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What are some accounting problems in ecommerce?

Updated: Sep 9, 2022

Do you have an ecommerce accountant that is tech savvy and up-to-date when it comes to ecommerce platforms?



ecommerce accountant near me
cpa specializing in ecommerce near me


One of the industries that we specialize in is E-commerce which includes but is not limited to Digital Marketers, Online courses/coaches, Drop Shippers, shopify store owners, Amazon Automation, Amazon FBA, Esty and more. In summary, anyone who sells their goods or services directly to their consumer using internet platforms. The importance of an accountant that is familiar with the e-commerce industry cannot be stressed enough! As your business grows, and we know that can happen fast in the e-commerce world, you should look for an accountant who knows how to reconcile all the income and expenses coming from all channels.


In addition to booking credit card and bank account transactions into your accounting software, when it comes to E-commerce, it's crucial to reconcile your income against your gross sales.


Gross Sales & Fees

Reconciliation


What we mean by that is being able to pull the proper reports such as Gross Income reports from all the different sales channels such as shopify, amazon, and Facebook and reconciling the deposits against the fees that were taken out to ensure that all the deposits and or data is accounted for. In some instances, the data comes through automatically by connecting your accounting software to these sales channels.


In some instances, the data downloads automatically by connecting your accounting software such QuickBooks online to these sales channels. As a result, many clients ( if they prepare their own books) or inexperienced Ecommerce accountant, will assume the data is correct since it matches the bank data. Making sure that the data is mapped correctly, meaning commissions and fees are taken out of the Profit & Loss and Gross sales match each sales channel's reports, is a crucial step when it comes to setting up auto imports from your sales channels.


Doing these steps ensures that the bank account is actually reconciled and does not have a forced reconciliation where a number was plugged in to make the reconciliation work. ( we see this a lot when customers switch over to our firm from a previous in house bookkeeper or even reputable CPA accounting firms)


BUT most importantly, it ensures that you have received all the sales income that is owed to you. Samira has caught this more than once, we have the receipts from our lovely client to prove it.


"MFS has been a pleasure to work with. As a start up company that scaled quickly while ignoring the book keeping, Samira got us up to date before the tax deadline. Better yet, she found a ton of unclaimed money! She's smart, forward thinking, and fought tirelessly for the PPP funds that had us running through hoops. She now has us on track for 2020! Thanks Samira!"

The Importance of Accurate Financials You can Rely On


Every small businesses owner whether online business owner or not, needs accurate financials they can rely on. So that they can make the necessary decisions to grow their business.

No matter what accounting system you use, MFS ensures that you are up-to-date and that all sales and expenses are accounted for, on a regular basis. This ensures you have financial statements you can rely on!


We know how important access to capital is for online and ecommerce business owners. Don't wait too long before hiring our tech savvy ecommerce accountant, or you too could be missing capital that you own and have no idea of!


If you have any questions or comment, feel free to write them below or contact me privately.








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