We keep your inventory records up to date multiple times throughout the year so you can see how much you have in inventory.
We work with you to understand the sales tax obligations you have selling in different states and countries.
We help navigate the world of multiple currencies when you're based in one country and selling in others.
We easily integrate with your sales channels so getting the reports each month is simple and fast.
We understand selling on Amazon, eBay, Shopify, Etsy and other marketplaces -- and how to properly classify their fees.
We properly account for business loans you may have for your eCommerce brand when purchasing your inventory.
eCommerce companies selling on Amazon, Ebay, Shopify, Etsy, and other channels tend to face difficulties that other small business owners don’t. This includes, but is not limited to COGS, Amazon fees, marketplace fees, inventory, sales tax, and other eCommerce related expenses. eCommerce companies tend to sell on multiple marketplaces and platforms as well which makes it more difficult to keep track of all of the transactions that occur on a monthly basis. Because of all of these reasons, it’s important to have a bookkeeper and accountant that understands the complexities of eCommerce companies.
Our customers sell across many different platforms and marketplaces online: Shopify, Amazon, Walmart, WooCommerce, Magento, BigCommerce, Etsy, eBay, among others.
EcomBalance will make inventory updates in your financial statements every month, quarter, or biyearly as the information is provided to us. As we get started working together, we’ll dive deep into your inventory management to best understand how to obtain that data as we take on your bookkeeping.
There are a number of different pieces that make up Cost of Goods Sold (COGS) for most eCommerce businesses:
On the backend, we’ll pull that information directly from your sales channels so we have accurate data. It will appear as a separate line item on your reports so you can see how much you’re spending there per month.
Yes, we can break it down in your monthly Profit and Loss statement.
Yes, we can create custom eCommerce reports for you based on your products and sales channels. At this time, this service is not offered with our most basic package, but you can easily upgrade and add it on to whichever monthly plan you choose. Simply let us know this is important to you after you sign up and we’ll make sure to include it in your price estimate.
You’ll get our Ecommerce Bookkeeping Guide, The 10 Ecommerce Bookkeeping Mistakes Ebook, our Monthly Finance Meeting Agenda, & a few surprises!