Ecommerce Businesses
Our eCommerce bookkeeping services are best for businesses selling on Amazon, Shopify, Walmart, Ebay, Etsy, and other platforms.
6 Figure Brand
7 Figure Brand
8 Figure Brand
With 15+ years of experience, we understand all the complexities of ecommerce bookkeeping.
We are here to help you if you’re facing any (or more) of these frustrations:
Tracking high transaction volumes can be challenging for e-commerce businesses, especially those that sell across multiple platforms and use various payment methods.
Solution? We can help you track these payments efficiently and prevent costly errors.
Are you overwhelmed with having to deal with multiple currency values?
Solution? Our professional bookkeepers at EcomBalance can assist you in managing multi-currency transactions that can be less complicated and help minimize errors and discrepancies.
It’s easy to focus on the fun part of your online business and shy away from accounting. So, don’t get yourself overwhelmed.
Solution? At EcomBalance, we can help you get caught up on your financial records while ensuring accuracy.
Managing finances from multiple sales channels can be daunting. Without a proper bookkeeping system, you might mess up your financial records.
Solution? Our team of bookkeepers integrates your sales channels to Xero or QuickBooks to capture every transaction.
You must navigate various tax changes and comply with the sales tax laws when selling products in different states and countries. Otherwise, you might underpay or overpay your taxes and risk fines and penalties.
Solution? We will integrate your channels into QuickBooks or Xero, providing accurate and understandable financial information about your online business and saving you stress when the tax season arrives.
Discrepancies and inaccuracies in financial records can snowball, making correcting errors and reconciling accounts difficult.
Solution? We will help you spot the issues in your records and establish a proper chart of accounts to accurately classify your expenses and revenue, allowing a seamless reconciliation process.
Say goodbye to messy books and hello to organized and accurate financial records.
Here’s what we can do for you:
We handle the numbers and deliver timely e-commerce reports, including income statements and balance sheets, on the 15th of each month. We give you a clear picture of your finances, allowing you to make decisions.
Our EcomBalance team provides online accounting services tailored to your unique business needs.
We track all your sales and expenses, keeping everything organized and up-to-date.
Our eCommerce bookkeeping services are streamlined so that your set up time is fast and we can start getting you monthly books as soon as possible.
After sharing information about your business, we'll dive into your current books and send you with a custom pricing quote.
We work with you to connect all of your sales channels and accounts so that you don't have to worry about it going forward.
We take care of keeping your books up to date throughout the month and keep you updated on anything that seems out of place.
We send you a Profit & Loss statement, Balance Sheet, and Cash Flow statement by the 15th of each month.
Need other eCommerce bookkeeping services?
Getting your books caught up, running payroll, sending invoices, handling AR and AP -- reach out and we'll gladly make sure it's included in your package.
We've been entrepreneurs for 15+ years. We put everything into your bookkeeping that we wanted when we first started out.
All of our eCommerce bookkeepers specialize in Amazon, Shopify, Ebay, Walmart, Etsy, etc. and have years of experience in eCommerce bookkeeping.
We're process people & we keep things simple. We'll set your eCommerce books up so that they are powered by proven processes and can easily be built upon.
Fast responses, accurate information, and a dedicated eCommerce bookkeeping team to work with month in and month out. We're always only one email away!
With your books, receive monthly analysis on your reports so you can know your eCommerce numbers better and make smarter business decisions.
Support
Meet with us on a Kickoff Call so we can fully understand your eCommerce business and develop a strong relationship for the long run.
Work closely with a dedicated eCommerce bookkeeper to keep your books clean and to answer all finance related questions you have.
Email us at any time and we'll get back to you within 1 business day, and usually faster!
We understand some clients love being able to text their bookkeeper so you have that option as well.
Financials
Get your books by the 15th each month so you can make smart decisions for growing your eCommerce business.
All of your books will be vetted multiple times each month before being delivered to you. This is to ensure absolute accuracy.
Financials can be confusing and unhelpful. We make sure your reports are easy to read and include key takeaways from the month specifically for your business.
Want advice on your books each month? Let us know and we'll pinpoint specific ways you can save money and make more money each month.
Get full accounting and bookkeeping services:
With our remote bookkeeping services, you can sell on multiple channels without accounting headaches. Whether it is Amazon, eBay, Esty, Shopify, or more, we can accurately capture and manage your financial data, regardless of your sales channel.
