E-Commerce
Manage your Constant growing E-commerce business with the help of E-Commerce Accounting Services
E-commerce Industry is growing exponentially, and everyone wants to be part of this
ever-growing market. Without the constraint of a physical store or geographical
boundary, businesses can multiply. The E-commerce industry is not just an online seller
but also a physical store selling on an online platform.
As much as good it sounds, one must understand that it is vital to manage your finance
efficiently to grow your e-commerce business. But given the complex nature of
e-commerce business, it is tricky to manage your business’s bookkeeping and
accounting function. The need for an E-commerce Accounting service is very evident.
For your business to grow and expand, you need to manage your accounting process
efficiently to survive in a highly competitive market if you are new to the industry.
Common Problems Faced By E-Commerce Business Owners
Non-Compliance
You will face challenges regarding tax compliance as every state in the US has its sales
tax rate. Not to mention the differences in the sales tax rate of each country you are
doing business with globally.
Inventory Management
Inventory is one of the essential elements in an e-commerce business. It is vital that you
know your inventory count and location to sell and restock when needed
Tracking Various Payment Channels
Offering multiple payment channels for your customers increases their convenience.
Unfortunately, providing these payment channel options adds to your workload because
you must keep maintaining accurate record information from each transaction.
Sales Channel
Most online businesses sell their products on multiple channels either through websites,
physical stores, and common e-commerce sites like Amazon, Ebay, and Shopify.
Offering these multiple sales channels is beneficial because it helps gain your
customer’s trust. This will cause an increase in the volume of your invoice data from
these various sources that have to be constantly managed.
Multiple Currency
Are you servicing your customers globally? Receiving multiple payments from various
countries creates a mismatch between foreign and domestic currency values. Overseas
payment providers often will not record their sales transactions until the end of the day
which will not coincide with US timeframes.
Does Any Of These Challenges Exist In Your Business?
Let us help guide you through these challenges so that your business can thrive and
grow exponentially. Please click the link below to schedule a consultation with a Hollis
Financial Solutions E-Commerce Specialist.
