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For e-commerce sellers, strong accounting practices are key to managing cash flow, calculating profits, and staying tax-compliant. This guide covers the essentials of ecommerce bookkeeping, from revenue and expense tracking to calculating the cost of goods sold (COGS) and leveraging accounting software.

1. Track Your Revenue: Organize Sales Data

Accurate revenue tracking involves recording each sale and the fees associated with your selling platform(s).

• Gross vs. Net Sales: Track gross sales (total revenue) and then subtract platform fees and refunds to understand net sales.
• Multi-Channel Integration: If you sell on multiple platforms (like Amazon and Shopify), use ecommerce accounting software like Connectbooks, QuickBooks or A2X to consolidate data, which reduces manual work and errors.
• Separate Sales Tax: Keep sales tax separate from revenue. This simplifies remittance to tax authorities and prevents mixing collected taxes with actual earnings.

2. Expense Management: Know Where Your Money Goes

Managing expenses is essential for profitability. Organized expenses help you spot trends and control costs effectively.

• Categorize Expenses: Use categories for different costs like marketing, shipping, warehousing, platform fees, and transaction fees. Clear categorization allows better expense tracking and highlights areas where you might cut costs.
• Inventory Management Costs: Inventory represents a significant expense. Track inventory costs to know your actual product expenses and prevent stockouts.
• Shipping Costs: Shipping fees impact profit margins, especially if you offer free or discounted shipping. Include fulfillment costs in expense tracking for accurate reporting.

3. Cost of Goods Sold (COGS): Measure Profitability

COGS is the total cost of producing the goods you sell, and calculating it accurately is crucial for understanding gross profit.

• Calculate COGS: To find COGS, add beginning inventory to purchases made during the period and subtract ending inventory. This reveals the cost of products sold during that period.
• Use Inventory Software: Real-time inventory tracking tools, like TradeGecko, make it easier to monitor COGS accurately and keep your stock levels balanced.

4. Cash Flow Management: Ensure Financial Stability

Cash flow management ensures you have enough funds to cover expenses, invest, and grow.

• Create a Cash Flow Forecast: Forecasting sales and expenses helps avoid cash shortages, especially during slower sales periods.
• Separate Personal and Business Finances: Open a dedicated business account for clear cash flow tracking, making accounting simpler and preventing personal-business fund mixing.
• Allocate Taxes: Set aside funds from revenue for tax obligations to avoid cash shortfalls during tax season.

5. Tax Compliance: Prepare for Sales and Income Tax

Tax compliance can be complex in e-commerce, especially for multi-state sellers, but proper tracking tools make it manageable.

• Sales Tax: U.S. tax laws require sales tax collection based on state economic nexus rules. Consider automation tools like Avalara or TaxJar for managing sales tax across multiple states.
• Income Tax Preparation: Unlike sales tax, income tax applies to your profits. Accurate revenue, COGS, and expense tracking are essential to determine taxable income and avoid errors. Professional tax help may save time and improve compliance.
• Store Digital Records: Store all receipts and invoices digitally within your accounting software, ensuring easy access for audits and tax prep.

6. Leverage Accounting Tools for Efficiency

Accounting software simplifies e-commerce accounting and enhances accuracy.

• QuickBooks and Xero: Popular accounting options for small businesses, both offer e-commerce integrations and features like expense tracking, inventory management, and multi-channel support.
• A2X Accounting: Designed for Amazon and Shopify, A2X automatically transfers platform data into QuickBooks or Xero, making it easier to track sales and fees accurately.
• Inventory Solutions: Tools like Skubana and TradeGecko help manage stock and COGS, integrating with QuickBooks and Xero for streamlined inventory and expense tracking.

7. Reporting and Analysis: Insights for Growth

Use accounting software’s built-in reports to track performance and guide decision-making.

• Profit and Loss Statement: Regularly review your P&L to measure revenue, expenses, and profitability over time.
• Cash Flow Statement: Analyze cash flow to understand inflows and outflows and maintain sufficient working capital.
• Balance Sheet: A snapshot of assets, liabilities, and equity, the balance sheet is helpful for evaluating financial health and preparing for business growth.

Conclusion

Mastering e-commerce accounting may seem complex, but the right processes and tools make it manageable. By tracking revenue, expenses, COGS, and taxes, you’ll gain insights into your business’s health, ensure compliance, and make strategic decisions. Embrace these practices to simplify your accounting and set your e-commerce business up for long-term success!

