Accounting for Online Sellers
In the E-Commerce industry with innovative technology propelling the online retail industry. If you are a business owner, an Online store opens immense opportunities.
The online selling model is unique and tracking cash flow is not easy if you don’t have the right systems in place. This is one reason most online retail startups fail.
At Rath Associates, we appreciate that crunching numbers for your Online store is not easy. You have so much on your hands to stay ahead in the highly competitive digital business landscape. Our team of accountants help you with the accounting side of things and allow you to focus on your core business. our Online seller accounting integration made easy.
Whether you plan to start an Online Store or you already have on running, our mission is to leverage our experience and expertise to provide you with accurate financial data for the right decision making.
The digital marketing platform is fast-paced and it is tough for businesses to keep up with the pace. Most Online Sellers focus on the marketing side of things to stay ahead of the competition and forget the accounting side of things. This is where our team at Rath Associates comes in handy.
Through our accounting experience, we know that accurate online bookkeeping services is the foundation for any eCommerce business. We appreciate that you want to build visibility for your online store and reach your target customers. While this is important, putting off accounting and bookkeeping until the end of the reporting period portends danger for your business.
You can only make the best business decisions if you have the correct financial data. With accurate accounting for Online Sellers in place, you will feel the pulse of your business at all times. The data you get will guide you in procurement, marketing, credit, tax compliance, and other aspects of your operations.
If you want to leverage the incredible opportunities on Online Sales, the following are some fundamental considerations in your accounting process.
- Track The Cash Flows
It is easy to ignore the cash flow into your online store as you angle for even higher sales. Our team proposes a business account for seamless accounting processes. We are at hand to monitor the cash flow and provide important analysis such as pending bills, Debtors analysis.
- Counting Inventory
If you are a product seller on Amazon or Flipcart, you have to know the exact number of items in your possession at any time. It is hard to focus on such issues on the digital platform but our team has effective systems to help with inventory tracking.
Inventory obsolescence/warehouse shrinkage is a major consideration and refers to the change in the value of the product in your possession before you sell it.
- Cost of Goods Sold
Our team helps you determine the true cost of goods sold. We evaluate the product plus the total cost of taking it to the market, including packaging, shipping, and other costs.
- Tracking Sales Data
Amazon will send payments every two weeks and many Amazon sellers record this as sales which is a big error. Our accountants help to determine the actual sale by determining all the costs involved, including warehouse fees, GST, shipping fees, returns, and chargebacks. We help you determine the actual sales data for better decision making.
- GST Compliance
Tax compliance is tough for any business but for an online business, it is even more complicated. It is easy for a business to ignore Ecommerce sales tax for too long leading to heavy balances and fines for sales tax liabilities.
Our accountants are well versed with laws on economic nexus, physical nexus, click-through nexus, and FBA nexus and will guide you through the sales tax compliance process.
At Rath Associates, we offer custom solutions for every client. Our goal is to help you leverage the opportunities available on Amazon to build your business through accurate accounting for online sellers. By choosing our accounting team, you will enjoy the following:
- Increased productivity as your team can focus on core business
- Hands-on accounting assistance through every stage of the online selling process
- A one-stop-shop for all your accounting and bookkeeping needs
- Highly trained and certified accountants
- 100% secure accounting processes
- Cost-savings as you don’t have to hire an in-house accounting team.