In Pursuit of Profit - Blog - ASP

12/13/2021

Do You Need an Ecommerce Accountant?

hire an ecommerce accountant

Are ecommerce accountants different than regular accountants?

Should you have an accountant that has previous ecommerce experience for your online business?

These kinds of questions are becoming increasingly common with the dramatic rise in ecommerce business. In 2020 alone US ecommerce grew by more than 32% as traditional brick-and-mortar companies made the transition online and new ecommerce businesses started up in record numbers.

2/22/2021

Financial Tools for Ecommerce Businesses

It is undeniable that top business performance requires the right financial tools and resources.

Having the right pieces in place provides better data and drives results. And while there are literally millions of online tools and apps and software programs for ecommerce companies to use, using the right financial tools can be the real differentiator between successful businesses and their competitors.

So, what kinds of ecommerce financial tools are essential?

11/23/2020

Do You Need QuickBooks if you Sell on Amazon?

Do Amazon sellers need QuickBooks? Yes!

QuickBooks gives you a look at your company’s overall financial health regardless of where you sell, making it a crucial tool for running a business of any size. Fortunately for Amazon sellers, QuickBooks has an easy integration with Amazon to import order information.

What can QuickBooks Online do for Amazon sellers exactly?

6/2/2020

E-Commerce Sales Tax: Everything You Wanted to Know

Managing sales tax is a headache for business owners because while it is necessary, it is an unprofitable activity that can get extremely complicated. The result is a frustrating risk-benefit scenario where the only advantage is avoiding incurred penalties. However, with 45 US states and Washington DC charging sales tax, it is a critical component of running an online business.

e-commerce sales tax - everything you wanted to know

While some states like Oregon do not have sales tax requirements, other states, like Washington, double down with both statewide and local sales taxes. Washington’s state sales tax of 6.5% combined with local taxes can total as much as 10.4% depending on the municipality, creating a sizable figure for businesses selling in these areas to manage.

As an e-commerce owner, you need to understand what your sales tax obligations are, determine how shipping costs factor into the mix, and practice crucial oversight.

5/28/2020

The 14 Most Common E-commerce Accounting Mistakes

E-commerce businesses have some special accounting considerations. Unfortunately, many business owners are unaware of these nuanced differences, resulting in avoidable accounting errors. These errors can have serious financial and legal implications for e-commerce businesses and their owners, which can snowball over time if they are left unaddressed. Eliminating these types of errors should be a top priority for any organization to improve efficiency, maximize revenue, prevent fraud, and avoid tax-related penalties.

The 14 Most Common E-commerce Accounting Mistakes

5/20/2020

Calculating COGS for E-commerce Stores

Cost of Goods Sold (or COGS as it is more commonly referred to) is the total cost of selling products, which means it is the cost of doing business for e-commerce and traditional retailers alike. COGS is one of the most important metrics for an e-commerce business because it will be your most significant expense. It informs inventory decisions, pricing strategy, tax calculations, and cash flow management, among other critical business functions. Understanding COGS provides a full picture of revenue generation, arming you with crucial information for better strategic planning.

E-commerce COGS

5/14/2020

Special Accounting Considerations for E-commerce Operations

While e-commerce bookkeeping is a lot like traditional retail bookkeeping overall, there are unique accounting considerations when doing business online as well. Being aware of these special considerations when starting an e-commerce business helps avoid surprises along the way. However, even well-established e-commerce companies can still struggle with the intricacies as operations evolve, regulations change, buying trends shift, and new technology is developed.

Special accounting considerations for ecommerce operations

5/8/2020

Bookkeeping Essentials for Starting an Ecommerce Business

Business owners that are new to the world of e-commerce often mistakenly believe that e-commerce bookkeeping is vastly different than traditional retail bookkeeping and accounting.

While e-commerce certainly has some extra steps to get started and nuanced differences along the way, business finances are similar whether they are online or offline. Essentially, e-commerce accounting best practices are basically just accounting best practices.

Ecommerce bookkeeping essentials

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