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A Business Owner's Guide to 5 Fundamental Ecommerce Bookkeeping Tips

If you feel as though your company is not performing at maximum capacity, you aren't alone. As much as 60% of business owners struggle with the financial well-being of their company because they just don't know enough about accounting, bookkeeping, or finance.

Continue reading to learn some ecommerce bookkeeping solutions for your business.

1. Acquire the Right Bookkeeping Software

Having the right bookkeeping software is crucial to your business's financial success. These software options are great for those just beginning their e-commerce journey as they were either created with eCommerce businesses in mind or they are adaptable to those in the industry:

  • QuickBooks

  • Freshbooks

  • Wave

The goal is to find a system that will help you to keep an accurate inventory over a variety of platforms. Once you have your bookkeeping service setup, you can dive into the tasks that you need to do daily, weekly, and monthly. The sooner you get around to having your books balanced, you will be better prepared to managed your business's finances.

2. Have a Basic Understanding of Bookkeeping

We offer a 6 Week Personal and Small Business Financial coaching program where you can learn the basic financing skills that you may need for your business. The more you know about tracking inventory and monitoring your cash flow, you will find that your business will begin to go more smoothly for you and everyone involved.

3. Account for Sales, Fees, & Taxes

Sales, fees, and taxes all factor in to whether or not you will breakeven at the end of the year. You have to consider all of the expenses that are involved in running your business. You have to account for alternative sales methods or even sales from different countries. The taxes the you charge for processing orders and fees in place for shipping tend to add up after a while.

4. Create a Template for Everything

Orders? Invoices? Receipts? Template it. Having a template for all of these things will help to keep everything in order. You will grow used to finding the form you are looking for and what you will be able to find on the form if they are the same every time for each type of form.

5. When In Doubt, Outsource Services

Considering these tips may not always be enough when it comes to handling the bookkeeping for your business. The whole process can be rather intimidating if you aren't familiar with accounting and bookkeeping. If you feel that the 6 week program isn't for you or you still need help managing your e-commerce bookkeeping tasks, you can hire an accountant to do it for you.

Ecommerce Bookkeeping Experts

At LN Accounting, we offer a range of different services relating to the e-commerce industry that makes us the ideal choice when it comes to hiring an accountant. Each of our services offer a unique approach to accounting.

Contact LN Accounting today to see which of our services are ideal for your business.

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