Updated: Dec 12, 2019
Time is money, and lost time is money that can never be taken back. Accounting is one area in business that takes up a lot of time and paper, even for e-commerce type of businesses. Free up more time for more urgent tasks and money for more important expenditures by integrating your accounting and e-commerce platform.
The technology of e-commerce accounting integration not only eliminates paper and saves money on office supplies, but also helps you save time through the following ways:
1) Data entry and updates
Data entry is one of the most time-consuming aspects of e-commerce accounting, by using software that logs your e-commerce transactions and instantly reflects the changes in your accounting data, you stand to save a considerable amount of time.
The software will automatically synchronize your invoices, payments, and customer accounts with that of your cash flow and bank data. Consequently, there is no need to reconcile data entries with their respective transactions at the end of each business period.
2) Complying with tax regulations on time
Mistakes in your taxes can be costly, but ensuring accurate tax data would consume a lot of time, which could make you miss the deadline. Integrating your e-commerce data with your accounting automates tax calculations at the beginning of every transaction.
The software simply adds everything up, and your accountant would just have to download the data and the tax calculations for auditing before you file your tax information with the ATO.
Making a financial statement will also be a breeze as you can use the software to sort the data into monthly, quarterly, and annual summaries.
3) Access your accounting data anywhere, anytime
If you miss any papers or want to access accounting data for any reason, you don’t have to drive by your office to get the papers. E-commerce accounting integration stores your data in the cloud, which you can access from any internet-connected device.
4) Digitize your document storage and retrieval
While you may not be able to totally eliminate paper from your accounting workplace, an e-commerce accounting integration would enable you to store digitised or soft copy versions of these documents. You don’t have to rummage your archives for a receipt or tax declaration filed five years ago. You simply type the title or year of the document you are looking for to find and reprint it if necessary.
5) Automatic updates and backups
Since your data is stored in the cloud, any data updates you make will reflect itself in the data, in real-time. Cloud-based software also includes data backup as an inherent feature. Security is also built-in to ensure that your company documents stay secure.
If you’re looking for an ecommerce accountant in Australia, get in touch with us today for a free consultation!