If all those seem too complicated to you, make it easy and automated with the help of Connectbooks. The software helps you automate your accounting, track your inventory in real-time, get sales and profit calculations done for you daily. Check out https://www.connectbooks.com/ for more details

The Benefits Of Using Visitor Management System Software

An arranged and also secure workplace can improve performance and also contribute to earnings. An excellent Visitor Management System can complete much of these objectives. See . The typical Visitor Management System prolongs beyond just a sign in the application for prospective visitors and also goes well beyond fundamental employee and also specialist tracking. The software program offers greater adaptability for management, very easy gain access to for employees, very easy reporting, improved safety and also compliance security and also a much faster check in process for clients.iLOBank provides a selection of visitor management systems for every single type of company, from small businesses to huge firms. iLOBank software program is not technically complex. See . The bulk of its attributes are common in several visitor management systems today, such as software program that offers fundamental account control and also operations, organizing, reservation online and also phone gain access to, alerts and also reminders, supply management, email management, and also a lot more. As a matter of fact, you will locate all of the attributes you need, in addition to sophisticated tools such as web, cellphone applications, consumer self service, printing, mailing and also shipment, contact management and also more.The most usual issues associated with Visitor Management Solution are lost

or disregarded site visitors. In the olden days, there was a simple means to check in and also monitor site visitors: place a time card on each door causing the major entryway and also inside the building. This method functioned when the building is fairly tiny, yet as structures started to be built in bigger sizes and also densities, the time card method lapsed. Today, there is still a method to check in and also keep track of site visitors, yet there is likewise a method to fail check-ins at any time. This is why several firms have actually now begun to make use of Visitor Management Systems.When your company makes use of Visitor Management System, you can either permit your employees to check in immediately or totally reject them accessibility to the building. The site visitors, nonetheless, can still attempt to gain access by signing in using an option method such as an accessibility code provided to them at the time of check-in. With a full Visitor Management System service, you will not just be able to check in on your visitors when they get here-you can likewise make certain that they can likewise look into and also leave when they’re done.The essential advantage of the Visitor Management System service is the means it allows you to monitor your site visitors in an organized fashion. With the conventional methods used to handle this type of information

(hands-on entrance and also hands-on confirmation through printouts), you have to make sure that your records are exact and also current in any way times. With Visitor Management Software program options, this doesn’t have to be a problem. The digital visitor management system not just shops information in a typical layout, yet it likewise has easy-to-navigate tabs for very easy reference. You can likewise export information from your Visitor Management Software program easily to Excel or various other file formats.Aside from being convenient and also easy to use, you can likewise take full advantage of the advantages of the Visitor Management System by sending email alerts when new site visitors are included, immediately flagging inappropriate web content, advise employees of times or days when certain events, such

as check-ins or record enhancements, ought to be completed. With these attributes, you can likewise give your company a boost by enhancing the efficiency with which you manage your consumer interactions and also consumer relationships. By establishing alerts, you can rapidly inform team of any kind of suspicious or fraudulent task. These sorts of alerts will not just let you enhance efficiency, yet you can likewise encourage your consumers to come to be devoted and also ongoing consumers by letting them recognize when their needs are being met.As more services make the switch to Visitor Management Solution, several firms have actually been slow-moving to understand the advantages of these simple, cost-effective options. Visitor Management System software program does not keep track of or log site visitors at a remote website, it does supply a computerized means of taping the name and also time of each site visitor, as well as the number of

web pages they saw and also the period of their browse through. This allows you to develop very easy to review audit logs that permit you to track details actions by private site visitors, such as whether they signed in or out of your site. Numerous Visitor Management Solution likewise consists of comprehensive details regarding who was a visitor to your site, such as whether they had previously visited and also if so, the web page they were on or where they were on the website.A fully featured Visitor Management System ought to likewise permit you to save and also handle all of the details that would certainly or else be needed in different log documents, which can come to be chaotic and also challenging to handle as your company grows. Visitor Management Software program likewise features built-in reporting abilities, allowing you to watch and also review the details supplied to you by your Visitor Management Software program in order to identify which locations

of your site demand enhancements. Visitor management software program can likewise be customized to satisfy the details needs of your specific company, consisting of exactly how typically the software program updates, what type of details you want to record (such as the names of your site visitors or remarks ), what fields you want to get in pertaining to the details that is stored(name, address, telephone number, email address, first name, last name, company description, and so on), and also the degree of information you want to maintain for each and every group of details.