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Accounting for Ecommerce Businesses

By Adam Pritchard

Ecommerce can feel like the wild west of selling. There are so many platforms, so many routes to market, so many ways to get paid and so many strategies to choose from. Should you Dropship, pursue a career in the fast paced world of retail arbitrage Gary Vee style or invest in your own personal brand? The opportunities are somewhat endless.

The one thing Linford Grey know for certain is that if you’re planning on drinking at this particular saloon you’ll need more than the fastest hands in the West. So here are our top three tips for making a simple success of your Ecommerce business.

1. Xero Accounting Software

Xero how to listIf you’re selling online you have already realised the opportunities that the cloud presents. In our opinion the app eco system and Xero’s open API makes it the perfect choice of accounting software for Ecommerce businesses looking to keep track of their sales, costs and inventory. Xero, can be fully integrated with leading Ecommerce solutions like Shopify or WooCommerce and retailing apps, such as iZettle  - meaning automatic updates to your books every time you make a sale. 

Xero’s functionality is already second to none but we remain constantly impressed by Xero’s capacity to continually develop and improve. If it doesn’t have the functionality you want today, you can guarantee it will tomorrow and this makes it the perfect solution for a fast paced tech driven industry like Ecommerce.

 

2. A2X

A2X A2X was the winner of Xero’s industry specific app of the year 2018 and operates across both Amazon and Shopify stores. It allows the seller to automatically reconcile pay outs across multiple payment gateways, track the sale of particular products, groups of products or even sales by location.

It manages that messy and time consuming part of the financial administration that could otherwise see you overspend on accountancy services. A2X also allows your advisor to spend more time reporting on your KPI’s and adding value that will facilitate growth.


3. Accountants and Advisors

ecommerceAccounting for Ecommerce businesses requires a tech savvy but technically competent accountant and advisor. It represents a wonderful opportunity for accountants to transcend their traditional roles and lead the way in Fintech advisory.

If your accountant is not a first mover in the space, wouldn’t know his Zapier from his zipper or perhaps isn’t even yet on the cloud then perhaps it’s time to hitch your wagon to a new star.

 

We work with Amazon Sellers, Dropshippers, Shopify Stores, Etsy and More. We run our accounting practice from Leicester but we have clients all over the country and would love you to come on board.

Get in touch with us to learn more about how we can work with your online business.

Speak With Us Today

 

Tags: Ecommerce