Currently, the world is suffering from COVID-19 pandemic. This pandemic caused lockdown or house arrest across the world for individual safety. However, customers didn’t stop purchasing products, not from the physical market but online.
Although post lockdown, people still prefer to purchase all necessary things online rather than offline, as the online purchase is safe and secure. Just because of this, the growth rate of each eCommerce company has surged up by almost 30%, where the economy across the world has been crushed. Isn’t it fantastic and amazing statistics?
Here, you’ll know how to maximize profit and assurance for sustainable growth after the integration of both accounting and bookkeeping in any eCommerce platform.
Is Accounting & Bookkeeping Different or Interconnected for eCommerce?
When you collect data that also includes business transaction history, inventory, cash flow, and many more than, it is referred to as the term ‘Bookkeeping’.
While ‘Accounting’ is a term referred to the comprehensive analysis to comprehend some sense of particular data.
Although for eCommerce, these two principles rely on each other but, still some distinction between them.
Benefits of Accounting and Bookkeeping for eCommerce Platform
let’s have a look at its benefits to avoid any sort of doubts and issues.
- Financial Transparency
- Road to Growth
- Helps in Decision Making
- Inventory Management
- Forecasting of Cash Flow
- Management of Cash Flow In Case of Instability & Turmoil
- Saves Time During Tax
How to Integrate Accounting & Booking Solutions to an eCommerce Platform?
Selecting the best accounting and bookkeeping solutions can result in maximum profit as well as the best outcome. There are a lot of aspects that define the best Accounting and Bookkeeping for eCommerce that helps in selection:
- Cloud Access
- Platform Integration
- Intuitive User-Interface or Dashboard
- Customer Support
When to Hire Professional or Do-It-Yourself (DIY)?
Initially, accounting as well as bookkeeping are easy to manage but, as the business grows more, the story becomes completely different. Engagement in administrative and financial responsibilities increases the probability of mistake. In this case, you need a professional accountant for sure.
Tips & Tricks for DIY!
When you do your eCommerce accounting and bookkeeping by yourself then, you may need some ideas or tips to manage the account and books.
Cash Flow Tracking Tips
- Regularly Manage Account
- Adopt Proactive Plans
- Use Cash Flow Forecasting
- Plan & Anticipate Expenditure
Inventory Management Tips
- Keep Tracking Low-Profit Stock
- Assess Future Restocking
- Accurate Sales Forecasting
- Adapt Powerful Tools for Real-time Inventory Tracking
- Monitor & Ensure Periodic Maintenance
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