unable to complete assigned tasks, we offer an immediate replacement. Virtual assistance agencies also provide a level of flexibility that in-house bookkeepers cannot match. You can communicate with your bookkeeper via email, phone, or video conference, making collaborating easier and getting the support you need.
This big boost would not accurately reflect the pre-Christmas shopping trend if you were to use the cash basis method. Because, you would be recording transactions as the money comes in rather than when the sales are made. This is important because aside from being your most detailed financial report, an accurate cash flow statement can prevent overspending or running out of inventory. Bookkeeping is the process of tracking and recording a business’s financial transactions. These business activities are recorded based on the company’s accounting principles and supporting documentation.
The Easy Bookkeeping Guide for eBay Sellers
The widespread adoption rate makes it easier for remote e-commerce teams to communicate easily with outside bookkeepers or accountants. If you’re manually tracking your inventory levels, you’re wasting your time. You need the right inventory tracking software so that you can manage ecommerce bookkeeping stock levels efficiently. Some software gives you visuals and reports of best-selling products, and notifies you when stock levels are low. Without monitoring and recording transactions, it would be near impossible to come up with a successful strategy to improve your business.
Be sure to check out our great value plans to see what Link My Books is capable of. However, there’s always the possibility of mistakes being made when you take on too much yourself. As your business grows, don’t be afraid to outsource some tasks to professionals. Although bank account reconciliation can (and should) be automatic, you do need to manually review the data from time to time. This ensures there are no discrepancies and everything lines up correctly.
Categorise Your eCommerce Transactions
It’s not that much different from standard retail shop bookkeeping. One column contains the company’s assets and the other, liabilities. Balance sheets are an essential tool for financial reporting. Whether you do bookkeeping yourself or decide to hire a certified bookkeeper, understanding how money flows through your business is vital.
Please note if there is Catch Up or Clean Up work, we will have to do that first before we can do your free month of bookkeeping. You don’t need to be an accounting expert to run a successful e-commerce business. In case you need a hand, we’ve got short videos and step-by-step instructions to help you learn how to use QuickBooks. Your income statement includes all of the money brought in over a given time period, typically a month, quarter, or year. This statement shows both operating and non-operating income. At a glance, the process of e-commerce bookkeeping and accounting is very similar to the way it’s done in other industries.