Over the past years, the eCommerce industry has been growing rapidly. But this isn’t surprising, considering how it has revolutionised the way we purchase and sell products on the Internet. Because of the sheer growth involved in eCommerce, it would be wise to invest in eCommerce accounting to help you keep track of your books. This will not only help you get a better handle on your taxes but will also go a long way in saving you time and resources.
But how do you set up an eCommerce accounting system? To help you out with this, we’ve prepared some tips that will help you get started. If this is something that you’re interested in knowing more about, here are three tips that will help you set up your system:
Review That Tools You Have
Before anything else, you’ll first have to review the eCommerce accounting tools that you’re already using. This will give you a good place to start as you'll help narrow down the search for what you need. At the very least, you’ll already have an eCommerce platform, a customer relationship management tool, and inventory management tools. You’ll want to go through all the tools that you’re already using and examine what data they make use of. This will be useful when it comes to implementing new tools that will be added. At the same time, we suggest making a master list of these pieces of data, which indicate where they can be found. This makes it easier to locate them and integrate them into the system that you will be using.
Take note that some tools you are using may be incompatible with the system that you are trying to put into place. As such, be sure to do the necessary research to see what tools are most compatible with the systems you are considering.
Select Your Accounting Tools
Now that you’ve gone through the tools you already have, it’s time to pick out new accounting tools that will help you optimise your eCommerce business. Keep in mind that there is no one way to go about doing this, as the tools you select will depend on what you need. However, we can recommend using cloud-based platforms that can easily integrate with your eCommerce and financial systems.
Other than that, you’ll want to examine the features of each tool and make sure they line up with what you need and what you will need in the future. Another point regarding this is to download the corresponding app for the tool that you choose. This way, you can even access them from your smartphone.
Once you have all your tools set up, all that’s left to do is to start using the system. What you’ll want to do is to record everything, though this shouldn’t be too hard as everything will typically be digital. At the same time, it’s important that you also manually input any additional expenses that you accrue in order to have an accurate record.
Other than that, the only thing that you’ll really need to do is to make sure that you are tracking all of the eCommerce sales and purchases. This won’t really be an issue considering that most of these things will be automated.
We hope the tips mentioned above will help you pick out and integrate the best eCommerce accounting tools for your business. While this might be a little tedious at first, it’ll all be worth it in the end, considering the many benefits that this will bring to your business!
If you are looking for a reliable eCommerce accountant in Australia that can provide your business with the services that you need to maximise profits, then you have come to the right place. Book a strategy session and start your partnership with us today!