Accountants In The Unique Challenges of Accounting For E-Commerce
Intelligent planning and technical proficiency are required as each e-commerce bookkeeping solution must be custom-designed for the specific needs of each business configuration.
E-commerce businesses often need custom-designed accounting solutions to keep up with their numbers and figures. E-commerce businesses in Toronto can our e-commerce bookkeeping services to benefit from an organized e-commerce bookkeeping system that’ll help their business grow.
Find out which tax returns you need to file for your e-commerce business and which expenses can be counted as tax deductibles including Amazon fees, shipping, travel expenses, and more. Don’t pay more in taxes than you need to with our accounting services for e-commerce businesses in Toronto.
Tax Issues for E-Commerce Businesses
Should I Incorporate My Business? Ask us.
Tax Reporting for E-Commerce Businesses
If your corporation earns income from one or more webpages or websites, you are required to file Schedule 88, Internet Business Activities
Business Deductions for E-Commerce Businesses
Tax deductible expenses include:
- Amazon and Merchant fees
- Shipping expenses
- Home office and office expenses
- Travel expenses
- Make travel deductible in a legal way.
- Marketing/branding, e.g. to develop your brand logo when selling your own brand
- Sponsored ads
Provincial Sales Tax and QST for E-Commerce Businesses
Your business may be required to register, file and pay for provincial PSTs and the QST. Ask us.
Accounting Issues for E-Commerce Businesses
Use a Cloud-based Accounting System (Xero to Paypal, Stripe, Shopify…), ask us about your options.
Manage your inventory in a smart way – use inventory apps, ask us for advice.
Cross border sale update? Ask us
Tracking p/l for each of your product? Ask us about setting up tracking categories.
Accounting Solutions Across Every Industry Sector
Xero Online Accounting Software
Operate more efficiently and have more time to focus on your business. Find out why over 300,000 people worldwide have moved to Xero’s online accounting solution.
Xero Key Features
- Invoicing Made Easy
Not only can you create professional recurring invoices in Xero, you can also keep track of when they are opened.
- Value For Money
Xero reduces your upfront business costs with free upgrades and access for an unlimited number of users all at an affordable monthly fee.
- At-A-Glance Dashboard
With just one click, you can see your bank balance, invoices, bills and expense claims, without having to log onto various websites.
- Automatic Bank Reconciliation
Xero imports and categorizes you latest bank, PayPal and credit card transactions so reconciliation is just one click away.