Bookkeeping services help take care of merchant fees, they manage inventory across different platforms and deal with the issues with refunds and third-party tools.
As more businesses are moving to the digital space, accompanying financial services are becoming increasingly relevant. Businesses tend to outsource these services as they offer excellent value concerning finances and quality. One of the most commonly sought-after services in this department is bookkeeping, which helps keep a consistent track of the various transactions of a particular business and its commodities. Here’s why it’s so important:
Dealing with Merchant Fees
Hosting your online store on an e-commerce platform such as Shopify comes with many benefits which can help your store get off the ground quickly. The only downside is that they charge merchant fees, which means that they take a small percentage for each sale that you make on the platform.
Later on, bookkeeping becomes slightly complicated as the money you see in your account is the net sale rather than gross sale, as the platform deducts its cut before making the transaction to your account.
Third-Party Tools and Refunds
Most e-commerce businesses rely on Stripe and PayPal for payment processing. The extra overhead caused by these platforms can make the accounting procedure tedious. If a product is returned after the week it has been purchased, will Shopify keep track of the return or the payment processing app?
For those selling all of their products on one single platform, inventory management isn’t that much of an issue. The reason for that is because most platforms come with their inventory tracking solutions built-in.
Things get much trickier when you’re hosting your products on different platforms, as keeping track of inventory on each site to update your books may take more time and energy. A bookkeeping service must centralize all of your inventory stats in one location in this scenario.
For e-commerce businesses, it’s a no-brainer to have competent financial services such as bookkeeping services on board. Accounting Plus provides tax services for financial businesses, business advisory services, Canadian tax and accounting services, cloud-based accounting solutions, tax planning, personal tax services Richmond hill
, e-commerce bookkeeping, personal tax accountant Canada.
Reach out to us today to get started.