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: 

• For product COGS (i.e., the actual cost of the items sold), we use data that you provide about your inventory and item costs. 
• For Merchant Fees and Shipping Costs, we’ll track the information provided to you from your sales channels and incorporate them into the COGS as a separate line item so you can easily see how much that is costing you per month. 
• For all other variable costs you wish to track as COGS (for example, storage costs or warehouse costs), we’ll work with you to categorize them into different categories so you can see them on your reports each month.

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.