EcomBalance operates entirely online, providing paperless bookkeeping services through a team of highly qualified professionals.
Are you overwhelmed by accounting software? We integrate your selling channels with QuickBooks and Xero, ensuring that each sales transaction is recorded accurately.
We use a unique accounting tool called Link My Books (included in your pricing) to capture all the financial details, including discounts, returns, sales tax, and shipping income.
Let us take that stress off your plate. With our EcomBalance Catch Up and Clean Up services, your eCommerce books will be up to speed in no time. We'll backdate as far as needed and provide you with tax ready financials for strong reporting.
Get in touch
Still have questions? Schedule a call with one of our founders, Nathan Hirsch and Connor Gillivan, to learn more about EcomBalance and how it can help your eCommerce business.
We integrate with your sales channels and tools so everything's in one place.
We treat your business as if it were our own.
Note: Pricing is 2 parts. A fixed monthly price (estimate below) & a fixed price for Catch Up & Clean Up work.
Discover how outsourced bookkeeping can streamline operations and free you to focus on achieving success.
Here’s how:
We thoroughly vet our bookkeeping team to guarantee accuracy. You can trust us to navigate the numbers and free up time to focus on achieving your business goals.
Our team of accounting professionals is dedicated to your success. We provide hassle-free support and customize our accounting and bookkeeping services to your unique business needs.
As your e-commerce accounting needs evolve, we evolve with you. Whether you're adding more products to your online business or expanding into new sales channels, we adapt our bookkeeping solutions to meet your changing needs.
First and foremost, we’re eCommerce bookkeeping experts. We cater to businesses in the eCommerce industry specifically service providers, softwares, and sellers on Amazon, Shopify, Ebay, Etsy, Walmart, etc.
Here’s what we focus on:
In addition, we’re a bookkeeping company built by eCommerce entrepreneurs. Our founders, Nathan Hirsch and Connor Gillivan, we 8 figure sellers themselves and then built and sold their second business, FreeUp.
We take the time to get to know your eCommerce business, balance the books, then provide you with monthly reports. On both plans, we provide you with a monthly Profit and Loss Statement, Balance Sheet, and Cash Flow Statement.
We also offer eCommerce (Amazon, Shopify, Ebay, etc.) specific product sales reports, employee payroll reports, AP & AR management, paying invoices, running payroll, and much more. If there’s a service you need that’s not on this page, simply get started and speak with us about it.
For eCommerce businesses, sales and COGS are reported on an accrual basis. Link My Books (the tool we use to connect with eCommerce marketplaces and processors) imports all sales and COGS data under accrual basis accounting.
We don’t offer a service to accrue expenses and other accounts since that would cost significantly more time and money (and is unnecessary for most businesses).
If you are not an eCommerce business, our sister company AccountsBalance does bookkeeping on a cash basis.
To get started, all you have to do is:
With that information, we’ll dive in to truly understand your business and provide you with a custom pricing quote for working together.
During your first month, you won’t be charged and we’ll complete the bookkeeping of your previous completed month in business. We’ll show you why working with us is high level and you’ll be able to meet your dedicated Bookkeeping team.
You stand to gain these top benefits when you outsource our e-commerce bookkeeping services:
Absolutely!
EcomBalance provides reliable and secure bookkeeping services.
We have measures to ensure the information transmitted between your business and the bookkeeping service remains confidential.
We also use accounting software with encryptions and access controls to protect your sensitive financial data.
Absolutely!
Here are the benefits you’ll gain when you outsource bookkeeping services from EcomBalance:
Yes.
Although this approach seems cost-effective, we encourage e-commerce businesses to have separate bookkeepers and accounting experts.
EcomBalance only handles monthly bookkeeping services, but we work closely with your CPA or CFO.
Ecommerce bookkeeping is recording, organizing, and managing financial transactions of an online business.
You need to accurately record every transaction sale, purchase, expense, and refund. Your chart of accounts helps you to categorize them properly. You also need to regularly check that your records match your bank statements and payment processors.
Make sure that your inventory software is properly set up to accurately track inventory and ensure accurate COGS calculations. You also need to know what sales tax rules apply to your business and calculate and track it for every sale.
Generate reports that show your business performance and help you report and pay accurate taxes.
Integration with Online Platforms
You need to integrate your ecommerce platform with your bookkeeping software. This eliminates the need for tedious and error-prone manual data entry.
