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Ecommerce Accounting Consultation - Amazon, Flipkart, D2C & Omnichannel

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Running an ecommerce business comes with its own unique set of challenges, especially when it comes to managing your finances and ensuring accurate accounting practices. At TheGSTCo, we understand the complexities involved in ecommerce accounting and offer expert consultation services to help you navigate through them. Our team of experienced accountants specializes in ecommerce accounting and can provide you with tailored solutions to optimize your financial processes.

What is e-commerce accounting?

Ecommerce accounting is the process of tracking and accounting for your online sales and transactions. It can help you to understand your business better, make better decisions, and optimize your operations.

Benefits of E-commerce Accounting 

  • Financial Visibility - Accounting provides clear insight into key financial metrics like profits, losses, costs, and revenues across business units. This helps make informed decisions.
  • Cash Flow Management - Tracking income and expenses enables efficient cash flow management to meet short-term needs and long-term growth.
  • Taxes - Ecommerce accounting ensures all sales taxes, payroll taxes, VAT and other tax liabilities are tracked and paid on time to avoid penalties.
  • Compliance - Proper accounting documentation and audits are needed to comply with ecommerce regulations for registration, licensing, shipping etc.
  • Expense Tracking - Granular accounting helps identify major expense categories like shipping, software costs, advertising etc. to control costs.
  • Inventory Management - Detailed accounting ensures accurate inventory valuation, helping optimize stock levels.
  • Raising Funds - Investors need reliable financial records to assess business health and viability for capital infusion.
  • Scaling Up - With multiple sales channels, accounting integration is crucial for scalability without financial chaos.
  • Personalized Services - Customized accounting advice tailored for ecommerce model helps maximize profits.

Types of E-commerce Accounting 

E-commerce Cost Accounting

Tracks costs like advertising, shipping, software, payment processing to identify expense centers and optimize profitability.

    Ecommerce Financial Accounting

    Handles bookkeeping, financial reporting, auditing to ensure accuracy and compliance with accounting standards.

    Ecommerce Management Accounting

    Focuses on budgets, cost control, pricing decisions, performance analysis to aid business strategy.

    Ecommerce Tax Accounting

    Covers sales tax, VAT, payroll tax, multistate tax filing, nexus evaluation for ecommerce tax compliance.

    Ecommerce Forensic Accounting

    Investigates financial irregularities, embezzlement, collects evidence for legal disputes/arbitration in ecommerce fraud cases.

    Our Methods of Ecommerce Accounting 

    Manual Accounting with Excel

    In this method, you have to send all the data in Excel format for accounting.

    • Order and payment details are copied from sales channels into Excel for bookkeeping.
    • Invoices, bills, and other financial statements are created in Excel.
    • Inventory, COGS, taxes and other calculations are performed manually.
    • Consolidated reports are prepared by compiling data from different Excel sheets.
    • Reconciling marketplace settlements involves manually downloading and entering reports.

    Automated Accounting with APIs

    In this method, we can make use of an integration API, which collects the data automatically.

    • Sales, inventory, and payment data sync automatically into accounting software via API integration.
    • Bank and credit card transactions are imported automatically for reconciliation.
    • Invoices and financial reports are system-generated in proper formats.
    • Cloud-based software provides real-time visibility and automated reminders.
    • Automated advisory on taxes, inventory valuation, etc. based on synced data.
    • Scalability is easier when accounting is integrated across channels.

    Required Documents for Ecommerce Accounting

    Here are some of the essential accounting documents for ecommerce businesses:

    • Invoices: Invoices are used to track sales and record the amount of money owed to your business. They should include the date of sale, the items sold, the quantity, the price, and the shipping and handling charges.
    • Receipts: Receipts are used to track purchases and record the amount of money spent by your business. They should include the date of purchase, the items purchased, the quantity, the price, and the tax charged.
    • Bank statements: Bank statements provide a record of all the transactions that have taken place in your business's bank account. They can be used to track income, expenses, and cash flow.
    • Credit card statements: Credit card statements provide a record of all the transactions that have taken place using your business's credit card. They can be used to track income, expenses, and cash flow.
    • Vendor bills: Vendor bills are used to track the amount of money owed to your suppliers. They should include the date of the bill, the items purchased, the quantity, the price, and the shipping and handling charges.
    • Inventory records: Inventory records track the quantity and value of the products that your business has in stock. They can be used to track sales, purchases, and costs.
    • Payroll records: Payroll records track the amount of money paid to your employees. They should include the employee's name, the date of payment, the hours worked, and the wages paid.
    • Tax returns: Tax returns are filed with the government to report your business's income and expenses. They can be used to determine the amount of taxes that your business owes.

