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.
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So, what kinds of ecommerce financial tools are essential?

Do you know how much time your company is spending on bookkeeping activities like accounts receivable (AR), accounts payable (AP), bank reconciliations, financial reporting, and reimbursements?

Or are you of the opinion that it doesn’t matter as long as it is getting done?

In many small companies these responsibilities fall to the business owners, adding another hat to the stack that they are already wearing. In these instances, it can be difficult to determine how much time is truly being spent on bookkeeping because it is being squeezed in throughout the day and week where there is room.

However, until you know how much time you and your employees are spending on bookkeeping and accounting functions, you will not be able to do an effective cost-benefit analysis to determine if it makes more sense to outsource these activities.

Additionally, knowing where you are spending your time means you will better be able to define the role you are looking to hire or outsource to get the right fit for your company, which works to improve employee retention – not just among financial staff, but among all employees. This kind of information can help determine whether you need a bookkeeper or an accountant and whether the role should be part-time or full-time.
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The solution is to use time tracking software to keep a log of which activities are being done when and how much time it takes to do them. 

Cloud accounting is accounting software that allows you to keep the books online for your business. Financial data is encrypted and then hosted on a remote server instead of in-house for greater accessibility.
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With cloud accounting software (sometimes referred to as “online accounting software” or “web-based accounting software”) data is saved to the cloud and accessed by users on demand. In a nutshell,

Some accounting software companies, like QuickBooks, have both desktop and online versions, while other companies offer only cloud-based options. The QuickBooks cloud-based software, QuickBooks Online, remains one of the most widely used accounting platforms year after year. However, companies like Xero, Zoho, Wave, FreshBooks, GoDaddy, 17hats have been growing in popularity recently. 
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While widespread accessibility is the primary reason companies choose to use cloud accounting software, there are many benefits to consider when determining whether cloud accounting is right for you. 

As business technology continues to get more sophisticated, business owners may wonder if an accounting software can simplify their staffing needs while still providing high-quality bookkeeping and financial reporting. Accounting software companies would have you believe that managing your books is as simple as generating customer invoices, adding receipts for your expenses, and linking your bank accounts. And while software can certainly streamline these day-to-day operational activities, the question still remains, are these types of platforms a true substitute for your in-house or outsourced accountant role?

So, can you replace your accountant with some shiny sleek software?

The IRS lays out a set of six best practices that tax professionals must abide by to protect taxpayer data, referred to as the “Security Six.”

​While the phrase Security Six applies specifically to tax accountants, tax preparers, and tax auditors, anyone can (and should) follow these same safeguards with sensitive data. Additionally, if you are outsourcing your financial functions to a third-party bookkeeper or accountant, they should be taking these precautions on your behalf as a component of your overall cyber security strategy.

Ask yourself what kind of security measures you have in place to protect your financial information and your customers’ information. How many of these Security Six protections are you using right now?

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? 

It is not a secret that many professionals have side hustles doing what they do for their day job (whether their employers know about it or not). When employees had a reasonable level of job security and still felt fulfilled going into the office every day, these side hustles remained just that – on the side.
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However, in the current economic recession, a lot of side hustle jobs are serving as interim primary jobs. They will likely transition toward becoming full-time jobs over the next year. Labor experts say the country is poised for an unprecedented shift in the employment landscape across myriad industries.

While many professionals use some form of free online accounting software to keep track of their side business finances, this type of solution often cannot scale when your side hustle grows. Just using QuickBooks is not enough either. You should hire a bookkeeper any time your business experiences significant growth, is looking for funding, starts hiring, when time is constrained, or if knowledge gaps limit the quality of work you can put into it yourself. 

So, you secured a Paycheck Protection Program (PPP) loan from the SBA, now what?

Most businesses do not need help figuring out how to spend this money. However, when it comes to accounting for the loan, plenty of businessowners are confused about how to handle it correctly.

• Should the loan be counted as income if it will be forgiven, or is it still a liability?
• How can you reduce your audit risk after receiving the loan?
• What can the money be used for in your day-to-day operations?

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You asked, so we are providing a guide to help you navigate the waters. Follow this PPP bookkeeping how-to guide to keep your books clean after receiving your loan: