Retail & E-commerce
Success in Retail & E-Commerce hinges on finding the perfect balance between supplier and customer satisfaction.
Expertise
Getting the numbers right and on time with a team of experienced and skilled money experts.
Cost Saving
Use your resources wisely, save money, and use it for other important parts of your business.
Improved Financial Management
Get instant access to up-to-date financial information and helpful advice for making better decisions and reports.
Accounting Outsourcing Services Company - AccounTax
The retail and e-commerce sector stands as one of the most dynamic and rapidly expanding industries, marked by intense competition and constant market evolution. Merchants in this field must adopt specific strategies or continuously adapt to market changes to ensure profitability. However, maintaining consistency in quality and customer satisfaction poses challenges due to varying paces of adaptation.
Daily operations present unique challenges for merchants, including managing accounting tasks, analyzing operational costs and revenues, and ensuring customer satisfaction. Hence, it’s crucial for them to prioritize pricing strategies, customer satisfaction policies, and other essential areas while entrusting their retail and e-commerce accounting and bookkeeping functions to expert service providers.
AccounTax Bookkeepers offers specialized services tailored to the needs of the e-commerce and retail industry. In addition to accounting solutions, we provide expertise in inventory management, order processing, and reconciliation.
Specialised Services For Retail & E-Commerce Accounting
- Establishing Chart of Accounts
- Logging sales from POS system or e-commerce platform to accounting Software
- Documenting receipts from Merchant Account or PayPal
- Reviewing and recording invoices from suppliers
- Making payments to suppliers
- Managing payroll for employees and updating payroll records
- Handling other tax-related reporting
- Accounting for depreciation and making adjusting entries
- Inputting bank transactions
- Performing month-end or year-end closing procedures
- Adding bills into accounting software after fully understanding what's needed, the rules, and how the software works.
- Adding purchase requests, and connecting them to bills to see what's left to pay.
- Keeping track of when we need to pay our suppliers and making sure we know who we owe money to and how long it's been since we owe it.
- Checking regularly to make sure our records match up with what our suppliers say we owe.
- Paying bills online
- Checking credit card statements to make sure we know what we've spent
- Checking that sales from the Point of Sale (POS) systems, ordering systems, and other third-party stores match up with what's in the accounting software. Sometimes, the systems for ordering stuff can be different from the software we use to keep track of money, especially for small online shops. Since online shops sell on places like Amazon, eBay, Shopify, Etsy, and more, we have to manually add up what we've sold every day, week, or month in programs like QuickBooks or Xero. Then, we check to make sure the numbers match up and send reports to look at.
- Keeping track of the money that comes in from customers for each order and the money that gets put into our account from the places we sell stuff. Since there are so many sales every day for online shops, we need to make sure we know who's paid us and who hasn't, so we don't lose out on money or get tricked.
- Checking regularly to make sure the money in our merchant account or PayPal account matches up with what we're expecting and making sure we're not being charged extra fees for transactions.
- Checking if the amount of stuff we say we have in our accounting software matches up with the actual amount of stuff we have on our shelves, so we don't run out of anything.
- Making reports every month that show which types of things we sold the most of and where they were sold.
- Writing up detailed reports that show how our business is doing in different areas and what's costing us the most money and making us the most money.
- Reports that show which products, types of products, brands, and specific items are making us the most money.
- Reports every month that show how much stuff we sold, bought, spent, and owe money for.
- Reports that show how we're using the money we have and how much money is coming in and going out.
- Looking at how much money we're making from selling stuff compared to how much it costs to make and sell that stuff, and seeing what's costing us the most money over time.
Who We Serve
Online Retail
Online Marketplace
Online Payment Systems
Ecommerce Software
Online Advertising