    Common Accounting Challenges Faced by Ecommerce Businesses

    Managing Multiple Sales Channels

    Tracking sales, inventory, costs, and taxes across various online marketplaces like Amazon, Flipkart, myntra can be difficult. Consolidating everything for unified reporting is challenging.

    Complex Tax Compliance

    Navigating tax compliance with frequent policy changes across state and country borders where sales are made is tricky. This includes sales tax, VAT, GST, etc.

    Inventory Accounting

    Linking inventory stocks at multiple warehouses with accounting can be complex. Proper valuation and COGS calculation are critical.

    Revenue Recognition

    Accounting for different revenue streams like product sales, subscriptions, and advertising requires sound revenue recognition principles.

    Financial Forecasting

    Predicting cash flows, costs, profitability, etc. for the volatile ecommerce industry requires analyzing past trends and data.

    Regulatory Compliance

    Various accounting compliance requirements across jurisdictions related to licenses, registrations, audits etc. need to be met.

    Seasonal Fluctuations

    Spikes in revenue around events like holiday seasons make forecasting and budgeting difficult. Managing working capital is crucial.

    Data Security

    With digital data, ensuring financial information security and controls against fraudulent activities is important.

    Get a Consultation on:

    • Day-to-Day Accounting – Our consultants provide guidance on streamlining your daily accounting operations for efficiency. We advise on best practices for tasks like reconciliations, financial statements, payments and more.
    • Bookkeeping and Reporting – We consult on implementing accounting tools like Zohobooks to maintain organized records. Our experts can also recommend custom report formats to gain financial insights.
    • Tax Planning and Filing – Our advisors provide consultation on minimizing your tax obligations across jurisdictions. We offer guidance on sales tax, payroll tax, filing and other compliance.
    • Auditing and Assurance – We advise periodically conducting audits and reviews to verify finances for accuracy and regulatory compliance. Our consultants can guide internal controls.
    • Strategic Consulting – Our experienced CPAs provide high-level business-specific advice on accounting practices tailored for ecommerce companies as they scale.

    Why Choose Us?

    • Ecommerce Expertise - Our advisors understand the accounting intricacies specific to ecommerce business models. We provide tailored guidance based on your needs.
    • Actionable Advice - We don't just point out issues, we offer solutions. Our consultants provide strategic accounting recommendations to optimize your finances.
    • Customized Guidance - Rather than generic advice, we take the time to comprehend your specific business operations and objectives to offer personalized consultation.
    • Proven Strategies - Our best practice recommendations stem from experience streamlining finances for numerous ecommerce companies.
    • Ongoing Support - We partner with you for long-term guidance as your business scales, not just one-time consultation.

    Frequently Asked Questions

    We assist with pain points like managing multiple sales channels, complex sales tax compliance, advertising cost analysis, inventory accounting, financial forecasting & planning.

    Our consultants have extensive experience streamlining the finances for online retailers across diverse industries. We're familiar with ecommerce accounting intricacies.

    We provide both one-time expert consultation for specific issues and ongoing advisory services for long-term financial strategy.

    We start by thoroughly grasping your business model, objectives and challenges. Then we provide tailored strategic recommendations to optimize your finances through personalized guidance.

    While we focus on high-level consulting, we have partner CPAs to take care of operational accounting tasks based on your needs.

    More than 10,000 Happy Clients.

    As an eCommerce Seller on Amazon Platform we had a requirement to get GST Number in 12 States, Team theGSTco helped us getting GSTN for our Amazon Business in 12 States within a Span of 30 Days.

    As a small D2C Brand, majority of our customers ordered from southern parts of India. TheGSTCo helped us get a GSTN in Karnataka within a Span of 15 Days.

    As a Traditional Foreign Subsidiary Company we were planning on going live on Amazon FBA, with an increased reach. theGSTco helped us establish GST Presence in Compliance Heavy States with ease.

    As an Amazon Seller and D2C Brand we opted for theGSTco VPPoB Services in 7 States. The Team was very Responsive and we got GSTN within 30-45 Days Span

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