You often can’t do physical inventory checks, so your data needs to be accurate so you can make good decisions. This also gives you reliable financial reports on sales figures and expenses in real-time.
Some integrations can automate sales tax calculations, which is a huge help. Your location and your customers’ locations can make tax compliance difficult.
High Volume Transactions and Digital Payments
Ecommerce businesses can easily scale up, meaning you deal with loads of transactions. This can lead to a lot of manual data entry work and a high risk of errors if you don’t implement automation.
You also need to do bank reconciliation more often as digital transactions can be hard to track. You also have to treat payment processing fees and chargebacks as separate categories.
International Currencies and Tax Regulations
When you sell to customers in other countries, you need to consider their currencies. You need to record all sales and expenses in the currency they occur in. Your platform will convert them to your set currency, but you can’t use these values.
You need accounting software that supports multi-currency accounting. You also need to talk to a financial advisor about using hedging strategies to protect your business against currency fluctuations.
Ecommerce businesses need to understand sales tax nexus based on physical presence and sales volume in different locations. Foreign tax regulations for countries you sell to might mean that you have to register for VAT or other taxes.
Using Technology for Efficiency
Beginners and small businesses can benefit from simple ecommerce accounting software.
Growing businesses need more robust solutions.
Managing Multichannel Sales
Go for a heartier accounting software that can handle multichannel transactions. Look for features that seamlessly integrate with your selling platforms. With a centralized accounting system, you can keep things simple to avoid mistakes.
Take advantage of available automations to reduce manual work and errors. You can use tools like Zapier or Automate.io when built-in integrations don’t cut it.
Track stock levels across all sales channels with a central inventory management system. Some accounting software offers this.
Use software with sales tax automation features. You do not want to do these calculations manually.
Dealing with Returns and Refunds
Track every return and refund along with customer information, product details, the reason it was returned, the date of return. Don’t forget to add any associated processing fees and disposal costs. Categorize each one in your accounting software accordingly.
Update your inventory levels if the item can be resold. Adjust your COGS calculations, too.
Consider accounting software that can manage returns and refunds. Look for automated inventory updates, pre-configured return categories, and integrations with return management systems.
The core bookkeeping principles remain the same, but ecommerce has some unique aspects. Ecommerce businesses can scale rapidly, so bookkeeping systems need to keep up.
Everything happens digitally, so you need to track inventory, online payments, and refunds. Make sure your online platforms, payment processors, and shopping cart systems integrate with your bookkeeping software.
Sales tax rules can be more complex because you can attract customers from different states and countries. You also have to consider shipping costs and manage digital product downloads and online returns.
One key consideration is potential online fraud and chargebacks. Marketing campaigns can also be more complex to record.
Daily Bookkeeping Tasks
Much of this can be automated by integrating your ecommerce platforms with your accounting software. Tools like QuickBooks Online, Xero, FreshBooks, and Zoho Books have these features.
Monthly Bookkeeping Routines
Annual Bookkeeping Considerations
Why Outsource Your Ecommerce Bookkeeping?
The best reason to outsource ecommerce bookkeeping is to free up your valuable time and energy.
Secondly, you can focus on core business activities while passing off this task to a qualified professional. They have expertise and streamlined processes for faster and more efficient bookkeeping.
Compliance improves, too, because the experts stay up-to-date on tax regulations and filing requirements. Many bookkeeping services specialize in ecommerce businesses. They understand your specific challenges and accounting needs.
Third, outsourcing services can scale up or down so smoothly. They adapt seamlessly as your business grows.
Choosing the Right Ecommerce Bookkeeping Service
You must first evaluate your needs. Consider your transaction volume and inventory management complexity. Look at your international sales presence. Think about the complexity of your businesses and how well-versed you are with bookkeeping.
Next, you can list the specific bookkeeping services you need. Research potential bookkeeping services with a good reputation and ecommerce experience.
Compare services offerings and shortlist the ones that align best with your specific needs. Make sure they are comfortable with software integrations and automations. Get quotes and check that their pricing is completely transparent.
Schedule consultations with the top three providers. Ask them questions about their processes and how they handle communication and specific challenges. Choose the one you’re most comfortable with and who provides the best value for money.
You’ll get our Ecommerce Bookkeeping Guide, The 10 Ecommerce Bookkeeping Mistakes Ebook, our Monthly Finance Meeting Agenda, & a few surprises!
