E-commerce is becoming more and more popular day by day with a huge range of products being sold online. Without the restriction of having a physical store or geographical boundary, businesses can grow by leaps and bounds. The E-commerce industry is not only confined to the online seller but comprises of business having brick-and-mortar locations which are selling on an online platform too.
As much as advantageous it sound, one must understand that it is vital to manage your finance in an efficient way to grow your e-commerce business. But given the complex nature of e-commerce business, it is tricky to manage the bookkeeping and accounting function for your business, the need for having an E-commerce Accounting service is very evident. For your business to grow and expand, and if you are new to the industry, then to survive in a highly competitive market, you need to manage your accounting process in an efficient manner.
Even if the E-commerce business sounds lucrative, it has its own challenges. And not being able to face these challenges can result in a lot of issues in your business. Some of the challenges are –
You are going to face challenges in regards to tax compliance as every state in the US have its own sale tax rate. Not to mention the difference in the sales tax rate of each country if you are dealing globally.
Inventory is one of the most important elements in an e-commerce business. It is vital to know your inventory count and location to be able to sell and restock as and when needed.
As convenient it is for your customer when you have multiple payment channels, it only adds up to your workload. Imagine you have to record information from multiple channels.
An online business can sale product on multiple channels, be it website, physical store, e-commerce sites like Amazon and so on. Having multiple channelsis beneficial and can help gain customer’s trust. But this means different variance of invoice and multiple data.
Serving globally? Get ready to deal with multiple currencies where there will be no match between the sales value of different country with the domestic sale value. Additionally, the oversea payment provider is not going to record the sales until the end of the day, which will not match the US time.
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Apart from the above service which is common to every business, the following are the service specific to E-commerce business we provide at Whiz Consulting –
We at, Whiz Consulting offers E-commerce Accounting Services in the US to keep up the daily dealings of your accounting systems. The major role of the E-commerce Accountant is to precisely record and maintaining charts of accounts and further accounting process for our client’s business. We further take pride in crafting a bookkeeping agenda embracing daily, weekly, monthly and annual tasks for our client’s.
There are various E-commerce Platforms that businesses can opt for apart from having their own website. These third-party tools are an efficient and effective way to conduct e-commerce business. Here is the list of E-commerce Platform we have worked with for our esteem clients.
Whiz Consulting provides expert services to businesses which could help them to function smoothly while growing the business. We make this possible for your e-commerce business by following this process –
First and foremost, we make sure that we understand the client’s requirements and any other specific deliverable that they are expecting from our team.
Access to books and data is provided by clients after which it is then analysed by our team of experts.
According to the gaps or any errors found by our experts, we either update or set up new books of accounts.
We start processing the data on our end and update the data as and when there is any transaction or activity conducted.
We reconcile accounts and prepare all the necessary financial statements so that we can provide our clients with summarised brief and help them understand important KPIs for improvement.
We are well acquainted with the accounting principles specific to the complex rules and regulations of e-Commerce enterprises. This helps us to make sure that your e-commerce business is always compliant.
The accounting system is customised, particularly for the internet and E-Commerce bookkeeping and accounting services. Additionally, we recommend programs and systems best suited for your business.
Over a decade of experience and technical know-how of industry-specific requirements, our team will streamline your e-commerce accounting system, upsurge the productivity and lower down the taxes.
We believe in providing the best service continuously, and so we provide unlimited phone and e-mail consultations with experienced professionals, and we can modify a plan for you based on your exclusive business needs.
Our team will help you understand and provide useful instruction for accounting software packages and business operation programs. This comprises of inventory management, payment processing, CRM and CMO.
We help e-commerce business in growing to its actual potential by using our experience and our experts’ knowledge to understand bookkeeping and accounting needs of the business.